When you define a variable name same as an IFRAME name, I.E won't be able to get back the iframe. See following example:

<html>
<body>
  <iframe id='ifLoan' name='ifLoan'>
  </iframe>
</body>
</html>
<script>
  var ifLoan=frames['ifLoan'];
  alert(ifLoan);
</script>

In IE, it will display undefined. In firefox, it's fine.
So you have to rename var ifloan to some other value.

IE, of all the browsers out there seems to allow element references to be accessed by their id. This is a short hand notation not supported by any of the browsers out there. You need to make sure there are no such naming conflicts if you don't want your code to break in IE.

A good programming practice is to never use the same name for two different things.