Looking for best investment options online? Know the process.
Who Is Eligible To Lend On OMLP2P?
Anybody who is
- An Indian resident capable of entering into a legal contract
- Aged 18 years or above
- Has a Valid bank account, PAN card and Aadhaar Card
- A HUF, NBFC, LLP or company or Bank can also be an Investor
Is An HUF Eligible To Lend On OMLP2P?
Yes, an HUF is eligible to lend on OMLp2p. Following are required:
- PAN card and a Valid bank account for HUF
- Karta of HUFshould be an Indian resident capable of entering into a legal contract
- Age of Karta needs to be 18 years or above
- Karta should have a PAN Card and Aadhaar Card
Is An LLP Or Company Or Bank Eligible To Lend On OMLP2P?
Yes, an LLP, Company and Bank are all eligible to lend on OMLp2p. Following documents are required:
- PAN card and a Valid bank account of the entity
- Registration certificate (COI) of the entity
- MOA & AOA or Partnership Deed of the entity
- Board Resolutions and Members resolutions for investment
- Authorized Signatory, needs to be an Indian resident capable of entering into a legal contract
- Authorized Signatory needs to be 18 years or above
- Authorized Signatory needs a PAN card and Aadhaar Card
Is It Easy To Become An Investor In OMLP2P?
Lending through OMLP2P is very easy. Just a few simple steps need to be followed:
- Sign up
- Fill in basic details about yourself / entity
- Pay and Register using credit card, net banking etc.
- Log into your OMLP2P account and start investing
How Much Money Can I Lend (Minimum And Maximum Funding) And For What Period?
- Investing can start from Rs. 5,000/- onwards. As per the new RBI guidelines, an investor cannot lend more than Rs. 50,000 to one borrower at a time Investor can lend upto Rs. 10,00,000/- on the platform to different borrowers Lending through the website can be for any period of 3, 6, 9,12,18, 24 and 36 months
Why Should I Pay Registration Fees?
- Your profile is registered only once on our platform, for which a one-time fee is payable for backend processing and maintaining your profile data on our system.
What Is The Fee For?
- The fee is to process and verify the documents received
How Is The Fees Structured At OMLp2p?
There are two types of fees for investors:
- A one-time fixed registration fee of Rs. 500 is charged from every investor at the time of registration for completing
the verification process (Currently waived off)
- Processing fee of flat 1% of the disbursed loan amount will be charged from the investor after disbursement of the loan.
Why do we need to verify the investor?
- OMLP2P completes the KYC (Know your customers) to ensure the interest of the investors and borrowers are
protected and to comply with the statutory Indian rules and regulations.
Is There A Date For My Repayments?
- 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 12th of every month. For those paying bi-weekly, it will be 12th and 23rd day of the month.
What are the rate of returns?
- The rate of interest (return) depends on the credentials and risk profile of the borrowers
- OML assigns a rate of interest, depending on the profile, which can be as high as 36%.
- Final Returns on investment depends on how a investor spreads his investment.
Is There A Limit To Invest In A Borrower?
- Investor can invest up-to Rs. 50,000/- per borrower
- However, an investor can invest upto Rs. 10,00,000 through the platform to various borrowers.
- The policy is to hedge the risk by spreading your investments across borrowers.
Is My Money Safe?
- OMLP2P keeps the interest of its members as sole priority. OMLP2P has a very strict borrower selection criterion, which is a mix of its own proprietary credit matrix for, both,financial and non-financial parameters. Data is collated from numerous external and internal sources.
- OML has also tied up with one of the leading credit rating agencies , CRIF,to determine the borrower's risk profile.
- OMLp2p has associated with one of the leading solicitors and law firms to draft legal agreements to protect the legal interest of its investors.
- OMLP2P provides the facility of recovery and collections process to ensure the safety of investors
- Kindly go through our “Terms and Conditions” in detail before investing.
How Is My Return Calculated?
- EMIs are calculated by the reducing balance method on a monthly basis.
- Instalments remain the same throughout the tenure of your loan. However, borrower can prepay the loan at its discretion
- The first instalment will be dependent on the date of disbursal.
