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1. What is i-LEND?
i-LEND is a Social /P2P Lending marketplace on the internet. It brings people needing money and Lenders together and enables a loan between them.
2. Is i-LEND a financial institution?
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.
3. Is i-LEND regulated?
Yes i-LEND has applied for CoR from RBI ( Reserve Bank of India ) and is awaiting the same.
4. How does i-LEND work?
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.
5. What is required to join i-LEND?
To join i-LEND, individuals must meet the following criteria:
Minimum Age: 21 Years
Nationality: Indian with Indian Citizenship Status
Individuals: should have a valid Savings Bank Account.
6. Why are loans on i-LEND.in cheaper?
i-LEND.in business model works on a peer-to-peer concept. We let lenders and borrowers agree on terms of the transaction. This means, the interest rates are determined by the borrowers and lenders and not i-LEND. i-LEND only charges a fixed transaction fee. Unlike banks, we do not make any money over the difference, in lending or borrowing rates. What's more, i-LEND brings down operation costs by using the internet as a platform to connect with lenders and borrowers. All transactions are done online and hence we do not have high capital expenditure such as people, cost at various locations and the infrastructure costs associated with this. This lowers our operation costs by a significant value which we pass on to our customers.
7. How much does all of this cost?
i-LEND charges minimal fee for the services it offers. On loan closure, 4%(including Insurance) of the loan amount is charged as processing fee to the borrower while lenders have to pay Rs.1,000* (Non Refundable) for registration.
8. Do you share my personal information with other parties?
No information about borrowers or lenders is shared with any third parties. Information is shared only for purposes of transactions with the borrowers and lenders. Only necessary information such as loan requirements, purpose, employment status and details, educational background etc. is shared on the site between the borrowers and lenders for making informed decisions. No contact details such as e-mail id, phone numbers are shared between borrowers and lenders.
9. What happens if i-LEND closes?
In the event of i-LEND closing, all loans that have originated through i-LEND still hold good. This is because; the agreements are still legal and are signed directly between the borrowers and lenders. Our backend team will continue to collect the money from the borrowers and give it to the lenders. Legal action is possible against borrower defaults.
10. From where does i-LEND operate? Can borrowers or lenders be from anywhere in India to borrow or lend?
i-LEND is headquartered in Hyderabad, India. We are currently operating in Few Cities and will shortly start operations in other cities. We plan to go national soon, with our presence in top 20 cities in India. Lenders can be from anywhere in India.
1. How does the borrowing process work?
When you as a borrower are successfully registered, your loan listing page appears on the borrower's listing page. Lenders can then see your listing and make offers to you depending on their lending criteria. All lender offers can be seen in the borrowers' listing page. A borrower may receive offers from many lenders.
Similarly, borrowers can reach out to particular lenders to request loans from him/her. A lender may either accept or reject the request. This information can be viewed by the borrower under borrower's My Account--> My Loan Listing section.
Borrower can choose multiple offers that are most suited to the his/her requirement. Borrower can accept loan by selecting multiple offers, the sum of which is equal to or less than the loan amount requested by the borrower. The final interest rate of the borrower is determined by the weighted average of the offers selected.
Once a borrower accepts the loan amount, the listing is closed for further offers. i-LEND then, collects all necessary documents, executes the required agreements and collects cheques from lenders and deposits in the borrower accounts.
2. What is the maximum loan amount I can borrow?
Borrowers can request loans from Rs.25,000 - Rs.5,00,000. Loan amount must be in multiples of 5,000 only. However, the amount you are eligible for is determined by i-LEND's credit team.
3. Can I get my loan from more than one lender?
Yes, in fact it is most likely that you will receive offers for your loan from multiple lenders. As a part of risk diversification process, lenders are allowed to lend a maximum of 30% of your loan amount. This means that when you send loan requests to lenders, you can send a request for a maximum of 30% of your loan amount.
4. In how much time will my loan request be approved and funded?
Getting loan on i-LEND depends on the borrower's loan listing. A loan listing is like an application where borrowers share information about themselves and their loan requirement. Lenders see this information before deciding to lend to borrowers. Hence, it is essential that borrowers fill their loan listing page completely and give as much details as possible to get loans quickly.
