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All that you need to know!

The Most Important Terms and Conditions mentioned herein below are an indicative list of terms and conditions of IBCFL’s personal loan product. These terms and conditions are further described in our Loan Agreement under relevant sections / schedules and therefore, should be read in conjunction with those mentioned in the Loan Agreement. For an exhaustive list of terms and conditions of our personal loan product, please refer to the loan agreement available on mobile application or website or sent to you by IBCFL on your registered email id.

  1. The sanction of loan amount and its terms and conditions are subject to execution of Loan Agreement and other documents and writings with Indiabulls Consumer Finance Limited (formerly IVL Finance Limited and Shivshakti Financial Services Limited) (hereinafter referred to as “IBCFL”). The terms and conditions of Loan Agreement and/or other documents will prevail upon this letter in case of any contradiction/conflict/difference. Further, the sanction of the personal loan facility, its tenure and terms and conditions are subject to IBCFL‟s internal review and evaluation and any disbursement of personal loan facility amount, its tenure and terms and conditions shall be subject to such sanction being approved from IBCFL. The Borrower(s) can access their personal loan account details by logging into the Mobile application. The copy of statement of account can also be obtained
  2. This sanction shall be available to the Borrower(s) for a period of 30 days from date of this letter provided the Borrower(s) deposits with IBCFL, the administrative charges/expenses/pre-determined expenses mentioned overleaf at the time of delivering the accepted copy of this letter to IBCFL. The processing fees received are non-refundable. For details of the various fees and charges applicable, please refer website.
  3. IBCFLshall be entitled to revoke the sanction and to add, to delete or modify all or any of the terms and conditions of the facility, interalia, if there is any material change in the purpose(s) of loan facility, if any information and/or statement given by Borrower(s) is found incorrect, incomplete or misleading, if there is breach of the terms and conditions of the facility, if any report/document is not found satisfactory, if the Borrower(s) does not submit duly accepted copy of this sanction letter to IBCFL within stipulated period, etc. IBCFL decision in respect of material changes shall be final and binding on the Borrower(s).
  4. Personal loan facility availed by the Borrower(s) from IBCFL shall be used for the purpose stated in the Loan Agreement and shall not be used for speculative and/or capital market use and/or investments into any IBCFL products and/or business end use purpose or prohibited/ antisocial purposes and/or purchase of gold/gold bullions/gold coins/gold jewelry/gold exchange traded funds/gold mutual funds. In the event that the personal loan availed by the Borrower(s) from IBCFL has been used for purposes as prohibited above or as mentioned in the Loan Agreement, IBCFL shall be entitled to do all act sand things that the IBCFL may deem necessary to comply with its policies, including but not limited to liquidating Borrower(s) ‟holdings of investment sat that time.Further, the Borrower(s) shall bear all costs and expenses that IBCFL may incur as a result thereof.
  5. Repayment of loan amount will be through instalments / EMI‟s comprising of principal and/or interest.
  6. Unless otherwise specified by IBCFL from time to time, (a)interest shall accrue from the date of disbursement of the personal loan facility; (b) interest shall be computed on the basis of a year of three hundred and sixty (360) days and the actual number of days elapsed; (c) interest shall be computed on monthly rests or on such periodic rests as may be decided by IBCFL from time to time; and (d) in case of any payment default on the Due Date(s), interest shall be compounded every month on the overdue amount.
  7. The prepayment of the loan shall be made and accepted as per policy and rules of IBCFL and in accordance with statutory guidelines, issued from time to time and as applicable at the time of prepayment. Where there is no policy, rules and guideline then the prepayment fees and charges shall be applicable as per the terms of Loan Agreement and the mutually agreed prepayment charges, more particularly mentioned in the schedule of the Loan Agreement.
  8. The loan amount and terms sanctioned by IBCFL besides all other terms and conditions, against applied amount and tenure is final and binding to the Borrower(s).
  9. Each of the events or circumstances set out herein is an Event of Default:

    1. Non-payment of principal or interest on the due dates.
    2. The Borrower(s) apply(ies) and/or utilize(s) the Loan(a) for such purposes which are not permitted under the Loan Agreement and/or (b) for any purpose which is considered and/or deemed to be unlawful, illegal or contravene the provisions of any applicable laws, rules and regulations.
    3. Any representation or statement made or repeated by the Borrower(s) in the Loan application, KYC verification or any other document under or in connection with availing of personal loan facility is incorrect or misleading in any respect when made or it is or becomes unlawful for the Borrower(s) to perform any of its obligations under the Loan Agreement.
    4. If the payment of any EMI is refused due to reason „stop payment‟ or „account closed‟ or the customer withdraws / revokes the payment mandate
  10. Default Interest If the Borrower(s) fails to pay any amount payable by it to IBCFL under Loan Agreement, the Borrower(s) shall also be liable for payment of default interest (on the gross defaulted amounts in case of payment defaults and/or on the outstanding personal loan facility in case of other defaults/Event of Default) (“Default Interest”) at a default interest rate mentioned above (“Default Interest Rate”) or at such other rate as may be specified in the policy of IBCFL from time to time and such Default Interest shall be payable for the period of default.
  11. On and at any time after the occurrence of an Event of Default, IBCFL may, with or without any notice to any of the borrower(s) and with or without the intervention of the court/arbitrator, cancel/recall the Loan whereupon the Borrower‟s dues shall become immediately repayable/payable
  12. IBCFL is authorized to disclose, from time to time, any information relating to the loan to any credit bureau(existing or future) approved by Government of India and Reserve Bank of India Without any notice to the Borrower(s). IBCFL is also authorized to make inquiries with the CIC (Credit Information Companies) and get the applicant‟s Credit Information Report
  13. Recovery of over dues /Bad debts: It is duty of the Borrower(s) to repay loan amount with applicable interest along with all dues/charges/fees levied as per agreed terms of Loan Agreement. However, in the event of default in re payment of any of the above, IBCFL reserves the right to recover over dues by resorting to legal & permissible means.

