What are the advantages of borrowing from OMLp2p?
- OMLp2p is India's 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, quick assessment and faster loan disbursement are some of our Key benefits.
- One can apply for loan anytime, anywhere at their convenience.
- Click on this link to read more about the advantages of peer to peer lending.
How can I get personal loans with a lower interest rate?
- OMLp2p offers personal loan at interest rate starting from 10.99% p.a.
- The rate of interest at OMLp2p is being decided based on various parameters. Good (high) credit score, strong financials like salary / income, low existing loan / EMIs and various other parameters help the borrowers to get lower interest rate. Better the credit history and financials, lower is the expected interest rate to be paid by the borrower.
Can a student apply for a personal loan?
- Typically, students are not eligible to apply for personal loans. However, executive or businessperson looking for higher courses, may apply for the loan themselves as per their eligibility.
- Parents can apply for personal loan to fund their child's education. A personal loan for education is easy and quick to get and can help you fund the entire expense.
How is the fee structured at OMLp2p?
There are two types of fees for borrowers:
- A one-time non-refundable registration fee of INR 500 (plus GST) 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 disbursement of loans. The amount of the processing fee depends on the risk categories assigned to the loan transaction.
- For more details, please visit: Fees & Pricing.
How do investors and borrowers connect?
- OMLp2p takes all the necessary steps to ensure that only eligible and approved borrowers are listed on the platform.
- The registered lenders / investors are informed about the new borrower listing for loan funding and disbursement.
- The interested lenders / investors based on their risk appetite fund the loan.
What can be the minimum and maximum tenure of my loan?
- The minimum and maximum tenure of your loan is 3 months and 36 months (i.e. 3 years) respectively.
Why is the maximum loan tenure fixed at 36 months?
- Maximum loan tenure of 36 months is fixed as per the Master Direction of P2P lending as issued by Reserve Bank of India.
Can I get my credit report from OMLp2p?
- As of now, OMLp2p does not provide any credit bureau reports.
Is the loan facilitated through OMLp2p a secured loan? Is any collateral needed?
- OMLp2p offers only unsecured personal and business loans. No security or collaterals are required. However, a guarantor will be an added advantage for better rate and faster approval.
I have defaulted on loan payments before. Can I borrow through OMLp2p?
- Yes, you can. However, past default/late repayment will weaken your credit scoring. It is always advisable that you remain punctual in repaying your loan instalments on time without delay or default to enhance your chances of getting a loan on better terms such as a lower interest rate.
- While applying for easy loan through OMLp2p, you are required to make a detailed disclosure of the circumstances that caused the default on the loan payments and provide supporting documents for accurate assessment.
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 you are eligible as per our credit score and detailed credit risk assessment, you will get listed on our platform for the funding.
- However, while applying for easy loan through OMLp2p, you are required to make a detailed disclosure of the reasons for the rejection of loans previously applied by you and provide supporting documents for accurate assessment.
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Can I register both as an Investor and a Borrower?
- As of now, we are allowing an individual to register either as a borrower or as an investor at any given point of time.
Are there any hidden charges?
- There are no hidden charges as we believe in trust and transparency.
Can I get a personal loan with no credit history?
- Yes, you can get personal loan even if you do not have credit history. OMLp2p has its own proprietary credit scoring model on which eligibility is calculated. If you are eligible as per our credit score and detailed credit risk assessment, you will get listed on our platform for the loan funding.
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 of INR 500 + GST
- Upload the required documents
- OMLp2p will verify and assess your credit risk profile using bureau scores and our proprietary algorithm and offer you the interest rate and loan tenure.
- The approved loan will get listed on the website for investors to fund
- After the funding commitments from investors are in place
- Loan agreement will be executed between the investor(s) and borrower
- The loan amount, net of processing fees will be disbursed directly to your registered bank account
Why Should I Pay the registration fee before getting a loan?
- Backend processing, credit scoring and assessment, and to maintain your profile data on our system are some of the reasons why we charge a small one-time fee on registration.
Can my loan 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.
What parameters does OMLp2p use to verify or check creditworthiness?
- OMLp2p uses a tech-enabled verification process based on the personal and financial information provided by the borrower. Our system / team 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 a guarantor may improve chances of getting a higher credit rating and 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 listed on the OMLp2p platform after the registration process is completed and required documents are submitted. However, in some cases, depending upon the credit risk information provided by the borrower, it might take more time.
How long does it take to find an investor?
- OMLp2p has a large investor base. We expect the funding to happen within 2 to 4 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.
