IIFL Personal Loan Online – Check Eligibility & Interest Rates on Loan Sumo

Thinking about applying for an IIFL personal loan online? Here at LoanSumo, we are going to give you all the information you need to decide whether it is a suitable option for you. Founded in 1995, IIFL is one of India’s leading investment and financial services companies. Though it is currently one of the most reputed NBFCs in the country, IIFL Holdings Limited was once just a start-up. However, it soon turned into a diversified financial services company. Today, the company specializes in areas such as housing and non-banking finance, wealth and asset management, mutual funds, financial advisory, financial product distribution, broking, institutional equities, and investment banking.

Features and benefits of IIFL personal loan online

Unlike credit cards or other revolving lines of credit, personal loans provide you with a lump sum amount at once. That means once you receive the money, you cannot borrow again from the same personal loan. Though most instant loan online offer small amounts of money, an IIFL personal loan can provide you with a significant sum. These loans are also extremely versatile and they can cover varying financial needs. For example, you can apply for the IIFL personal loan online when facing a medical emergency, or paying utility bills, rent and other expenses. On the other hand, you can also use the money to sponsor vacations or home remodelling projects.

If you are struggling to find suitable personal loan offers from the traditional lending institutions such as banks, you should consider the IIFL personal loan online applications. Being a non-banking financial company, India Infoline can provide you with features and benefits that may be missing in traditional personal loans. Some of the notable features of the IIFL personal loans are:

  • You can borrow anywhere from Rs. 50,000 to Rs. 25 lakhs depending on your income and repayment capacity.
  • You get flexible loan terms and a long tenure ranging from 1 to 5 years.
  • The IIFL personal loan online schemes are available to both salaried and self-employed individuals.
  • The company offers some of the best interest rates in personal loans.
  • The lowest EMI for personal loans is Rs. 2,274 per lakh.

Some special categories of borrowers may also receive customised personal loan offers from IIFL. These special loan offers may include especially low interest rates and more flexible loan terms.

IIFL personal loan online – eligibility requirements

Before you submit your application for IIFL personal loan online, you need to know whether you are eligible. Not all applicants will get the approval. You need to meet all of their qualifying criteria first. Here are a few basic requirements that you would need to fulfil:

  • You must anywhere from 25 to 60 years old.
  • You need to have a stable job and a consistent income.
  • Your monthly income must be at least Rs. 35,000.
  • You must be from any of the following cities-
      • Bengaluru
      • Delhi and NCR
    • Pune
    • Mumbai
  • You need to have a total work experience of at least 2 years, and you must have been employed at your current job for at least 6 months.

With regards to your eligibility, the bank may ask the following questions:

  • Where do you currently work?
  • What is your monthly salary?
  • What other EMIs do you have to pay at present?

You may need to provide the information while filling up the form or later when a representative from the bank gets back to you.

How does your CIBIL score affect your IIFL personal loan online eligibility?

Your CIBIL score is one of the critical factors that can not only affect your eligibility for the IIFL personal loans, but it can also determine the interest rates and charges you get. Your previous loan performances, credit behaviour, and track record with past lenders and credit card providers make up your credit history. After receiving your application for the IIFL personal loan online, the company will conduct a hard credit check on you. They will review your credit record, credit history, and credit scores. High CIBIL scores will get you the best loan offers, interest rates, and loan terms. However, if your scores are average, you may not get the best rates. Finally, if you have poor credit scores, your application may get rejected.

To avoid facing any disappointments later, you should check your CIBIL scores first. If you do not meet the minimum criteria, it would be wise to work on your credit ratings first. Try to build your scores up to the required level and then apply for the IIFL personal loan online. If you do not know your credit score, try the free CIBIL score checkers online. Here at Loan Sumo, we aim at getting you the best personal loan offers from legitimate and responsible lenders. If you do not qualify for any of the traditional lenders or NBFCs because of your poor credit scores, you should explore your options in bad credit personal loans.

IIFL personal loan online – interest rates and charges

Now that you know about what makes you eligible and what can get you disqualified for the IIFL personal loans, you should find out how expensive the loan can be if you do get the approval. The overall cost of the loan will depend on the interest rates and other charges. Here’s a quick list of the same to help you do a rough calculation before you submit your application.

For salaried

Loan amount Rs. 50,000 to Rs. 25 Lakh
Tenure 1 to 5 years
Interest 13.49% – 19.99%
Processing charges Up to 2%
Part prepayment fee Not allowed
Foreclosure charges Up to 6% (allowed only after 6 EMIs)