What is IBL Loans?
IBL Loans is the new type of finance company registered with RBI that you’ve been waiting for! We want to give you great products which are simple and easy to use.
What does IBL Loans offer?
Our product is a line of credit of upto Rs 50,000, Avail credit whenever you want.
Are there any fees to apply for a loan on IBL Loans?
No, there are absolutely no charges to apply for a loan.
What is the elegibility criteria to apply for credit with IBL Loans?
To successfully apply for credit, you must be an Indian citizen and 21-60 years of age.
What are the required documents to apply?
Only your Valid PAN card, Aadhar card and current residence proof, these documents need to be upload on IBL Loans app.
What credit score do you require?
You have a good credit score in order to be eligible for credit from IBL Loans.
I do not have a credit score?
Sorry, you must need to have a good score to be eligible for credit from IBL Loans.
In which city do you operate?
We are present in Surat. We will be expanding to other cities across India in the coming year.
What are the Minimum and Maximum tenure of the loan?
The minimum tenure that you can get on IBL Loans is 6 Months and the maximum is 12 months.
What are the Minimum and Maximum Loan amount of the loan?
The minimum amount that you can borrow on IBL Loans is Rs.15,000. The maximum loan amount is dynamically calculated by our algorithm and can go up to Rs.50,000.
What can I use loans for?
It’s up to you. Since we transfer money to your bank account, you can then use it for whatever you want. However, we would advise you against utlising credit for speculative purposes like betting or risky investing.
Can I apply for multiple loans?
Yes, you can apply for a new loan after completion of existing one.
How do I apply to IBL Loans for a Loan?
The application process is simple: Download the App. and fill in the required details to get in-principle Approval. Once your application has been approved you can go ahead and upload the required KYC documents. You’ll get a final approval once your KYC documents have been verified. As soon as you complete your KYC, you will be able to use your Loan.
How will I know the status of my loan application?
You can see the status of your application at any time on your IBL Loans app.
How long does it take for a loan application to be approved?
The in-principle approval would be shown on the app instantly once the application is completed. The final approval will be given as soon as all the documents are uploaded and collected.
Once approved, how long does it take for the money to come into my account?
After the final approval and completing the auto-debit setup, the money will come into your account within 24 hours.
It is necessary to download the app to apply?
Yes, to apply for loan you need to download the IBL Loans app from Google Play store. Bit.ly link. The app will also help you to easily monitor your loan repayment.
What is Mandate form?
Mandate is an auto-debit instruction from you that authorises us to collect your EMI payments directly from your bank account. We will only collect the payment due and no more.
Do I need to complete a NACH form?
Yes, NACH form is mandatory for auto dabit.
What are the payment modes available?
There are two modes of payment. You can either pay with the auto-debit instruction which was set up during the time of loan application or you can pay using the the app via netbanking / card. For the auto-debit, kindly ensure that you have sufficient funds in your account on EMI due date.
How can I pay my EMIs?
You’ll be setting up an auto-debit instruction at the time of applying to IBL Loans. If the mandate is successfully registered, just make sure that you maintain sufficient funds in your bank account on every EMI due date. The EMIs will be automatically deducted. If for some reason, the auto-debit isn’t processed, we’ll notify you via SMS, email and app notifications. In this case, you can pay EMI after return via the PAY NOW option in the IBL Loans app or our website
I choose to pay on the app and not allow auto-debit on my account. Is it possible?
Not possible, auto-debit is mandatory for the loan application to be complete.
What happens if there isn’t sufficient balance in my account?
There will be a NACH return charge levied on your loan account. Also, you will incur a late payment fees for the delay in payment.
Are there any hidden fees /charges?
There are no additional fees beyond processing fee, if your payments are made on time. In case you are late, a late payment fee will apply.
Is it possible to reschedule or postpone my EMI date?
As of now, once the EMI date is finalised, it cannot be changed.
Is there any CIBIL impact if I pay off all my outstanding balance?
Your performance will contribute to your CIBIL score. Regular timely payments will help you build your CIBIL score. You won’t however get extra points for paying your balance sooner than its due date.
Can I prepay / foreclose my loan?
Yes, you may prepay the loan after 3 months, with prepay charges of 3% of the outstanding loan amount.
When will I receive the No due certificate for my loan?
Once the loan is completed, you can immediately download no due certificate in the IBL Loans app.
Can I change the tenure of the loan after the loan is disbursed?
Unfortunately, changing the tenure will not be possible once the loan is disbursed.
How can I change the due date?
Unfortunately, it is not possible to change the due date of an EMI payments.
What Happens if I Default on my Loan?
Loan default is a serious offence and is highly non-advisable. In such a case, RBI has mandated all banks and NBFCs to report default to all 4 Indian credit bureaus (CIBIL, Experion etc.). As a result, we may prosecute you for default under applicable law if deemed necessary.
What are the interest rates?
Your interest rate will be a function of your credit score on our proprietary model. The higher your score, the lower your interest rate. Our interest rates will vary from 2% to 3% per month.
What is a processing fee and why is it charged?
There will a processing fees on your loan. This is to cover the costs of on-boarding including multiple document collections, verifications, payment setup and processing.
What happens if I am unable to pay back the loan by the due date?
We charge EMI return charges and late payment penalty on any delayed loan repayment. The late payment penalty amount depends on loan amount and extent of delays.
What happens to my documents and data if my loan is rejected?
In case of rejection, your submitted data will be stored securely with us in case you may want to reapply again in future. Under no circumstance, will your data be sold/shared with third parties without your consent except as required by law. If you would like, you can delete your account from the app in which case all except the mandatorily requied data by RBI will be deleted. You’ll need to provide all the required documents again if you wish to reapply in future.
What are the security measures you deploy to keep the data safe?
Our systems are designed to protect your data. The data sent by you through the website and app is protected with industry standard encryption. We follow the same security standards that are followed by banks. Your data stored on our servers can only be accessed through your credentials or internally by IBL Loans personnel when they are helping you out with your applications. We have procedural safeguards in place to ensure the security of your data while it is being handled by the staff at IBL Loans.
What is a credit score?
This is a score from the Credit Information company. It is a record of a borrower’s credit worthiness based on their past record of their loan repayments among other things. A credit score ranges from 300 to 900; banks usually require a score of 681 or above to qualify for credit.
Can I choose the limit I want?
No, the credit limit is set automatically based on your credit score and other relevant information.
What type of mobile operating systems do you support?
Currently, we support android platform. We may launch our iOS and Windows apps in future.
When will the pickup be arranged for the loan agreement and NACH?
You can schedule the pickup of your documents with our document boy via the IBL Loans mobile app.
When can I re-apply, if my application gets rejected?
You can re-apply after 1 months of your loan rejection. (If application rejected due to credit report then re-apply loan after 3 month)
Why are my cheques required to process the loan disbursement?
We collect cheques for security purpose. In addition, it is a common practice to take 1 cheque with the EMI amount so that it can be presented for the first EMI. The cheque is presented in case the auto debit mandate does not get active.