5. What happens if I have received the loan amount but have not accepted the loan for closure?
If you have received 100% of your loan amount and have not accepted it within 3 working days, you will forfeit the loan. Since lenders spend considerable amount of time understanding, going through borrowers’ listings and the amount they would like to lend, it is unfair if borrowers do not close their loan. In such cases, i-LEND excludes such borrowers from any future transactions with them.
6. Can my loan amount be changed when my listing is active?
No, you cannot change your loan amount once you have filled your loan requirement form as per i-LEND's credit approval terms. You will receive an email from i-LEND on the loan amount approved for your application and the same is updated on your listing.
7. How is my interest rate determined?
Borrower interest rates are determined by the lender market. All registered borrowers are verified for their financial status, employment, residence etc. and only on successful verification, this information is shared with the lenders. To understand the profile of a borrower, i-LEND offers tips to lenders that are a guidance tool for taking informed decisions.
Each individual lender then offers loan to borrowers at the interest rate that he/she thinks is ideal, for a certain profile of a borrower. The interest rates for each lender may vary. When determining the final interest rate for a borrower, the system takes a weighted average of all offers selected by borrower for his/her loan. However, the interest rate for lender will be the rate he/she has offered to the borrower.
8. How is my credit rating arrived at?
i-LEND rates all borrowers into 3 main risk categories - Low, Medium and High Risk. We use multiple parameters to arrive at individual borrower's credit rating. Firstly, all borrowers are rated on their social profile i.e. based on individual's social presence on various sites such as Facebook, Linkedin, Gmail, Yahoo, Hotmail, Twitter (all first letter in caps). To arrive at this score, i-LEND has tied up with a New York-based Social rating company. We believe that an individual's social preferences determine to a certain extent the attitude of the individual which also reflects his/her financial discipline. There are multiple research/studies done on such co-relation which can be readily found on the internet.
The other factors that determine individual's credit rating include his/her financial status, past payment records, work experience and other quantitative factors. i-LEND uses its own algorithm to arrive at a score which then classifies borrowers into different risk profiles.
9. Can I have more than one loan at a time?
No, you cannot have a second loan while you are still repaying the first one.
10. How can I make loan payments? Can I pay online?
You can repay your loan by making payments through cheque. Online payment option is currently unavailable.
1. How does the lending process work?
When a lender is successfully registered, his/her listing page appears on the lender listing page. Lenders can then browse through borrower listings and make offers on borrower loans, depending on the lending criteria. Lenders can decide the lending amount and interest rate at which they would like to lend to the borrowers.
Similarly, borrowers can browse lender listing page and send requests for loan, which can be viewed on the listing page. The Lender can either accept, modify or reject these requests. All the information can be viewed on the ‘Listing page’ by both the borrowers & lenders.
Lenders can offer loans only when the borrower listing is active, i.e. when the borrower has been approved successfully. Once a borrower accepts the loan amount during his/her active listing period, the listing is closed for further offers. i-LEND then collects the necessary documents, executes the required agreements, collects cheques from lenders and deposits them in the borrower accounts.
2. Can I lend to more than one borrower?
Yes. In fact we recommend that you lend to many borrowers as this will spread your risk.
3. Is there a limitation on the maximum number of borrowers I can lend to?
No, there is no limitation on the number of borrowers you can lend to. However, the minimum amount you need to lend to a borrower is Rs.10,000.
4. When is a loan transaction complete?
A loan transaction is complete only after a borrower has received and accepted the loan offers that are less than or equal to his/her loan amount. His/her listing then shows a status "Pending" and the status of this loan can be seen in "% Funded".
5. When does the money go out of my account?
Once a loan transaction is closed by the borrower, the money is collected from the lender within 3-5 working days.
6. How does the money go out of my bank account?
Once a loan transaction is complete, i-LEND collects a cheque from the Lender for the amount agreed upon with the borrower and the same is transferred to the borrowers account within 7-10 working days.