    1. Internal Procedures:

      1. Company shall endeavour to address/respond to all complaints and grievances within a reasonable time and keep the customers informed about the status of their complaints.
      2. Company shall make available facilities at each of its branches and offices for the customers to lodge and/or submit their complaints or grievances, if any.

        Customer shall be provided with facility to lodge his grievances for redressal through specifically made e-mail id available on the website of company. IBCFL have established a system where by access to the complaint handling process is made available free of charge to our customers.

        If the customer wants to make a complaint, he/she shall be suitably advised as to

      3. All offices, branches shall display the office address, email id, fax no., phone no., etc. where a complaint can be made and designated authority to whom the complaint can be made. : How he/she can make a complaint i.e., phone, letter, fax, email, etc.

In the normal course of business, the Customer can reach IBCFL either by visit to the nearest branch or by phone through our Helpline: 0406 165 7222 (Maharashtra, Bengal and Southern states 8AM to 8PM) or 0124 616 5722 (Rest Of India 8AM to 8PM) or by e-mail to, or lodge complaints by email to

If the complainant is not satisfied with the reply provided by the customer care department, may escalate to his/her complaints to higher authority as below:

FIRST LEVEL Customers are requested to visit, call or write to the nearest branch of IBCFL. Name of Branch Head:
Contact details : Phone, email and full address:
SECOND LEVEL If not attended within 7 working days, lodge a complaint through customer help line no. 0406 165 7222 (Maharashtra, Bengal and Southern states 8AM to 8PM) or 0124 616 5722 (Rest Of India 8AM to 8PM)
Or send an email at, or visit our website to lodge an online complaint,
Or Write to Head of Customer Care at: Indiabulls Consumer Finance Ltd., 4th Floor, Indiabulls Centre,
Tower-1, Senapati Bapat Marg,
Elphinstone-West, Mumbai-400013.
Phone: 022-61891019,
THIRD LEVEL If the complaint is not resolved satisfactorily within 15 working days, customer can contact our principal nodal officer at:
Mr. Sanjeev Kashyap
Indiabulls Consumer Finance Limited
ASF Towers, Tower A, Plot no 249 D and E Udyog Vihar, Phase IV
Gurugram- 122016 (Haryana)
Phone: 0124-6037111,


If the complaint is not redressed satisfactorily within 30 working days, customer may directly write to the office of Ombudsman of their respective region. Region wise contact details of Ombudsman are as under:

S. No. Centre Address of the Office of NBFC Ombudsman Area of Operation
1. Chennai C/o Reserve Bank of India, Fort Glacis, Chennai 600 001
STD Code: 044
Telephone No : 25395964
Fax No: 25395488
Tamil Nadu, Andaman and Nicobar Islands, Karnataka, Andhra Pradesh, Telangana, Kerala, Union Territory of Lakshadweep and Union Territory of Puducherry
2. Mumbai C/o Reserve Bank of India RBI Byculla Office Building Opp. Mumbai Central Railway Station Byculla,
Mumbai-400 008
STD Code: 022
Telephone No: 23028140 Fax No : 23022024
Maharashtra, Goa, Gujarat, Madhya Pradesh, Chhattisgarh, Union Territories of Dadra and Nagar Haveli, Daman and Diu
3. New Delhi C/o Reserve Bank of India Sansad Marg New Delhi -110001
STD Code: 011
Telephone No: 23724856
Fax No: 23725218-19
Delhi, Uttar Pradesh, Uttarakhand, Haryana, Punjab, Union Territory of Chandigarh, Himachal Pradesh, and Rajasthan and State of Jammu and Kashmir
4. Kolkata C/o Reserve Bank of India 15, Netaji Subhash Road Kolkata-700 001
STD Code: 033
Telephone No : 22304982
Fax No: 22305899
West Bengal, Sikkim, Odisha, Assam, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, Bihar and Jharkhand

*Board of Directors/Committee of the Board shall periodically review grievance redress process as well as issue instructions in the matter so that customer gets expeditious and fair resolutions of his grievances.