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Personal Loan Interest Rates and Charges

At IIFL we offer personal loans at competitive rates of interest and flexible repayment options. Our personal loan products are designed to meet customers' financial needs from all walks of life, including self-employed persons, salaried employees, and homemakers.

Applicable Personal Loan Interest Rate and Charges

The interest rate charged by IIFL on personal loans is linked to the Reserve Bank of India (RBI) benchmark rate. The exact rate applicable for your loan will be determined after assessing your credit score and financial profile. Interest rates start from 12.75% per annum and can go up to 34% per annum, depending on a customer's risk profile.

RATE OF INTEREST12.75% - 44% p.a. (reducing balance interest rate)
TENURE03 months to 42 months
PROCESSING FEE2% - 6% + GST* (Additional Upto ₹500 will be charged as Convenience Fees)

Calculation of Personal Loan Interest Rate

The interest rate applicable on personal loans is dependent upon your credit score, loan amount and repayment period. Interest is calculated on a daily reducing balance basis and is charged at the end of each month for the total outstanding amount during that month. The rate of interest is rounded off to two decimal places. Customers have the option of choosing their own repayment tenure of up to 5 years.

At IIFL, we strive to provide our customers with the best personal loan solutions based on their needs and requirements. Calculate your personal loan EMI easily using the IIFL Personal Loan interest rate calculator. All you need to do is enter your desired loan amount, tenure, interest rate, and processing fee (if any), and then click on the "Calculate" button to know your equated monthly installments.

  • Interest Rate

    12.75 - 44% P.A.

    (Reducing Balance Interest Rate)

  • Processing Fee

    2 - 6% + GST*

    (Additional Upto ₹500 Will Be Charged As Convenience Fees)

  • Penal Charges, Late Payment Charges, Defaults Of Any Monies Payable




What is the annualized rate of interest and repayment tenure of personal loans offered by IIFL?

When it comes to personal loans, the annualized rate of interest is the agreed-upon cost by the borrower that they must pay against the money borrowed from us. We charge interest on the principal loan amount depending on the loan period you choose. 

IIFL provides personal loans with annualized interest rates of 12.75% - 44% p.a., repayable over terms of 3 months to 42 months. For instance, Rohan took out a 24-month personal loan for INR 2,00,000 at an annualized interest rate of 14% p.a. 

In this case, Rohan's monthly EMI will be about INR 9603, and his total interest payment will be about INR 30,462. He will be paying back roughly INR 2,30,462 in total for the loan's term, which includes the principal, interest, and any additional fees that may be due.

What can you use a personal loan for?

You can use a personal loan for a wide range of purposes, including:

  • Home renovation and improvements
  • Debt consolidation
  • Unexpected medical expenses
  • Paying wedding expenses
  • Buying expensive home or electronic item
  • Going for a vacation
  • Meet business requirements
  • Pay tuition fees for kids and more.

Also, if you find the personal loan's interest rate we offer (based on your credit profile) is lower than the interest rate you get for a car loan, you can take a personal loan instead to save on interest payments. So, use a personal loan for various purposes, covering both anticipated and unplanned expenses.

What is the CIBIL Score required to get a loan?

Your CIBIL score demonstrates your creditworthiness and ability to repay loans. Since a personal loan lacks security and is therefore unsecured, the borrower relies heavily on their CIBIL score to demonstrate their ability to repay their debt on time. So, having a high chance of a personal loan approval requires having a high CIBIL score. A CIBIL score of at least 750 is what we look for in our personal loan applicants. 

How can you calculate your EMI?

Anyone can calculate their personal loan EMI if they know their interest rate, loan tenure, and the loan amount. Use our superfast personal loan EMI calculator to determine the monthly installment that fits your budget. Simply navigate to our EMI calculator, enter the loan amount, tenure, and interest rate, and click on 'Calculate EMI.' 

How long does it take to get approved for a personal loan?

At IIFL, we waste no time approving your personal loan application request. If all your documents are as authentic as you claim and your credit score meets our criteria, we'll happily approve your loan within a day. 

How can I repay my personal loan?

To begin with, use a personal loan EMI calculator when applying for a personal loan. It will help you stay aware of your anticipated monthly payments. Make a monthly budget accordingly for easy loan payback. By making additional payments toward the debt as your income rises, you can shorten the term of your personal loan. 

What are the benefits of a Quick Personal Loan?

Quick Personal Loan provides several benefits such as instant loan processing, online application and no physical documentation required. Additionally, you also get access to 24X7 customer service assistance and benefit from our attractive rates and no hidden charges.

Is there any collateral or guarantor requirement for Quick Personal Loan?

No, a Quick personal loan does not require any collateral or guarantor. You can avail this loan online in a few simple steps!

How much can I borrow with a Quick Personal Loan?

Quick Personal Loan allows you to borrow up to ₹5 Lakhs for your investment needs.

What is a Quick Personal Loan from IIFL?

Quick Personal Loan from IIFL is an instant unsecured loan that helps you take advantage of the stock market opportunities without having to worry about budget constraints.