7. Can I change or cancel an already committed borrower loan listing?
Yes. You can change your commitment on a particular borrower loan listing. If you wish to withdraw your offer, you can do so by going to the particular offer and click on the "Withdraw Offer" tab. However, to be fair, you must withdraw offer before the borrower accepts the loan.
8. I have a few questions for a borrower. Can I get in touch with him?
No, i-LEND currently does not permit lenders and borrowers to interact.
9. Can I see borrower's documents?
Yes, i-LEND permits lenders to view borrower's documents by paying the Document viewing fees of Rs.300. This fee is valid for a period of 6 months. Lenders can view any number of borrower documents.
10. When does i-LEND collect the transaction fee?
When the borrower accepts the loan online, i-LEND will collect the lending amount from the lender, plus the processing fee for that amount, at the time of executing the loan agreement. This amount is collected from the lender through a cheque issued in favour of Dipamkara Web Ventures Pvt. Ltd.
1. What is a Listing?
A listing is a public profile page of the borrower and lender and can be viewed by all registered users on i-LEND.
2. What is the difference between borrower listing & lender listing?
The purpose of both listings is same i.e. a public profile of the individual. While a borrower listing page helps individual borrowers to clearly convey to lenders their requirement, the lender listing page is for borrowers to view and contact those lenders whose lending criteria match the borrower’s loan requirements.
3. What is the difference between a loan and a listing?
A loan is a confirmation that i-LEND lenders have agreed to lend the amount to a particular borrower. A listing, on the other hand, is a borrower's personal page requesting for a loan on i-LEND.
4. I am a borrower. Can everyone on i-LEND see my complete listing page?
No. Not everyone is permitted to see all the information on your listing page. I-LEND filters the content on your listing page and only relevant information is available for viewing by different users. For instance, registered lenders can see all information on your listing page while registered borrowers can see all information except financial status, documents. However, unregistered users can see only your loan requirement details and loan offers. They are not permitted to see your financial status, your employment details or any other information.
5. How long is a borrower listing open?
A borrower listing is open till he/she receives the loan amount. However, if a borrower is not receiving loan offers an extended period of time, it could be mean that the borrower listing is not informative enough or appealing to lenders.
6. Can I cancel my listing?
Yes, you can cancel your listing before it has receives 100% funding by clicking on "Withdraw Loan" on your listing page.
7. I am a lender. Can everyone see my complete listing page?
As a lender, your complete listing page is available for all registered users on i-LEND.
8. What happens if my listed lending amount is over and I want to lend more?
No issues. In such a scenario, you can add money to your account by clicking the "Add Funds" tab-"My Lendings" tab, after you log in to your account.
9. Can I cancel my listing?
Yes. You can cancel your listing any time you wish. However, to do so, you must withdraw all offers made to borrowers. Cancelling a listing means that you are not interested in lending through i-LEND. To cancel your listing, please send an email to support@i-LEND.in and your account will be deactivated in 30 days.
10. Can I update an offer made to a borrower?
Yes. As a lender, you can update your offer for a loan request. You can change the lending amount as well as the interest rate. Once you have updated the offer, the existing offer stands null and void. You can update the offer by clicking on the "Update Offer" tab.
1. What are i-LEND groups?
i-LEND groups are informal in nature and are formed by borrowers or lenders, to help the members get loans through i-LEND. The member association can be social, personal, professional, cultural, common ideas and interests, geographical etc.
2. Who can become a member of a group?
Any registered borrower or lender can be a member of a group.
3. How can I join a group?
All borrowers and lenders can join a group by clicking on Group-Lend -> browse Groups -> Choose a group --> (Familiarize yourself about the group)and then click on the "Join Group" tab.
4. Who can form a group?
Any registered borrower or lender with i-LEND can form a group.
5. What is the maximum and minimum number of members in a group?
A group does not have a minimum or maximum number of members. However, it is essential that the group must be active so as to enable lenders to lend to the borrower members of the group.
6. Who can become a Group Administrator (G.A)?
Anyone who starts or creates a new group becomes the group administrator (hereby called as Group Admin.), automatically.
7. What are the roles & responsibilities of a Group Admin.?
A group admin. is responsible for the following:
Decide on the pre-requisites for members to join the group.
