Apoorv Chaudhary
by on January 16, 2021

IIFL Bank Personal Loan comes with a flexible form in the market; one of them is a personal loan. A personal loan from IIFL Bank can be purchased for any reason by both salaried and self-employed professionals. Depending on various factors, such as a personal loan for Dell India employees, IIFL provides customers different benefits at a lower rate of interest compared to others. 

IIFL personal loan is a form of collateral-free and guarantor free loan, meaning that you do not need anyone to participate in the personal loan processing of IIFL Bank. Personal loans from IIFL Bank can be used by both salaried and self-employed individuals. 

By making use of the IIFL personal loan online services, you can save a lot of your time and effort. The interest rate for IIFL personal loans starts from 13 percent, although it may vary based on factors such as CIBIL score, current employment status, net salary income, etc. 

  • The mandatory list of documents for an IIFL personal loan is minimum as you only have to apply for basic documents like identity proof and salary proof. The process for IIFL personal loan documentation is very minimal and often you don't even need any documents for IIFL personal loan online.
  • If you already have current personal loans, the IIFL personal loan balance transfer program can be used as it may help you to make the interest rate of the last loan lower. 

Criteria of IIFL Personal Loan Eligibility 

  • Age: Borrowers should have a minimum age of 21 years and a maximum age of 60 at the time of the request.

  • Working Experience: A borrower should have at least 2 years of working experience and the last 1 year must be working in the current organization. 

  • Income: Every month the applicant should have a monthly income of Rs. 15,000 as net income. For residents of Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Pune, Ahmedabad, Kolkata, and Cochin, the minimum income should be Rs.20, 000

IIFL Personal Loan features 

The personal loan of IIFL Bank benefits you in several ways due to its outstanding features such as: 

  • High Loan Amount: The maximum loan amount of Rs. 25 lakhs can be used for personal loans from the IIFL Bank.

  • Quick Documentation: IIFL Bank's loan is known for its fast and minimal documentation. The processing of loan approval is fast as it takes no time. The IIFL team is so effective that the whole loan-sanctioned processing takes a short time. 
  • Flexible Repayment Tenure: As IIFL provides flexible repayment tenure for up to 72 months, you can pick the repayment tenure according to your convenience.
  • Quick Approval: The quick approval of the loan and the disbursement of the sum made IIFL Bank one of the borrowers' preferred options. If you fit into the eligibility requirements for the IIFL personal loan and have all the necessary documents, then there are chances that within 24 hours you will get the approval of the loan.

Keeping one thing in mind, like every other bank that has developed a personal loan EMI calculator, the IIFL personal loan EMI calculator provides the result of EMI payable in less than a minute. 

Tips for handling the IIFL Bank Personal Loan EMI 

It is equally necessary to handle the EMIs well when you are using a private loan. Here are some tips to help you in handling the personal management of the IIFL Bank.

  • Manage personal expenses: You can first review the amount you will have to pay as EMIs for all the loans. if you either have an existing loan and apply for another personal loan then. The number of the total amount needed does not exceed 50% of your monthly income.
  • Timely EMI payment: The timely monthly EMI payment allows you to have a decent CIBIL or credit score. And this will contribute to getting personal loans at a lower interest rate. So, always try not to skip an EMI payment because it is important to pay for EMIs. 
  • Choose a longer repayment term: It increases the likelihood of earning low EMI payments if you go for a loan repayment tenure.

Ways to get a low-interest rate IIFL Personal Loan  

  • Term of Loan Repayment 

 Tenure for repayment of loans plays an important role in the interest rate provided by the IIFL Bank. The short repayment period usually attracts a higher interest rate on personal loans relative to the interest rate on longer repayment tenure offered. 

  • Credit Score  

A credit of 750 or above is considered to be a strong credit score since it reduces the low-interest rate on personal loans below 750. It plays a big and critical role in securing a good deal of personal loans from IIFL in this way. 


Working with a reputed organization like Dell India always comes with a lot of benefits like you can get IIFL Bank personal loan at minimal charges. However, it is always advisable to do thorough research before applying for a loan.

Posted in: Business, Finance, Loan
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