Transparency is the plinth on which our foundation is laid. As a leading 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. 200||NIL|
|B) Loan Processing Charges for Borrowers||
Varies from 1% - 10% of Disbursement Amount depending on OML Risk Grade and Tenure of Loan.
|C) Disbursement Processing Charges for Lenders||NIL||1.5% on committed investment below INR 5000 and 1% on committed investment of INR 5000 and above|
|D) Change in Bank Account Details||Rs. 1,000||Rs. 1,000|
|E) Change in EMI Date for Borrower||Rs. 500||NIL|
|F) Prepayment Charges||
(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.)
|G) Cheque Bounce Charge||Rs. 250||NIL|
|H) 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 and (Rs. 50 per investor will be charged additionally). 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. Rs. 500 per legal notice sent by OMLp2p for collection of dues will be charged to borrower by the platform.
|I) Request for Change in Loan Terms After Any Funding Commitment||Rs. 1,000||NIL|
|J) Lender Backing off After Commitment||NIL||Rs. 2,000|
|K) All Applicable Stamp Duty Charges||Borne by the borrower as per actuals||NIL|
|L) Guarantor Inclusion (documentation and verification charges)||Rs. 500 (Currently waived off)||NIL|
|M) Risk Grade Definition:||OML credit appraises borrowers based on information provided by them and uses standard credit appraisal methodoloigies 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).|
Note - All fees and charges are non-refundable and applicable GST charged over and above fees mentioned
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