- In order to facilitate borrowers and their requirements, we allow the loan to remain listed for 30 days. Within this period, different investors can participate for the loan.
What will make my profile strong?
- Your profile will be strong if you provide complete and accurate information that will accelerate the verification process.
- Also, provide information about your assets and liabilities and existing loan(s) accurately so that we can assess your 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.
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 PAN number, document for address verification (like Aadhaar Card, Passport, Driving licence, LPG Gas connections, Voter ID, etc.) and bank account details.
How much money can I borrow?
- You can get quick loan online for any value between INR 25,000/- to INR 10 lakhs (in multiples of INR 5,000/-).
For what purposes can I apply for a loan?
- You can apply for loan for any of 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 Medical Loan, Marriage Loan, Home Renovation/Decoration Loan, Travel Loan, Loan for Debt Consolidation, Rental deposit loan, Medical Emergency Loan, Advance Salary Loan and Credit Card Loan.
What Documents Do I Need to Furnish?
The documents that you need to furnish are:
- PAN Card
- Address Proof - Valid Aadhaar Card / Driving License / Voter ID / LPG Bill
- Passport size photograph
- For Salaried Person - a) Last three months' bank statement into which salary is credited b) Form 16 / Last three months' salary slips
For Self-Employed Person - a) Last twelve months' bank statement b) Last two years' Income Tax Returns (ITR) c) last two years Profit & Loss accounts and Balance Sheet
Can I set a different interest rate for different investors funding my loan?
- No, you have to pay the same interest rate to every investor funding your loan.
Can I increase the interest rate offered in the initial proposal?
- Yes. You 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 you. The revised interest rates will be applicable to all the existing as well as new investors.
Am I allowed to cancel or withdraw my loan application?
- Yes, you can cancel your loan application or withdraw the same before 100% of the loan amount is committed by any 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 INR 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.
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 the full 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 we feel it is required in the interest of the platform or investors.
- Generally, this happens when the platform discovers any misleading or fraudulent data / information.
What if some of the investors back out on the obligation to fund the loan?
If an investor/s back out to fund the loan, then
- 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.
Who can be a guarantor?
Here are some of the requirements to be a guarantor:
- 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
- Have a valid Bank Account, Aadhaar Card and a valid PAN number.
A guarantor will have rights and obligations like a borrower. We prefer guarantee of spouse, parents, brothers, sisters and children.
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. (for further details click here)
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 on the agreement are bound by it.
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.
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 instalments 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 3rd, 10th and 15th of every month. For those paying bi-weekly, it will be 3rd, 10th, 17th, 24th and 31st 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 are verified, it usually takes maximum of 24 working business hours to disburse the amount into the borrower's bank account.
How will the transfer happen?
- Loan amount will be transferred from the escrow account to the bank account that you have provided during the registration process.
What are the channels of repayment?
You can make the repayments by:
- Currently we are using NACH to take EMIs from borrowers
- However, a borrower can also pay by NEFT / RTGS, IMPS, Cheques, or any other mode of repayment permissible by RBI or Indian laws prior to his EMI date.
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
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 INR 250/-, whichever is more and (INR 50 per investor will be charged additionally). In addition, a sum of INR 250 plus taxes 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 investors initiate all or any legal proceeding, as deemed fit.
- All the legal costs incurred for such legal actions and recovery process will be recoverable from the concerned defaulter borrower.
How is the repayment calculated?
- Repayments or EMIs are calculated using the reducing balance on the monthly basis method.
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 INR 1000/- will be charged towards incidental handling and documentation charges.
Security related questions
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, investors can view your profile. However, we don't disclose your name, contact number, email id, address and other personal information to keep your identity discreet.
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?
- Your bank view access detail is strictly for reading purpose only. Alternatively, you can upload bank statements (Salaried person - 3 months and all others - 12 months).
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 OMLp2p, the customer can approach the Complaints Redressal Officer. The name and contact of the Complaint Redressal Officer is as follows:
Insurance Protection -
- All Loan listed on omlp2p.com has insurance protection coverage by HDFC Life for death of the borrowers, caused either by natural or accidental reasons. All loans has also insurance protection coverage by Shriram General Insurance against death of the borrowers caused due to accident and also for any partial or total disability caused due to accident causing into impairment to the earning capability of the borrowers. (T&C Apply). For further details please call on our call centre +91-22-6692-9100 or write us at email@example.com .
- This insurance facility at OMLp2p provides protection to both Lenders and Borrowers for their investments / obligations for any such eventuality covered in the policy.
Mr. Dharmveer Singh
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.