Create the group.
Update the group.
Accept new members into the group.
Ensure that all members meet the pre-requisites to be in a group.
8. What does a group page include?
A group page gives details of the purpose of the group, group members, loans offered to members of the group, list of lenders who have offered loans to members of the group, etc.
: Your group is identified on the website by the title you select for it. Your group name appears as title on your group page. Select an appropriate/relevant name that will help borrowers & lenders find your group during a search. For Example: if you are a set of borrowers who are all from same college, ensure that you mention the college name in your group title.
: You can also have a unique logo for your group with which it will be identified.
: This gives a summary of the group and its purpose. This appears along with the group logo and title on your group page.
: This elaborates about the information on your group. Ensure that you mention purpose of the group, why was it started, who can join the group, location, how do members know each other, how often do they meet each other (online / offline), and why should lenders lend to your group members.
: The group membership is currently only by invitation. This is decided by the group admin., while forming the group. The membership needs approval or invitation from the group admin.
: This shows all the active listings of the group members.
Group Loans & Performance
: This sections gives statistics on the overall group performance i.e. loans taken, average interest rate, default rates etc.
9. How can I form a new group?
Registered borrowers or lenders can form a new group by following the navigation given below:
Go to Home Page -> Group-Lend -> Create Group
10. What is the maximum number of groups I can join?
There is no restriction on number of groups a borrower or lender can join.
11. How can I exit my group?
Borrowers can leave the group by following the navigation given below: Go to My Account -> My Groups -> Select the Group you want to exit -> click "Leave Group". Please note that members whose listings are active or have active loans cannot leave their groups
12. I am a group admin. Can I nominate another group member to replace me as the Group Admin.?
Yes. If the existing group admin. wants to step down, he/she can do so by nominating another member of the group to be the group admin. Upon acceptance of the Group Admin. status by the member, who must be nominated through the consent of the group members, the existing group admin. can step down.
1. How do I register my Bank details/Why is the status on Bank details shown as pending?
During the registration process, you enter your bank details (salary account) which is used in all transactions. Status on bank details will show “Pending’ till the Rs.1/- is not transferred (bank transaction verification nominal fee), as it is required for your e-KYC.
2. Why should a Borrower or Lender transfer Rs.1/- to i-LEND’s current account?
It is necessary to verify the bank account of the member. Hence the transfer, which is mandatory. If the transfer goes through successfully, the bank account of the member is deemed to be verified.
3. How do I transfer Rs. 1/- to current account of i-LEND.in?
The member has to log in to his bank account and transfer Rs. 1/- to i-LEND’s current account. In i-LEND's dashboard you can find the "Account Verification Status" tab and if it is ‘Pending’ you have to transfer Rs.1/-. Once the amount is transferred, it takes 24 hours(business day) to update your payment status.
4. Can I transfer Rs. 1/- from a different bank account to the one registered with i-LEND?
No. It needs to be transferred from the bank account which is registered with i-LEND.in.
5. What narration should I Add while transferring Rs. 1/- to i-LEND’s current account?
The narration should be the one shown in i-LEND’s ‘Verify your bank account details’ page.
6. How do I check, if my bank account is verified?
The user can log in to his/her account and check his/her dashboard. The status will show ‘Success’ against ‘Bank Account Details Verification’ if & when it is verified.
7. What happens after I transfer Rs. 1/- to current account of i-LEND?
i-LEND’s bank will verify the bank account of the member and will conduct e-KYC. Once the same is approved by i-LEND’s bank, the member will be registered as a beneficiary. Subsequent to this process, the beneficiary can lend/borrow on i-LEND.
8. When should I transfer the money to the Borrowers Account?
The money can be transferred to the Borrower’s account, once the Lender is registered as a Beneficiary. After this, he/she can make offers to the borrower and then transfer the amount to the Nodal account.
9. When will the money be transferred to the Borrower?
Money would be transferred to the Borrower account, only after all the formalities pertaining to loan disbursement are satisfactorily completed. This involves Agreement signing, NACH Mandate Form approved, transfer of i-LEND’s fees and receipt of security cheque.