IIFL Finance Personal Loan EMI Calculator

The IIFL Finance EMI calculator helps you compare different tenure and interest rate combinations, making it easier to choose an EMI plan that suits your budget.

The EMI for an IIFL Finance Personal Loan is calculated using the following formula:

EMI =P×r×(1+r)n(1+r)n−1

Where:

P = Loan amount (Principal)

r = Monthly interest rate (Annual rate divided by 12)

n = Loan tenure in months

Here is a detailed breakdown of EMI amounts for a ₹5 Lakhs loan at an 18% interest rate, with different tenure options of up to 5 years:

The EMI of your IIFL Finance Personal Loan depends on several factors. Understanding these can help you choose a personal loan that fits your budget and financial goals.

Key factors include:

Interest Rate

A higher interest rate increases the EMI. For instance, a loan at 21% per annum will have a higher EMI than one at 18%, assuming the same tenure and amount.

Loan Tenure

A longer tenure reduces the EMI but increases the total interest paid over time. A shorter tenure results in higher EMIs but lower interest costs.

Fixed vs Floating Interest Rate

With a fixed rate, your EMI remains constant throughout the loan period. A floating rate, however, may change based on market fluctuations, affecting EMI amounts.

Loan Amount

The higher the loan amount, the higher the EMI. For example, a ₹2.5 Lakhs loan will have a bigger EMI than a ₹1 Lakh loan if other factors remain constant.

Repayment Schedule

Your EMI structure depends on the frequency of repayments—monthly, quarterly, or biannually. Most borrowers opt for monthly payments, but alternative schedules may impact overall repayment.

IIFL Finance offers multiple convenient options for EMI payments, ensuring a hassle-free repayment process. Your EMI is usually deducted automatically from your salary account via ECS or NACH. 

However, if you prefer to make manual payments, you can use the following methods:

• Online payment directly through the IIFL Finance Quick Pay platform

• IIFL Loans Mobile app (available for both Android and iPhone)

• Digital Wallets like PhonePe, Google Pay, or Paytm

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.