Important things about IIFL Bank Personal Loan

Posted by Ajit samal on October 12th, 2020

There is no doubt that this global pandemic has damaged and has somewhere also affected our investment. Therefore, the option of digging out the saving for the emergency financial requirement is not possible for all. But don’t you worry as one of the renowned and trustful banks is here to support in this crisis and i.e. IIFL Bank personal loan. You must know that it offers a wide range of financial products among which the personal loan is the popular one.

There are various reasons why IIFL Bank personal loan can be your biggest support to meet the financial requirement like to keep you safe the IIFL Bank facilitates you with an online loan application. Some of the other reasons to avail IIFL Bank personal loan has been mentioned below, do have a look:

IIFL Personal Loan Interest Rate

As mentioned above IIFL personal loan interest rate start at 16% pa. However, it may vary from various factors but there is one factor that you should know i.e. Credit Score. You can get a personal loan at a cheaper interest rate if you have a good credit score.

Now it is important to understand what is a good Credit Score?

A credit score is a 3-digit numeric summary which ranges from 300–900. A good credit score is as mention in the below table:

You must know that a credit score shows the borrower’s past credit behavior. Generally, it is built at a time frame of 18 months to 36 months or more.

To know how to get a low-interest personal loan it is becoming crucial to understand how to improve credit score. Some of the tips are given in the short and crisp form:

  • Never default on debts payment
  • Timely pay the loan EMIs (if have any)
  • Make timely payment of Credit Card bills
  • Use credit wisely.

Fees and Charges

Apart from the IIFL personal loan interest rate, there are other charges also that may charge from the borrower. Below are the usual charges of the IIFL Bank personal loan. However, it may differ from one case to another.

Eligibility Criteria of IIFL Bank Personal Loan

To get IIFL Bank personal loan, a borrower must fit into the IIFL Bank personal loan eligibility criteria. Here are the generic eligibility criteria of the same however it may differ based on the applicant profile.

  • A borrower either should be self-employed or a salaried individual working with a private or a public-sector undertaking (including central, state, or local bodies).
  • A borrower’s minimum age should be of 21 years and a maximum of 60 years.
  • A borrower should have a minimum working experience of 2 years and must be working in the current organization for at least the last 1 year.
  • A borrower must have a minimum amount of Rs. 15,000 as net income every month. In case he/she is residing in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Pune, Ahmedabad, Kolkata, and Cochin, then the minimum income should be of Rs. 20,000 per month.

Documents Required for IIFL Personal Loan

The generic list of documents for acquiring the IIFL Bank personal loan is given below:

Conclusion: IIFL Bank personal loan comes at a low-rate of interest but it can be possible that two applicants get a different interest rate on the same loan amount. So, first research deeply and then applies for the loan.

Also See: Personal Loan, Iifl Bank, Bank Personal, Credit Score, Score, Personal, Loan

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