How Do I Operate My OMLp2p Account?
- OMLP2P has an Investor Escrow account with IDBI Bank under the IDBI Trusteeship Services Ltd.
- Investor will fund the escrow account before the funds are moved to the borrowers account.
- Once the loan documentation is completed, Trustee will transfer the amount from the Investor
Escrow account directly to the borrower’s bank account.
How Is The Risk Mitigated?
- We review all the borrowers individually through our proprietary risk assessment tool.
- We do complete KYC process of borrowers.
- Loan is disbursed only after the borrower signs the loan agreement
- We do follow-ups with borrowers for timely payment of instalments
- We have partnered with collection agencies to follow-up and collect missed payments on your behalf
- We can help initiate legal action against the defaulters
- We suggest spreading your investment across several borrowers to reduce risk.
What Action Does OMLP2P Take Against Delayed Payments Or Non-Payment By Borrowers?
- In case of delay in repayment, an additional penal interest of 3% will be levied for the duration of delay, or Rs. 250, whichever is more
- In case of default, OMLp2p will use all legally permissible methods for recovery of funds, including facilitating collections and recovery through empanelled agencies
- Kindly go through our “Terms and Conditions” in detail before investing.
Do I Get To Know My Borrowers?
- Yes, you will get to know the borrower details once the Loan agreement is signed by the borrower
Is My Income Through OMLp2p Taxable?
- All repayments will be in accordance with the Income Tax provisions, as per the Income Tax act, 1961. TDS will be deducted by the borrowers wherever applicable.
- You can also download your annual income statement to your dashboard. Your earnings will be taxed as per the Income Tax rules that apply to the lender. OMLP2P is not liable for any default on your payable tax
How much time can it take to find borrowers?
- OML hosts active borrowers at all times.
- Credit worthy borrowers at low interest rates gets funded immediately
How Is The investors Escrow Account Beneficial To Me?
- It is secure, fast and allows a smooth transfer of funds with every transaction.
- Leads to faster disbursal and investment
- Automated, online transactions with least human interface means seamless accounting procedures.
What is OML Wallet ?
- Making small transactions through bank account takes time? Lenders can now easily add money to their OML Wallet for investing. Transactions can now happen conveniently and easily through your OML Wallets. In addition, EMI's will also now be transferred directly to your OML Wallet so that you can easily reinvest.
How to start investing from OML Wallet?
- After completing the registration process with documents, Lender must fund minimum amount of Rs. 10,000/- in OML Wallet from own bank account.
- Once you finalize your borrower for funding, proceed to invest with your investment amount then automatically transaction will be complete from your personalized OML Wallet.
- Lender can fund any amount up to a maximum of Rs.10 Lakhs, multiple of Rs. 1000/-
How do I transfer money to my bank account from OML Wallet?
- You can easily request withdrawal of money from your OML Wallet to your own bank account anytime, anywhere from your dashboard.
- Amount will be transfer to your account next day of your request.
Is my money safe in OML Wallet?
- Your money in OML Wallet is Safe & Secure since, all your money in your OML Wallet remains in the Escrow Account maintained and managed as per the guidelines of Reserve Bank of India. This Escrow account is being manged exclusively by the Trustee being empanelled with SEBI.
What is Auto invest ?
- Auto Invest is a process to help lenders to invest into any new borrower without logging into his account
How do I enrol into Auto invest?
- You should log into your account and then select the criteria for auto invest (Tenure and OML risk grade and amount of investment per borrower) and then activate it by clicking on submit button. It's that simple
Can I change or cancel Auto Invest?
- Yes, you can any time change or cancel Auto invest mandate by logging into your account. Any investment made before the modification of Auto invest mandate will continue.
What if my Wallet does not have sufficient balance?
- Auto invest process will run only once when a borrower is listed, In case your wallet does not have sufficient balance when the process is running, then Auto invest process will fail. In that case you can invest manually in that loan.
Can I invest manually while using Auto invest?
- Yes, you can manually also invest in any loan while Auto invest is active