Investors and borrowers have to complete the registration process of filling up the online form, submitting documents, completing the offline process and paying the one-time registration fee. We verify the form and the documents and subsequently provide users with a user login and password to access the portal.
Borrowers, on logging in can enter a loan request mentioning the purpose of the loan, amount and tenure for which they seek the loan. They can also send funding requests to investors.
Investors can view all loan requests along with borrower’s Risk Class, loan details and some personal information. They can also send requests to fund these.
There is a two-way communication system to facilitate negotiations between borrowers and investors.
On successfully raising a commitment of 50% loan amount requested, the borrower can request for a disbursal. On receipt of a disbursal request, we initiate the documentation process. Once that is successfully completed, the loan is disbursed. We request post-dated cheques from borrowers towards security and repayment of the first EMI. All subsequent transactions happen online.
EMIs are paid by borrowers by 5th of every month, failing which reminders are sent for another 3 days. Thereafter late payment fees, collections and recovery come into force.