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Things you should know about IIFL Personal Loan

IIFL is an abbreviation of India Infoline. It offers a wide range of financial products among which the personal loan is the popular one. It provides the personal loan online approval to its customers with a low-interest rate, minimal documentation, and easy loan repayment options. IIFL’s loan interest rate starts from 13%. If you are thinking of personal loan then you should have a look at the benefits of an IIFL personal loan:
 
⮚      IIFL personal loan is an unsecured and guarantor free loan type means you don’t need anyone to involve in the IIFL personal loan process. It is available for both salaried and self-employed individuals.
⮚      You can save a lot of your time and effort by availing the IIFL personal loan online services.
⮚      IIFL personal loan rate of interest starts from 13%, though it may vary based on the factors like CIBIL score, current employment status, the net salary income, etc.
⮚      You can acquire a personal loan from IIFL without any worries because they provide great customer service and if you met the IIFL personal loan eligibility the loan amount is transferred in the bank account in a short span. It can be more convenient and helpful if you avail IIFL personal loan online.
⮚      The documents required for an IIFL personal loan are very minimal you just have to submit basic documents like identity proof and salary proof. IIFL personal loan documentation procedure is very minimal and in case of IIFL personal loan online apply, sometimes you don’t even need any documents.
⮚      If you have already existing personal loan you can avail the IIFL personal loan balance transfer service so your last loan’s interest rate will be lower.
⮚      As said before IIFL personal loan online application is simple and hassle-free than others, you just can go completely digital, even with the document’s submission. You may get extra benefits like a low-interest rate if you go for IIFL personal loan online.
⮚      IIFL personal loan customer care team is so helpful that if you face any problem regarding the loan, they will help you.  You just need to call the customer care in a case on any query or complaint.
⮚      The IIFL personal loan repayment ranges from 1 year to 5 years. Your IIFL personal loan rate of interest majorly depends on the loan tenure. Like if you opt a loan for small tenure your IIFL Personal Loan interest rate will be low and if you take a loan for the longer term your IIFL Personal Loan rate of interest will be high.
IIFL Personal Loan Eligibility Criteria
 
IIFL personal loan online also comes with the facility of loan application tracker through which you can easily know your IIFL personal loan status. The eligibility criteria are among the most important key element in a personal loan. As it determines or cab say affect the interest rate, loan approval, and many other things. So, if you want to avail of the IIFL Personal Loan you need to fit in its eligibility criteria. However, the eligibility criteria may differ based on the customer profile but here are the general criteria is given for a personal loan:
 
❖      Employment: A borrower should be self-employed or a salaried individual working with a private or a public-sector undertaking including central, state or local bodies.
❖      Age: A borrower’s age should be between 21 years to 60 years at the time of application.
❖      Working Experiencing: A borrower should have working experience of at least 2 years and must be working in the current organization for the last 1 year.
❖      Income: Applicant 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, the income should be a minimum of Rs. 20,000 per month.
Documents Required for IIFL Personal Loan
 
The required list documents may vary based on many things. Below is the generic list of documents required for acquiring the IIFL Personal loan:
⮚      Duly filled loan application form
⮚      Recent passport-sized photograph.
⮚      Identity proof (any of the following)
●       PAN Card
●       Aadhaar Card
●       Passport Copy
●       Driving License
●       Voter ID Card
⮚      Address Proof (any of the following)
●       Passport Copy
●       Rental Agreement
●       Driving License
●       Bank Statement or Passbook
●       Electricity Bill
●       Ration Card
●       Telephone Bill
⮚      Age Proof (any of the following)
●       Passport Copy
●       PAN Card
●       Any other certificate obtained from a statutory authority
⮚      Last 3 Salary Slips or Last 6 months Bank Statements/ Passbook
⮚      Form 16
⮚      Last 3 years IT Returns
 
Improve your chances of IIFL Personal Loan Approval through these tips:
❖      Meet the Eligibility Criteria
 
Without any doubt, no financial institutions are not going to process the personal loan application if you don’t meet the eligibility criteria. A lot of the loan applicants overlook the eligibility criteria and apply even though they do not fit in the loan eligibility criteria. This causes the loan application rejection. As a rule of hand, you should always check the eligibility criteria of the lender from those you’re willing to apply to and apply only if you meet the criterion. Generally, the minimum age required for applying for a personal loan is 21 years, and the maximum age is 60 years. Ensure that you meet their eligibility criteria is every aspect, like the documents, income certificates, tax returns, credit reports, etc.
❖      Maintain a Good Credit Score
 
Credit scores play a significant role in the loan approval process. It is calculated by your debt to the credit ratio, and how punctually you have repaid the previous loans that you have taken. The more sincere behavior you have shown in the past towards the repayment, the higher your credit score will be. The credit score ranges from 350 to 900, and anything above 700 is considered to be a good credit score. However, if you don’t have a good credit score, it is better that you don’t send the loan application straight away, but take steps to improve the credit score.
❖      Don’t Apply for a New Loan before settling the Existing one
 
As a rule of thumb, try to maintain a gap of at least 6 months between successive loans. Also, do not apply for a personal loan when you already have an existing loan at your name. The lenders will see this as an added burden on the finances, and most probably reject the loan application. Lenders always see how feasible it is for you to repay their loan – this is done to mitigate risks for the lenders.
❖      Be Reasonable while deciding the Loan Amount
 
Almost every personal loan lender checks the repayment ability before deciding whether or not to approve the loan application. Lenders refer to your current income to ascertain the repayment ability. If you ask for an outrageously high amount, chances of the rejection of loan application will be high. Check if you can repay the loan amount comfortably in the decided repayment tenure, and only then ask for that amount.
❖      Don’t Send out too many Loan Applications
 
A lot of people think that applying to multiple lenders will increase their chances of loan approval. However, this isn’t necessarily true. It can be the exact opposite. Try to apply with only one lender at a time; because if there are multiple loan applications, lenders see that the chances of you taking a personal loan from that particular lender are lesser. Hence, as much as possible, limit the loan applications.
❖      The Bottom Line
 
The personal loan application should be marketing itself, and to do that you need to ensure that it is perfectly filled as per the expectations of the personal loan lender. You have to prove your repayment ability and have a good credit score. Apply to lenders patiently, and needless to say, look for a deal with a low rate of interest.

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