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Borrower FAQ

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Borrow money online and know the process

What Are The Advantages Of Borrowing At OMLP2P?
  • We are a leading peer to peer lending platform offering low interest rates without any hidden charges or costs. We follow a process-driven approach that is fully transparent. Less documentation and quick assessment and fast loan disbursement are some of our added advantages.
How Do I Apply For A Loan?
  • The OMLp2p platform is a user-friendly portal. Follow these simple steps to avail quick loan online:
  • Sign up and complete the registration process
  • Pay one-time registration fees Rs.200 + GST
  • Upload the required documents
  • OMLp2p will verify and assess your credit risk profile using CRIF score and our proprietary algorithm and offer you the interest rate 
  • The loan will get listed on the website for investors to fund
  • After funding commitments from investors are in place, pay the loan processing fee
  • Loan agreement will be executed between the investor(s) and borrower
  • The loan amount will be disbursed directly to your bank account
For Which Purposes Can I Apply For A Loan?
  • You can apply loans for your personal as well as business requirements. It can be a short-term or a long-term loan and for a range of purposes such as debt consolidation, home improvement loan or loan for a holiday.
What Documents Do I Need To Furnish?
  • PAN Card
  • Aadhaar Card
  • Address Proof– valid Aadhaar Card, Driving License or Voter ID, LPG Bill
  • Passport size photograph
  • Last three months’ salary slips (for salaried employees)
  • Last three months statements of bank account into which salary is credited (for salaried employees) and twelve month’s statements of bank account for the self-employed and businesses
  • Income Tax Returns (ITR)/Form 16 for last two years
How much can I borrow?
  • You can get quick loan online for any value between Rs. 25,000/- to Rs. 10, 00,000/- (in multiples of Rs. 5,000).
Why Should I Pay the registration fees Before Getting A Loan?
  • We charge a one-time fee on registration for backend processing, credit scoring and assessment, and to maintain your profile data on our system.
How is the fee structured at OMLp2p?
  • There are two types of fees for borrowers:

    • A one-time non-refundable registration fee is charged from the borrower for completing the verification process.
    • A processing fee is charged from borrowers after their funding is committed.The fee is payable before the documentation process starts. The amount of the processing fee depends on the risk categories assigned to the loan transaction as indicated below. For more details, please visit: Fees & Pricing.
How do investors and borrowers connect?
  • We ensure both the borrower and the investor are e-connected. We keep their OMLp2p accounts updated, 24x7.
What Can Be The Maximum Tenure Of My Loan?
  • Currently OMLP2P facilitates loans for tenures of 3, 6, 9, 12,18, 24, 36 months.
Can I Prepay My Loan? Are there Any Charges For Prepayment Of Loan?
  • Yes, you can prepay your loan at any point of time after payment of first three installments and there are  no prepayment charges.
  • In case, you wish to prepay anytime during the first three months from the start date of your first EMI, you may do so by paying the interest due to the lenders for a period of 3 months from the date of disbursal. For example, if you have taken a loan on January 1, 2017 and had paid one EMI and on February 20, 2017, you decide to prepay the loan, then you can do so by paying the outstanding principal along with interest for February and March.
What Is The Monthly Repayment Date?
  • The monthly repayment date will be driven by the frequency of the payment cycle. For those paying single EMI in a month, the repayment date will be 10th of every month. For those paying by-weekly, it will be 10th and 21st day of the month.
How Long Does It Take To Transfer The Money Into The Borrower’s Account?
  • After the loan agreement is executed and all documents verified, it usually takes 48 business hours for investors to remit funds into the escrow account and from there the funds will be disbursed into the borrower's bank account
How Will The Transfer Happen?
  • Loan amount will be transferred from the escrow account to the bank account provided by you during registration.
What Are The Channels Of repayment?

A borrower can make the repayments by:

