Transparency is the plinth on which our foundation is laid. As a online p2p lending platform, we play a key role in liaising with quality investors, screening and credit risk assessing of the loans, verification, document collection and loan monitoring. We verify and track every step of the loan process, ensuring the online money lending process is smooth and transparent. We make borrowing online unsecured loans easy, fast and hassle-free.
|A) Registration Fee||Rs. 500||Rs. 500|
|B) Loan Processing Charges for Borrowers||Varies from 1% - 10% of Disbursement Amount||NIL|
|C) Disbursement Processing Charges for Lenders||NIL||1.5% on committed investment below Rs. 5,000 and 1% on committed investment of Rs. 5,000 and above|
|D) Change in Bank Account Details||Rs. 1,000||Rs. 100|
|E) Change in email id and contact number||Rs. 100||Rs. 100|
|F) Change in EMI Date for Borrower||Rs. 500||NIL|
|G) Prepayment Charges||
4% of principal outstanding due with effect from 1st Jan 2020
(Prior to three months, to protect investor interest, pre-closure can be done after paying balance interest due to the investors for a period of three months from the date of disbursal.)
|H) Cheque Bounce Charge||Rs. 500||NIL|
|I) Repayment Delay||
3% per month interest will be charged on the due amount for the duration of the delay or Rs. 250, whichever is higher. In addition Rs. 1,000 will be charged for each delayed EMI by the Platform. All expenses including legal and operational incurred by OMLp2p for collection of delayed EMI or settling of account will be borne by the borrower and paid to OMLp2p.
|J) Request for Change in Loan Terms After Any Funding Commitment||Rs. 1,000||NIL|
|K) Lender Backing off After Commitment||NIL||Rs. 2,000|
|L) Documentation Charges||Rs. 1,000||NIL|
|M) Guarantor Inclusion (documentation and verification charges)||Rs. 500 (Currently waived off)||NIL|
|N) Charges for Statement of Accounts||Rs. 500||NIL|
|O) Wallet Withdrawal Charges:||NIL||First 3 withdrawal requests in a month will be free.
For any additional withdrawal request after first 3 requests, your OML wallet will be debited with withdrawal charges of Rs. 30 per request.
|P) Risk Grade Definition:||OML credit appraises borrowers based on information provided by them and uses standard credit appraisal methodologies to segment into seven bands. For personal loan applications, bands range from P1 to P7, (P1 -Lowest Risk, P7-Highest Risk). For business loan applications, bands range from B1 to B7 (B1 -Lowest Risk, B7-Highest Risk).|
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