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What Is A Personal Loan?

Personal loan means a specific amount of money borrowed from a bank or NBFC without any collateral or guarantor to fulfill the personal financial needs of an individual. The funds can be used for any personal financial needs. The loan borrower doesn't need to specify the usage of the funds while taking the personal loan. Personal loans are taken into short to medium terms In opposition to larger and long-term loans. Personal loans are usually taken by the borrowers to fulfill their immediate short term financial needs. Banks and NBFCs offer personal loan for short tenures ranging from one year to five years. To get a personal loan one does not require many formalities neither do they require submitting a lot of documents. Personal loan is a type of unsecured loan which is given by banks/NBFCs on the basis of various criteria. To be specific, these criteria include level of income, employment history, credit score and scope for repayment. Considering these criteria and lender, the APR (Annual Percentage Rate) of personal loan can be anywhere from 14% to 24%.

Why Should You Take A Personal Loan from IIFL?

A sudden financial need is something no one is prepared for. Even if you anticipate some financial expenditure in a situation, you never know how much it will actually cost until the situation arrives. In such cases your savings may not be enough for you to fulfill these financial needs. Many times the requirement for such funds can be immediate. Here IIFL comes for your rescue. You can get a personal loan from IIFL in as quick as in 8 hours*. The process of loan application and its approval is very quick. The amount from IIFL personal loan can be used for any personal reason like home or vehicle repair, to pay unexpected medical bills, for wedding, travel, credit card outstanding balance transfer etc. IIFL offers you personal loan with easy EMI option, attractive interest rate and quick approval. Flexible tenure, no collateral and simple documentation makes it one of the most popular personal loans in country.

What are the Features & Benefits of getting a Personal Loan from IIFL?

There are many reasons to choose IIFL personal loan. We have listed some of the below


They have easy availability

IIFL personal loans have the easiest availability in Indian loan sector. The applicant can get IIFL personal loan within 8* to 72 hours of loan application submission with appropriate required documents.

They need minimum documentation

IIFL personal loans have the easiest availability in Indian loan sector. The applicant can get IIFL personal loan within 8* to 72 hours of loan application submission with appropriate required documents.

You get expeditious loan approval

IIFL is famous for its speedy approval process. Unlike many financial institutions IIFL requires minimum documentation and also accepts eKYC details; thus approving the loan quickly. The mechanism of approving personal loan is very easy, efficient and hassle free.

You can consolidate your debts

We strongly recommend you to clearing off a high-interest debt by taking a low-interest debt, when it comes to financial debts. You can combine multiple debts under one umbrella. You can pay off your multiple debts and be answerable to only one, by opting for a personal loan, which is a more hassle-free solution! You can also use IIFL personal loan to clear your credit card bills by choosing for a balance transfer. This will also give you benefits of lower interest rates.

You can take multi-purpose loan

The amount borrowed from IIFL personal loan can be used for any personal purpose. Be it renovation or personal bulk shopping; a wedding or medical expenses, you can use these funds as they suit you. You can use them to overcome any financial adversaries. You can apply for and access the loan amount without disclosing the purpose of the same.

You don't have to offer any collateral

You do not need to offer any collateral or guarantee to get approval on an IIFL personal loan. A personal loan is approved by IIFL on the basis of loan borrower’s income details and financial history which is determined by a strong credit score. As you do not require offering your fixed assets as mortgage or collateral, you can access the loan easily.

It offer you adjustable sum of loan

Based on various criteria like level of income, employment history, credit score and scope for repayment, you can get an IIFL personal loan up to Rs. 25 lakh.

You're rewarded with flexible payback option

IIFL offers personal loan with tenure ranging from one year (12 months) to 5 years (60 months). IIFL offers flexible EMI policy which makes it easier for the borrower to pay back the loan. Though the exact tenure depends on the amount of loan, it is always a better option from other types of loans.

Varied interest rate

Depending on eligibility criteria, the borrowed sum, payback tenure, the interest rate varies on personal loan. IIFL offers interest rate for personal loan 13% onwards. Also the processing charges are up to 2% plus GST.

What are the Eligibility Criteria to avail a Personal Loan from IIFL?

IIFL offers personal loans to customers who fulfill their designed eligibility. The eligibility criteria changes as per the financial profile of the borrower. But there are some commonalities which you have to follow or acquire to get an IIFL personal loan. IIFL gives personal loans to salaried borrowers. You can refer the following table for a gross understanding of IIFL's eligibility criteria:

Particulars Salaried Borrowers
Age 25 years to 60 years
Minimum Income Rs. 35,000
Maximum Loan Amount Approved Rs. 25 lakh
Loan Tenure 12-60 months
Work experience Total work experience of 2 years (6 months with current employer)
Address Borrower should be current resident of Mumbai, Delhi and NCR, Thane, Vashi, Bengaluru and Pune.

Why Choose Ruloans To Apply For Personal Loans from IIFL?

Ruloans is India's fastest growing financial distributors. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers can apply for IIFL's personal loans with Ruloans' latest online application process. We help you borrow right.

Hassle free process

We have developed an efficient, smooth and easy process for our consumers to get IIFL personal loan. Our easy to use online procedure allows consumers to upload documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process.

Benefits of applying with us

We value our consumers and are always on our toes to give them benefits of our expertise. Applying for IIFL personal loan with us, gives you a chance to avail the best offers and deals from IIFL.

Free expert guidance and advice

Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, without charging a dime.

Privacy policy

We, at Ruloans understand the value of your documents and keeping them safe and private. Your loan applications are processed electronically with complete privacy and transparency.

How to Apply For a Personal Loan on Ruloans from IIFL?

Applying for IIFL personal loan on Ruloans involves few easy steps:


  • Step 1: Go to the 'IIFL Personal Loans' page on our website and click on 'Check Your Eligibility' box.
  • Step 2: Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.
  • Step 3: Our loan calculator presents you a list of required documents along with interest rates.
  • Step 3: Our loan calculator presents you a list of required documents along with interest rates.
  • Step 5: Your application will be sent electronically to IIFL. You will be informed about the status of your application via SMS, email or you can track it via website too.

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