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Personal Loan Eligibility & Documents

At IIFL, we understand the need for quick and easy access to personal loans. That's why we have structured our eligibility criteria to make it simple and straightforward. If you meet these criteria, then congratulations! You are eligible to apply for an IIFL personal loan.

Eligibility Criteria and Documents Required for Personal Loan

Anyone who is over 19 years of age can apply for an IIFL personal loan. Both salaried and self-employed individuals can access this loan. Most importantly, you must have a sound credit score and a good repayment record.

Personal Loan Eligibility Criteria

If you are a salaried individual

  • You must be between 19 and 60 years old
  • The EMI of the loan cannot be more than 60%-70% of your monthly income
  • Your minimum salary should be at least Rs. 15000 per month
  • You must have a good credit score of 700 and above

If you are a self-employed professional

  • You must be between 19 and 60 65 years old
  • Should have a business existence of at least 2 years

Personal Loan Documents

In order to complete the application process successfully, you'll need to provide certain documents that are listed below:

  • Valid KYC through government-issued documents such as PAN Card, Aadhar Card, and Driving Licence along with a selfie.
  • 6 months of bank statements for income proof.
  • Debit Card or Net Banking details for setting up e-mandate.
  • eSign or eStamp for quick personal loan disbursal.

Personal Loan Eligibility FAQs

How to improve Personal Loan eligibility?

  1. Improving your personal loan eligibility involves a few key steps:
  2. Maintain a Good Credit Score: Pay your bills and EMIs on time to boost your credit score.
  3. Reduce Existing Debt: Lower your outstanding debt to income ratio by paying off existing loans or credit card balances.
  4. Increase Your Income: If possible, look for ways to increase your monthly income.

What are the factors that affect the eligibility for a Personal Loan?

Several factors influence personal loan eligibility:

  • Credit Score
  • Age
  • Monthly Income
  • Employment Type (Salaried or Self-Employed)
  • Existing Financial Obligations (Loans or Credit Card Debt)
  • Employment Stability

How do I qualify for a personal loan?

To qualify for an IIFL personal loan, you must meet the following criteria: be between 19 and 55 60 years old and, have a sound credit score of 700 and above, and have a good repayment record. Additionally, your minimum salary should be at least Rs.15000 per month, and the EMI of the loan cannot exceed 60%-70% of your monthly income. You'll also need to provide certain documents like proof of identity, address proof, income proof and a live selfie when applying for this loan online.

What is the maximum loan amount I can get from IIFL?

The maximum loan amount you can get from IIFL is Rs.5 lakhs. However, this may vary based on your income and other eligibility criteria.

Is there any age limit to avail an IIFL Personal Loan?

Yes, you must be between 19 and 60 years.

What are the documents required to apply for a personal loan?

The documents required to apply for an IIFL personal loan include proof of identity (e.g., Aadhar card, PAN card), address proof (Ration card, electricity bill or Passport), income proof (such as salary slips or bank statements for the last 6 months) and a live selfie.

How to calculate personal loan eligibility?

You can calculate your personal loan eligibility using the IIFL EMI calculator. This tool will help you determine your monthly repayments and compare different loan amounts and interest rates before finalizing your decision. The inputs you need to enter include your loan amount, interest rate and tenure.