Factors that are considered by IIFL for sanctioning personal loans

Ajitsamal Afinoz
3 min readOct 30, 2020

Are you musing to take out IIFL Bank personal loan? And have you studied over factors that can ensure the approval of your loan application? No! Do not worry since here is your guide on the same.

IIFL is one of the optimal and leading financial institutions in India. The institution deals in almost every sort of financial products and services; from savings to investment, loans to insurance and so on.

Here we are going to guide you on some of the most considered and major factors that are taken into consideration by IIFL while sanctioning a personal loan.

We have split the factors into 2 segments: -

1.) Core factors

2.) Non-core factors

Core factors

As the term itself states, factors which are most relevant and appropriate and are considered by IIFL in order to extend a personal loan fall under core factors. Take a look.


IIFL asks for a minimum and maximum age requirement of 25 and 60years respectively in order to sanction a personal loan. The institution offers personal loans for a maximum term of 60 months (5 years).

Net Income

Your eligibility is evaluated by the net income you receive after all the deductions. Your repayment capability is also determined based on income earned. Your net income should be Rs. 25,000/month for the purpose of availing a personal loan from IIFL.


FOIR stands for Fixed Obligation to Income Ratio, it is a significant eligibility factor that IIFL considers to determine your IIFL personal loan eligibility. The institution analyses through all your fixed obligations such as rent or current EMIs while determining your eligibility. In order to be eligible for IIFL personal loan, your minimum FOIR should be 0.70.


Adding a co-applicant boosts your eligibility for a personal loan since it enhances your repayment capability. Make sure that you add a co-borrower who has virtuous income flow, limited fixed obligations and a robust credit score.


How your credit behaviour and track record was in your past are assessed through your CIBIL score. CIBIL score is the most vital element to determine your eligibility to avail a personal loan.

IIFL goes through entire credit report while determining your eligibility for a personal loan which also engages all existing loans and your repayment track record on loans and credit cards.

As higher your credit score will be as higher your chances will be of your loan application approval.However, IIFL asks for a minimum credit score of 650 in order to extend a personal loan.

Non-core factors

Non-core factors can also be stated as secondary factors taken into consideration by IIFL while sanctioning a personal loan. Take a look.

Job constancy and occupation

Job stability is an essential factor to enhance your eligibility to avail IIFL Bank personal loan. Your total work experience and current work experience are considered to assess your job constancy and profession. The institution seeks a minimum total organisational experience of 3 years and also seeks applicants who are working in the current job for at least 6 months.

Residence place and stability

Banks are very certain about the borrower’s residence. There are a few localities which are marked negative by the bank. IIFL has a pre-determined list of localities where it will lend the loan and where it won’t. Alongside this, IIFL also seeks your residential constancy which should be at least 12 months.

Sector Type

IIFL also assesses your eligibility based on its pre-determined negative list of occupations and sort of sector, defined as a customer or industry segments to which they will not extend the loan.

The bottom line

So, if you keep these eligibility factors on note and work accordingly on it from now then there are positive chances of getting your IIFL personal loan application approved.

Nonetheless, you can reach IIFL personal customer care too in order to know additional information such as IIFL personal loan interest rate, repayment tenure, etc.

Originally published at https://ajit11.kinja.com on October 30, 2020.



Ajitsamal Afinoz

I am a diligent and motivated self-worker with 3+ years of experience working in credit review and loan processing within the financial tech industry.