IIFL Finance customized personal loans are designed around your capital requirements with a hassle-free application process. This quick personal loan can accomplish your plans such as marriage, vacations, home renovation and much more. With IIFL Finance’s best personal loan in India, you do not have to compromise on your bucket list!
IIFL Personal Loan up to 5 Lakh is designed to ensure that you get express disbursal into your account in just a few hours.
IIFL Finance’s personal loan comes with attractive, affordable, and lowest interest rates to help you raise funds instantly. When you apply to get an instant personal loan , it is processed in less than 5 minutes without any extensive documentation. Personal loan EMIs are flexible and allow for better liquidity and easy achievement of set personal goals.
Apply for a personal loan online today with IIFL Finance and fulfill your dreams!
Calculate your EMI and choose the most suitable product for you
The loan EMI is set based on factors such as the loan amount, tenure and interest rate. The loan tenure is the period that ascertains the repayment period. The higher the tenure of the personal loan, the lower the EMI monthly interest rates. Furthermore, the interest rate you want to choose also affects the monthly EMIs.
The vice versa holds as well; the lower the interest rate, the lower the monthly EMIs. However, the resulting EMI monthly interest rate is calculated as a combination of the above factors that can be estimated through an EMI calculator for personal loans. It helps you calculate the loan EMI based on entered factors such as loan amount, tenure and interest rate. Here’s how you can use the personal loan calculator to determine the interest amount on your EMI:
Under the “Loan Amount” Option, use the slider to set the loan amount you want to borrow.
Use the slider under the “Loan Tenure” option to set the tenure.
In the “Interest Rate” box, enter the desired interest rate.
Click on “Calculate”. The results will show the personal loan EMI and the subsequent per month interest amount.
Benefits of IIFL Personal Loan
IIFL Finance’s personal loan is a comprehensive product that offers instant funds up to Rs 5 lakh with a quick disbursal process. The funds can be used to fulfill capital requirements for domestic or international vacations, weddings, buying the latest gadget, pursuing higher education, purchasing a vehicle or even home renovation. As IIFL is one of the leading financial companies in India, their personal loans offer the highest monetary value.
IIFL Finance Personal Loan Features
- Personal Loans Ranging From – INR 5,000 to INR 5,00,000
- Rate of Interest – 11.75% – 33.75%
- Tenure – 03 months to 42 months
- Disbursal Time – Within 24 hours
- Documents Required – Only PAN, Aadhar & Bank Statements required
- Processing Fee – 2% to 4 % + GST
Loan Amount: ₹20,000
Tenure:180 days (6 months)
Interest Charged: ₹ 1,426 (24% per annum)
Processing Fee: 590 (2.5% of Loan Amount- 500 + GST @18%= 90)
Amount Disbursed- 19,410
EMI Amount: ₹ 3,571
The loan amount is ₹ 20,000. The disbursed amount is ₹ 19,410. The total loan repayment amount is ₹21,426.
*The annual interest rates and processing fee will vary as per the risk profile of the customers and the selected tenure.
Personal Loan Rates and Charges
The rates and charges are predefined and are presented with utmost clarity to ensure there are no hidden costs. The loan process ensures that you understand the amount you will have to pay to avail of the personal loan online, and how you can calculate your loan EMI.
With a customer-oriented and transparent loan process, you do not have to pay more than the pre-communicated rates and charges.
0.79% onward p.m.
(6.48% – 27% p.a.)
Rates vary according to the amount and tenure & Purity
Varies depending on the scheme availed
Valuing an asset to reflect its current market rate
Calculation of Personal Loan Interest Rate
Loan interest rates are a critical factor in calculating the loan amount. Hence, you must determine the interest rate on personal loans beforehand based on factors such as the loan amount and the loan tenure.
Total Interest = Rs 32,736, which in percentage terms refers to 14% of the total repayment value of the loan.
The above method of manually calculating the payable interest can be complex. IIFL Finance has designed an online personal loan EMI calculator to let you calculate the personal loan interest rate in India along with the overall due interest on the loan.
Head over to the IIFL website to use the personal loan EMI calculator by entering basic information such as the desired loan amount, the loan tenure and the applicable interest rate. Afterwards, IIFL Finance’s personal loan EMI calculator will let you know the best personal loan interest rates, total payment, including the principal and interest amount and your monthly EMI.
IIFL Finance Personal Loan Rates
IIFL Personal Loan offers attractive interest rates that ensure that your EMIs are affordable throughout the loan tenure. At IIFL, we do not believe in hidden charges that take customers by surprise and are transparent in our dealings.
Tips to Avail Personal Loans at Low Interest Rate
Getting the lowest interest rate personal loan does not entirely depend on the lender. As lenders analyse numerous factors related to the borrower to determine the best personal loan interest rates, borrowers can manage these factors to avail of a personal loan at a low-interest rate. Some tips are listed below:
Maintain a credit score through timely repayments and above 750 out of 900.
Maintain a regular source of income that has a financial blueprint.
Check for pre-approved personal loan products from banks and NBFCs.
Avail of a business loan only from a reputed and experienced financial entity.
Factors that affect Personal Loan Interest Rates
The loan interest rates must be affordable as the repayment will create a financial obligation for the borrower. Numerous factors affect loan interest rates, and you must understand each of them before opting for a personal loan. Here are the affecting factors:
Personal Income : The monthly or annual income is the foremost factor that affects the personal loan interest rates in India. Lenders are more comfortable giving loans to an individual with a higher monthly income, which suggests that they would have enough money to repay the personal loan. The greater your income, the higher the chances that the lender will offer you the lowest interest rate personal loan.
Credit Score : The credit score represents your ability to repay a loan or other credit bills. Based on your past payment history, you are offered the lowest interest rate loans. A good credit score (over 750 out of 900) is a key factor affecting the interest rates on personal loans. The higher the credit score, the higher the chances of the lowest personal loan interest rates.
Stability : Lenders analyse the borrowers based on the stability of their income source. If you are a salaried employee working for a renowned organisation, lenders will view it as a positive sign as you will have a stable career and an uninterrupted source of income.
For self-employed individuals, it is better to have a constant and regular source of income or a business with a high turnover. If you are cash positive, the personal loan will have a lower interest rate.
Loan Factors : Lenders charge interest based on factors such as the desired loan amount and the loan tenure. If your chosen loan amount is high, it will result in a high-interest rate. However, the interest rates on personal loans will be lower for a loan that has a high loan tenure. Hence, you must adjust these two factors to attain an ideal interest rate.
An interest rate between 11.75%-33.75% on a personal loan is a good and affordable interest rate.
How to apply for a personal loan from IIFL Finance
IIFL’s personal loan application is easy, quick and hassle-free. All you have to do to get an instant personal loan is: