IIFL Personal Loan Eligibility

IIFL Personal Loan Eligibility Calculator is a cutting edge financial tool which helps you to check your IIFL Personal Loan Eligibility online. With the help of IIFL Personal Loan Eligibility Calculator you get an idea of how much loan you can avail. Moreover IIFL Personal Loan Eligibility Calculator helps you to get instant loan approval via IIFL Personal Loan apply online. To calculate your IIFL Personal Loan Eligibility online using IIFL Personal Loan Eligibility Calculator, you need to enter details like- your current city, birth date, monthly income and monthly expenses. IIFL Personal Loan Eligibility Calculator eases up your personal loan process.

How to compute IIFL Personal Loan Eligibility?

When you are going for IIFL Personal Loan apply online, it is a great idea to calculate your IIFL Personal Loan Eligibility using IIFL Personal Loan Eligibility Calculator which clears your idea of how much loan amount you can avail. To have a higher IIFL Personal Loan Eligibility, you must have a stable job with a high salary bracket with good repaying capacity.

IIFL Personal Loan Eligibility Calculator computes IIFL Personal Loan Eligibility using 2 methods-

• Multiplier Method

  Following this method, the bank applies a multiplier that is dependent on your net take home salary and the company profile (where you work).
  
  IIFL Personal Loan Eligibility= Net take home salary*multiplier of 9 to 22
  
  The higher is your salary bracket and the more reputed your organization, the higher will be the multiplier and higher will be your IIFL Personal Loan Eligibility.

• FOIR

  It stands for Fixed Obligations Income Ratio. Under this process, based on your existing liabilities like- EMI of loans, rents or credit card bills, the bank takes maximum 50% of your net monthly income as fixed obligations.
  
  FOIR= (Sum of fixed obligations/Net take home salary)*100
  
  Your fixed liability must not cross 75% of your income for higher earning customers. If more than 50% of your income is paid as EMI, then your Personal Loan Eligibility in IIFL will be low.

Which factors affect IIFL Personal Loan Eligibility Calculator?

Before you opt for IIFL Personal Loan apply online, you must go for IIFL Personal Loan Eligibility check using IIFL Personal Loan Eligibility Calculator. Personal Loan Eligibility in IIFL is high as IIFL personal loan is an unsecured loan that means you need not have to keep any collateral as security and the bank cannot take anything from you if you fail to repay the loan.

The Following factors affects IIFL Personal Loan Eligibility Calculator-

• Age

  Age of applicant is an important parameter that affects IIFL Personal Loan Eligibility. The age limit must range from 25 and 60 years. If you opt for IIFL Personal Loan apply online in your young age, then your IIFL Personal Loan Eligibility will be high.

• Location

  IIFL Personal Loan Eligibility gets affected by your geographical location. If you reside in a metropolitan city or in an urban area, then IIFL Personal Loan Eligibility will be really high. But if you stay in any rural area, then your IIFL Personal Loan Eligibility criteria will be lower.

• Residential Address

  Your residential address do affect your IIFL Personal Loan Eligibility criteria to a great extent. IIFL Personal Loan Eligibility will be low if you reside in a rented house instead if you stay in your own house. Your own house develops a trust factor which improves your IIFL Personal Loan Eligibility criteria when you opt for IIFL Personal Loan apply online.

• Existing Liability

  IIFL Personal Loan Eligibility will be much low if you have any kinds of existing debts like- EMI, rents or credit card bills to pay which exceeds 50% of your income. So, to have a higher IIFL Personal Loan Eligibility, you need to pay all your debts beforehand.

• Credit Score

  IIFL Personal Loan Eligibility is greatly affected by your credit score. Personal Loan Eligibility Cibil Score is your creditworthiness or repaying capacity. Personal Loan Eligibility in IIFL will be low when you opt for IIFL Personal Loan apply online if your personal loan eligibility cibil score is low.

• Employment

  A secured job will improve your IIFL Personal Loan Eligibility in a positive direction. For self-employed individuals, minimum of 5 years experience is required to have a higher IIFL Personal Loan Eligibility criteria. For salaried employees, reputed organization under CAT A list for a minimum of 1 year will increase your IIFL Personal Loan Eligibility.

IIFL Personal Loan Eligibility Criteria

Eligibility Criteria	Salaried Individual
Age	25-60 years
Minimum Salary	Rs. 35,000
Current Residence	2 years
Profession	Employed in MNCs, public or private sector
Job Experience	Minimum 1 year
CIBIL Score	750 or above

Eligibility Criteria	Self-employed Individual
Age	25-65
Business Tenure	At least 5 years
Minimum Income	Rs. 4.8lakh/ year