  • NACH
  • NEFT / RTGS
  • IMPS
  • Cheques, or
  • Any other mode of repayment permissible by RBI or Indian laws.
Can I Set A Different Interest Rate For Different Investors funding My Loan?
  • No, borrowers must pay the same interest rate to every investor funding the same loan.
Can A Borrower Increase The Interest Rate Offered In The Initial Proposal?
  • Yes. The borrower can request for a change in the interest rate offered in the initial proposal to attract more investors.
  • The revised rate must be within the range assigned to the borrower
  • The revised interest rates will be applicable to all the existing as well as new investors for that amount.
Can I Get My Credit Report From OMLP2P?
  • OMLP2P does not provide any credit bureau reports.
What parameters does OMLp2p use to verify or check credit-worthiness?
  • OMLp2p uses a tech-enabled verification process basedon the personal and financial information provided by the borrower
  • Our team then assesses the risk profile of the borrowers in detail and assigns a risk category
Is there any physical verification?
  • Yes. We do physical verification as part of the KYC (know your customer) process.
Does providing references or guarantor help?
  • Providing references is not mandatory
  • There is no compulsion to provide a guarantor. However, providing aguarantor may improve chances of getting a higher credit rating andlead to better chances of getting the loan at a lower rate
How long does it take for my loan to get listed?
  • It takes as little as 30 minutes for the loan to get listedon the OMLp2p platform after the registration process is completed and required documents are submitted.However, depending upon the adequacy of the credit risk information provided by the borrower, in some cases, it may take up to three working days.
How long does it take to find an investor?
  • OMLp2p has a huge investor base. Once the loan gets listed, we expect the funding to happen within 10 business days from the date of listing. However, sometimes due to the peculiarity of the borrower profile not matching investors’ expectations, it may take more time. Accordingly, to facilitate borrowers and their requirements, once listed, we allow the loan to continue to be listed for 30 days.Within this period, different investors can bid for the loan.
What will make my profile strong?
  • Provide complete and accurate information to accelerate the verification process
  • Also provide information about your assets and liabilities and existing loan(s) accurately so that we may assessyour credit profile in detail and help investors in taking an informed decision
  • Adding a guarantor helps in getting better credit rating and improves chances of quick funding by investors
Why was my loan not funded?
  • Possible reasons for not getting your loan funded can be:
  • Incorrect or incomplete information
  • Non-submission of desired documents
  • Non-disclosure of current borrowings and instalments as well as details of your financial assets and liabilities
  • Lack of clarity on end utilisation (purpose) of loan
  • Weaker credit profile
Can my application be declined?
  • OMLp2p has a huge investor base. However, a borrower’s loan application may not be accepted if:
  • KYC (know your customer) verification fails
  • The required documents are not provided or cannot be verified or found to be incorrect
  • Your physical verification result is negative
  • Registration fee has not been paid
  • If at any stage, information provided by the borrower is misleading, the application can be declined
Is the loan facilitated through OMLp2p a secured loan? Is any collateral needed?

OMLp2p offers unsecured loans online and does not require any collateral. However, a guarantor is welcome. In the near future, the platform may start facilitating the secured loan product also.

What happens in case of delay or non-payment of EMIs by a borrower?
  • In case of delay (i.e. missing the due date as per repayment schedule mentioned in the loan agreement) in repayment,an additional penalty interest of 3% per month will be levied for the duration of delay, or Rs. 250, whichever is more.In addition, a sum of Rs. 500 per instance will be payable towards cheque bounce charges or NACH failure
  • In case of default, OMLp2p, at its sole discretion, may help facilitate appropriate actions against the borrower for recovery of outstanding amounts through empanelled agencies
  • In case of default, OMLp2p at its sole discretion will also help the investors initiate all or any legal proceeding,as may be deemed fit to be taken
  • All the legal costs incurred for such legal actions and recovery process will be recoverable from the concerned defaulter borrower  
I have defaulted on loan payments before or banks/financial institutions have rejected my loan application earlier. Can I borrow through OMLp2p?
  • Yes, you can.OMLp2p has its own proprietary credit scoring model on which eligibility is calculated. If any such borrower is found to be eligible on our credit score and detailed credit risk assessment, we allow them to enlist their requirements on the platform for funding.
  • However, any past default/late repayment will weaken the credit scoring of the borrower.It is always advisable in the interest of the borrower to remain active in repaying their loan instalments on time without delay or default to enhance their chances of getting better terms, including lower interest rate.
  • While applying for a loan through OMLp2p, you are required to make a detailed disclosure of: (i) the reasons for the rejection of loans previously applied by you (if any) (ii) the circumstances which caused the default on the loanpayments, and provide supporting documents for accurate assessment.
How is the repayment calculated?
  • Repayments or EMIs are calculated using the reducing balance on the monthly basis method.
Can anyone view my personal contact details on the site?
  • At OMLp2p, we take utmost care to ensure privacy of our borrowers.
  • Once your loan is listed on the website, your profile can be viewed by all registered investors.However, we don’t disclose the name and address of the borrowers to keep their identity discreet. (We don’t disclose – name, contact nos., address and email ID of the borrowers)
  • Once the loan is committed by investors, as per legal requirements, we need to execute thelegal agreement wherein we provide all the neededdetails in the agreement. For more information, please view our Privacy Policy.
Are there any hidden charges?
  • OMLp2p believes in trust and transparency.Hence, there are no hidden charges.
Can I change the amount I want to borrow after my loan has been listed?
  • Yes, you can change the amount of your loan before your loan is committed by any investor(s). However, you cannot change the amount once 100% loan amount has been committed by investor(s).
Can My Loan Request Be Terminated After It Has Been Listed?

