Register & get verified. Create listing and approach lenders. Finalize terms, confirm loan and get the loan amount.
Valid Bank A/c
Min.Income 20k p.m
Registration Fee Rs.500
Processing Fee 3.5%(including Insurance) of Loan
Interest Rates & Fees
A one time, non-refundable fee of Rs. 500 is charged to all borrowers. This is charged at the time of registration.
Loan Processing Charges/ Origination Charges
3.5%(including Insurance) of the loan amount. This is charged at the time of loan disbursal.
There are no pre-payment charges levied on the borrower except the below conditions:
- 2% of outstanding principal amount if a 12-month loan is pre-paid within 3 months
- 3% of the outstanding principal amount if a 24-month loan is pre-paid within 6 months
- 3% of the outstanding principal amount if a 36-month loan is pre-paid within 6 months
Late Payment Charges
All EMIs will be presented on the 7th working day of the month and late payment charges 24% p.a. on the overdue amount, subject to a minimum amount of Rs. 100
Repayment Instruction Swap Charges
For any change in the mode of payment or replacing cheques, a fee of Rs.500 will be charged for every such instance.
Stamp Duty Charges
All loan agreements shall be stamped and cost of duty is Rs 20 will be charged on actuals, shall be payable at the time of processing fee collection.
Cheques / ECS/ SI/ NACH Bounce Charges
For any of the above bounce, a fee of Rs.250/- will be charged on each bounce.
Legal / Collection Charges
This is applicable in the event of default by the borrower on actuals.
Amortization Schedule Charges
This will be available online and no charges will be levied.
No, i-LEND is not a financial institution. It is a marketplace that brings together borrowers and lenders to enable a transaction between them on their terms. Individual borrowers get loan from individual lenders.
i-LEND is like ebay for money or like a facebook for lending and borrowing. It is a marketplace on the internet. Since i-LEND doesn't borrow or lend money, it does not come under the purview of RBI. i-LEND provides a service to people.
People who need money for personal need register as borrowers with i-LEND and fill in the registration form. All the information provided must be accurate and up-to-date. Once you register, you will receive a phone call confirming your interest and our credit verification team is alerted.