Register on i-LEND & get verified.Create listing page & request lenders.Finalize terms & conditions, confirm loan and receive the loan.
Valid Bank A/c
Min.Income 20k p.m
Processing Fee 3.5%(including Insurance) of Loan
Interest Rates & Fees
Loan Processing Charges/ Origination Charges
4%(including Insurance) of the loan and is chargeable at the time of loan disbursement.
There are no pre-payment charges levied on the borrower except under the following conditions:
- 2% of outstanding principal amount, if a 12-month tenure loan is pre-paid within 3 months.
- 3% of the outstanding principal amount, if a 24-month tenure loan is pre-paid within 6 months.
- 3% of the outstanding principal amount, if a 36-month tenure loan is pre-paid within 6 months.
Late Payment Charges
All EMIs are presented on the 7th working day of the month and late payment charges 24% p.a. on the overdue amount, subject to a minimum of Rs. 100
Repayment Instruction Swap Charges
For any alteration to 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. The fee will be charged on actuals, and shall be payable at the time collecting of processing fee.
Cheques / ECS/ SI/ NACH Bounce Charges
If a payment is not realized/transferred/cleared in any of the above-mentioned categories, a fee of Rs.250/- will be charged every time a cheque bounces or the payment is not received through ECS/SI/NACH modes of payments.
Legal / Collection Charges
Legal/Collection Charges are applicable in the event of default by the borrower on actuals. This is applicable in the event of a 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. However i-LEND has applied to RBI , the regulating authority for a CoR ( Certificate of Registration ) as per the Master Directions issued by RBI on October 6th 2017.
People needing money for personal reasons 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.