Yes, OMLP2P reserves absolute rights to refuse the listing of any loan or remove the listing at any point of time, if they feel it is so required in the interest of the platform or the investors. Generally, this happens when the platform discovers any misleading or fraudulent data.

Am I Allowed To Cancel Or Withdraw My Loan Application?
  • Yes, you may cancel your loan application or withdraw the same before 100% of the loan amount is committed by the lender/s.
  • If you wish to cancel your application after signing the loan agreement but before the disbursal process, you will need to pay a processing fee of Rs. 1,000/-; towards incidental handling and documentation charges.
  • If you wish to cancel the loan after loan disbursal, you must pay back the entire loan amount. 
How Do I Change My Bank Details Or Set Up A New NACH?
  • Please make the changes in the bank details given on your profile page. 
  • We will verify the new bank account details and make necessary changes in your profile page. 
  • A convenience fee of Rs. 1000/- will be charged; towards incidental handling and documentation charges. 
  • If you wish to cancel the loan after disbursal, you must pay back the entire loan amount along with the interest due to the investors for a period of three months from the date of disbursal
Can I Register Both As A Investor And A Borrower?
  • As of now, we are allowing an individual to register either as a borrower or as a investor only at any given point of time.
  • Simultaneous registration as a borrower and investor is not possible.
Why Does OMLP2P Require Access To My Bank Account?
  • OML requires view-right access to your bank account to verify validity of your bank account and to verify NACH mandate. (We strictly don’t ask for any transaction rights or password – Please don’t share the same in any circumstances).
  • Your bank view access details is strictly for reading purpose only. Alternatively, you can upload bank statements (Salaried person – 3 months and all others - 12 months).
Should I Share My Bank’s Credentials?
  • OMLP2P is committed to keep the information received safe and secure. Please see our Privacy Policy for further details.
  • Your bank view access details is strictly for reading purpose only. Alternatively, you can upload bank statements (Salaried person – 3 months and all others - 12 months).
What Is The Eligibility To Be A Borrower On OMLP2P?
  • The borrower must be an Indian citizen and resident of India
  • Should be above 18 years of age and capable of entering into a legal contract as per the Indian Contract Act.
  • Needs to have a valid Bank Account, Aadhaar Card and a valid PAN number.
Who Can Be A Guarantor?
  • Needs to be an Indian citizen and resident of India.
  • Should be above 18 years of age and capable of entering into a legal contract as per the Indian Contract Act.
  • Needs to have a valid Bank Account, Aadhaar Card and a valid PAN number.
  • A guarantor will have rights and obligations like a borrower.
What Are The Benefits Of Having A Guarantor?
  • A guarantor is likely to help the borrower get better loan terms e.g., lower rate of interest, higher amount and help in getting a quick loan.
Can I Apply For More Than One Loan?
  • Yes, you can apply for more than one loan.
Can A Non-Individual Borrow Through OMLP2P?
  • Yes, even a non-individual can apply for a loan through OML. 
  • The entity should have a valid PAN card and Bank account.
What Is A Loan Agreement?
  • A loan agreement is a legally binding and enforceable document between the borrower(s) and the investor(s). 
  • The agreement is signed after paying requisite stamp duty to make it legally enforceable. Each party is bound by it.
What If Some Of The Investors Back Out On The Obligation To Fund The Loan?
  • OMLP2P will carry out adequate due diligence on the borrowers and lenders to facilitate adequate funding on the platform.
  • OMLP2P will impose a severe penalty on that investor. 
  • OMLP2P will also put in all possible efforts to bring in other investors to fund the remaining amount. 
  • In case no new investors can be found, OML will refund the processing fees on the unfunded amount as per terms and conditions.
What happens to the loan in case of closure of OMLp2p due to any reasons?
  • The loan is between the borrower and the investors, and hence, it will stand as it is. Borrowers will be obliged to repay the investors.
What If My Complaints Are Not Resolved By the Customer Service Departments?
  • In case the complaint is not resolved within the given timeframe or if customer is not satisfied with the resolution provided by OMTPL, the customer can approach the Complaints Redressal Officer. The name and contact of the Complaint Redressal Officer is as follows:

Mr. Ashwani Sharma
Tel: on + 91-22-6708-6215  
Email: ashwani.sharma@omlp2p.com

If your grievance/complaint about our services is not addressed within 31 days of your logging in the complaint, you may kindly escalate and appeal to the Customer Education and Protection Department of the RBI.

Have a query about p2p lending and p2p borrowing? Contact us to know more.
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