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NBFC-P2P

Registered with RBI

CoR No. N - 13.02258

Personal Loan

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OMLP2P, a leading Indian Peer to Peer Lending Platform, provides opportunities to its borrowers to take Personal Loans as well as Business Loans from a wide range of lenders (investors) from across India to fulfil their various requirements for purposes like Student Loans, Education Loans, Business Loans or Personal Loans etc. The wide range of investors spanning across India and high quality of credit assessments by OMLP2P helps borrowers avail their loan requirements in an easy, transparent and cost-effective manner - no wonder you will like to call it's an easy loan.

 

Our P2P lending platform understands the needs of the borrowers; hence the platform allows its borrowers to avail their Personal Loans for all types of their personal as well as business requirements. Personal Loans starting from Rs. 25,000/- to the maximum of Rs. 10,00,000/- can be borrowed at the OMLP2P lending platform.

 

Our experienced team has developed an advanced credit scoring algorithm to enable investors to take an informed decision about lending to even those borrowers who either have no credit score (no credit history) or are having temporarily impaired credit score.

 

The OMLP2P lending platform provides unsecured personal loans online so that borrowers may borrow money online at most competitive and transparent interest rates. We also have an online loan EMI calculator to enable borrowers to calculate their monthly financial expenses and evaluate their cost of borrowings and get loans online for their various requirements, including Debt Consolidations, Education Loans, Consumer Durables Loans, Home Refurbishing Loans, Weddings Loans (Marriage Loans), Travel Loans, etc.

 

So, no more worrying about arranging low-cost funding. At OMLP2P, online borrowing is easy, simple and transparent with minimal documentations., you may end up calling this personal loan at few clicks. Apply online for Personal Loan and enjoy the benefits.

 

Tips for Successful Personal Loan Application
  • Assess the need for your personal loan: You will need to be clear about the need for your personal loan. You can take it for funding your wedding arrangements, paying your hospital bills, buying new furniture, etc. Before you apply for the loan, you will need to assess if you really want the loan. If you are planning to take a personal loan for investing in shares or other financial instruments, then it may not be a great idea.
  • Check your credit history: Before you proceed to apply for a personal loan, you will need to assess your credit history thoroughly. This will give you an idea about the loan amount that you will receive. You need to make sure your credit history looks decent before you apply for a loan.
  • Review the fine print on your loan document carefully: Make sure you read the personal loan details carefully as this will give you a clear understanding of the commitment you are making in terms of the repayment.
  • Choose your personal loan tenure by assessing your repayment ability: A personal loan typically ranges from 1 to 3 years. You can fix the loan tenure according to your loan amount, your other monthly expenses, and the income that you earn on a monthly basis.
  • Select your personal loan amount as per your convenience: You can choose your personal loan amount depending on your repayment capability, your income, and your expenditures.
  • Check your EMIs properly: You will need to compute your EMIs before you fix your personal loan amount. This will help you plan your expenses efficiently. You can multiply this loan EMI with your loan tenure to find out your precise loan amount.
How to Improve your Chances of Getting a Personal Loan?
  • Credit Clean-up: One of the main factors taken into consideration by lenders is your credit score. Getting a personal loan is easier with a high credit score. If your score is low, you must check your reports to see if there are any errors. Sometimes, simple errors could have an adverse effect on your scores, and if you find any of these, you must report them to CIBIL.
  • Rebalancing your income and debts: Lenders ask for proof of income when you apply for personal loans in order to ascertain your debt-to-income ratio. Consider the sale of liquid assets like stocks or earning more through a part-time job to increase your annual income. Doing so will increase your debt-to-income ratio and increase your chances of getting a personal loan.
  • Consider Co-signers/Guarantors: If you are finding it hard to get a personal loan on your own accord, you can apply for one by adding a co-signer or guarantor. The person you choose as a guarantor must have a good credit score. Their main aim is to guarantee that you will repay the loan. However, they will also be liable to repay the loan themselves if you are unable to do so. Picking an individual with a credit score over 750 will considerably increase your chances of getting a personal loan.
  • Limit Your Borrowing: It can be risky to ask for more money than you require to meet your financial targets. Make sure that you calculate how much you need and apply only for that specific amount.

Other Fees & Charges related to Personal Loan

  • Registration and Processing fee
  • Goods and Services Tax or GST
  • Verification charges if any
  • Charges levied for issuing duplicate statement
  • Penalty for defaults
  • Penalty for early pre-payment and part payment of loan

You can check the fees and charges which are levied by peer to peer lending platform before you apply for a personal loan.

 

How to Apply for a Personal Loan Online?

 

You can easily apply for a personal loan through OMLP2P. You will only be required to provide a few basic details which will help OMLP2P check your eligibility for a personal loan. OMLP2P will take you through an easy to fill form wherein you will be providing the following information:

 

  • You must provide your personal information, such as your name, mobile phone number, and your email ID
  • Your gender
  • Your date of birth
  • The city in which you reside
  • The type of residence you are residing in
  • Your employment type – salaried, self-employed, retired, and so on
  • Your total work experience and the date on which you joined your present employer
  • Your net monthly salary
  • The bank with which you have your salary account
  • If you have any existing loans, you will be required to mention the EMI amount that you are paying for the same.


 

Loan Terms & Conditions

Loan Amount: Borrowers can request loan amounts between ` 25,000 (minimum) to ` 10,00,000 (maximum), in multiples of ` 5,000
Loan Tenure: Platform facilitates loans for the duration of minimum 3 months, and in subsequent multiples of months of 6, 9, 12,18, 24 and 36 months with 36 months being the maximum tenure.
Interest Rate: All rates displayed on the platform are in APR (Annual Percentage Rate) format. APR offered to borrowers will vary from case to case basis, as per their respective credit profiles. APR's on our platform will range from 9.49%(min) to 36%(max).
Repayment: All loans are paid through Equal Monthly Installments(EMI's), using reducing balance method, through an escrow mechanism.
Prepayment and foreclosure: Loans can be prepaid or foreclosed anytime during the tenure of the loan subject to certain charges & terms. For detailed charges for foreclosure within 3 months and for foreclosure beyond, please refer to our FAQs and our Fee Section.
Platform Fee: We charge a small processing fees to meet our expenses. Please visit our Fee section for a detailed description.
Example: If a borrower accepts a loan of ` 25,000 for a tenure of 12 months, at an APR (annual interest rate) of 12.00%, then the borrower will have an EMI of ` 2,221. Total interest payable is ` 1,654 and total amount payable is ` 26,654.

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