IIFL Personal Loan EMI Calculator 2022

For your various monetary requirements where savings also fall short at times, Personal loans are the way out acting as a great resource. You can avail of personal loans from IIFL for your various needs like planning a dream wedding, going to an exotic vacation, renovating the home, situations of a medical emergency, for higher studies, etc. IIFL offers personal loans to a maximum amount of Rs 25 lakh, ensuring it is disbursed to you within 8 hours of the loan application. IIFL offers a flexible repayment tenure from 12 to 60 months for the applicant to choose from. IIFL offers personal loans at an affordable and convenient personal loan with EMIs as low as Rs 2,275 per lakh for a 60-month tenure at 12.99%.

Before applying for a personal loan, it is critical to consider the income sources and current commitments to analyze how much loan amount should be taken ensuring timely repayment of EMIs. By computing the interest rate, loan amount, and tenure on the Personal Loan EMI Calculator of the IIFL portal, you can get an estimate of your monthly repayment of the debt amount. You can also figure how much loan amount you can be eligible for if you are associated with a reputed MNC or if you are a Government Employee.

Personal Loan EMI Calculator at different tenures

IIFL Personal loan at 12.99% interest rate

Loan Amount	1 year	2 year	5 year
Rs 1,00,000	Rs 8,931	Rs 4,753	Rs 3,368
Rs 2,00,000	Rs 17,862	Rs 9,507	Rs 6,737

• Interest Rate – For salary account holders, the IIFL interest rate can be lower than their quote rates, thereby reducing the overall cost of loan and EMI. The total cost of the loan and EMI is affected by a higher interest rate. IIFL offers Personal loans at 12.99% p.a. It is advisable to do a thorough analysis of interest rates before applying for a loan.
• Loan Tenure – IIFL offers the loan for a maximum tenure of 60 months. Lowering of personal loan EMI is dependent on longer tenure.
• Loan Amount – Higher loan amount invites higher EMI.  IIFL offers a minimum loan of Rs 50,000 which can go up to Rs 25 lakh.

IIFL Personal Loan EMI Calculation Formula

The formula for calculating personal loan adopted by IIFL is P*r* (1+r)^n/([(1+r)^n]-1)

Below is the illustration of how IIFL Personal Loan EMI is calculated:

n = Tenure in month

r = Per month rate of interest

P= Loan Amount

The EMI Calculator does the calculations for you within minutes, giving an estimate of monthly outflow of debts. Let us find out the benefits of using a personal loan EMI Calculator. 

• Time Saver- Manual calculation of the EMI would take much time posing chances of incorrect details at times. Using EMI Calculator will reduce the task to friction of seconds. It is more suitable in deriving a correct estimate.
• Accuracy – The result displayed by the EMI Calculator on computing details like loan amount, loan tenure, and interest rate, will be accurate. This may not be possible in case of manual calculation.
• 24/7 availability – There is no restriction on using the EMI Calculator as many times one wants. An applicant can check the details by computing the loan amount, interest rate, tenure and figure out by analyzing how much loan is required. It allows to adjust the details and check which one is working for you.
• Graphical representation of data- The role of EMI Calculator is not restricted to mere providing data. The graphical representation of the data, make the individual aware of the gradual payment which they are going to make towards the loan amount. 

Using the Personal loan EMI Calculator at Afinoz is quite simple and can be easily made use of even by the first-time user. Afinoz is a marketplace for users to compare and shop for the best loans under one umbrella at affordable interest rates, with the chosen lender. 

Visit the website www.afinoz.com and go to the section of the EMI calculator. Compute the details and get results within a fraction of seconds. The EMI Calculator is simple to use and gives you the details, without putting up much effort. The accuracy of the data is noteworthy and can be made use of in figuring out the future requirement of applying for the loan amount.

It is a free tool and can be used multiple times. It saves time giving you the exact calculation within seconds.

IIFL Personal loan Interest Rate

IIFL offers personal loans at an interest rate of 12.99% p.a. The process of applying for the loan is easy, convenient and hassle-free. There is complete transparency with no hidden terms and conditions. The various factors which influence interest rates of personal loans are credit score, employer of the applicant, the income of the applicant, age, etc.

Eligibility criteria of personal loan for IIFL comprise of:

• An applicant should be a citizen of India
• He/She must be a salaried individual
• The minimum age should be 25 years of age, and the maximum should be 60 years.
• He/she must be a salaried individual
• Must be employed with the current employer for the last 6 months
• Total work experience must be a minimum of 2 years.
• Must be residing in cities of Delhi and NCR, Pune, Mumbai including Thane and Vashi.
• Monthly income should be more than 35,000 or more.

Required documents to apply for a Personal Loan at IIFL

The online application of personal loans at IIFL is been made hassle-free and convenient for the user, minimizing hosts of unnecessary procedures. The Aadhar linked pre-filled application form of an individual gets expeditious approval in only 5 minutes. 

Here is a checklist of documents to submit along with the loan application:

Complete application form along with the required information

•  For e-KYC, the Aadhaar number is mandatory. 
• Identity proof and address proof are not required if the e-KYC process has been materialized.
• Latest salary slips-past 3 months of the salary account
• Passport size photographs
• Valid PAN card

Applying for personal loans has been made quite convenient for users. Individuals can either visit the bank or apply for the loan by visiting the portal. Online application of loans, require filling up of complete application form, along with submission of required documents.For users whose e-KYC has been done the need to submit Identity and address proof gets waived off. For others, the guideline to submit the required documents needs to be followed.