How does it work?
Individuals register themselves on I lend as borrower or lender. Registration includes providing information such as personal, professional, financial details which I lend verifies. We also require documents to be submitted to verify the information provided by individuals. In addition to this, I lend verifies information through other available resources. This is in line with the KYC norms set by RBI and followed across the BFSI sector.
All approved borrowers and lenders listing is then published on the site. Lenders can view borrower loan listing which includes information such as loan purpose, why should lenders make offers to them, personal, professional and financial information that allows lenders to make an informed decision before lending to a borrower.
Borrowers can receive offers from multiple lenders and similarly, lenders can lend to multiple borrowers thereby diversify their risk. Once a borrower loan is 100% funded, the loan is disbursed.
Loan disbursals involve loan agreement between borrower and lender, money transfer from lender to borrower for the loan amount and EMI transfer from borrower to lender.
I lend's role
Fees & Charges:
- I lend is a facilitator between the lender and borrower for a loan transaction. i-lend ensures that all borrowers are verified for the information provided i.e. identity, employment, income, contact information as well as creditworthiness.
- I lend also helps in the loan disbursement and monitoring process upon loan acceptance by a borrower i.e. ensures that agreements are signed between borrowers and lenders, EMI cheques collected from borrower before loan disbursal and monitor the repayment.
- I lend also sends regular alerts / notification to both lenders and borrowers on various activities in their account including status of registration, verification, loan offers received, loan accepted, disbursed, EMI due date alerts, EMI payment updates.
- I lend does not recommend borrowers to lenders. All loans are made at the discretion of the lender with the understanding of the possible risks associated with such transactions.
I lend charges registration fee from borrowers and transaction fee from both lenders and borrowers. Details of the various charges can be seen here.