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Answers to the most asked Questions.
Find out how PeerLend can help you.

Who can register on PeerLend?

To register either as a Lender or a Borrower, you must be
a) Citizen of India,
b) At least 21 years of age,
c) Have a PAN card and a valid bank account

What are the fees associated with Peer-to-Peer lending on PeerLend lending platform?

Fee Type Lender Borrower
Registration fee
First-time registration fee of Rs.1,500 plus Taxes/-. Annual fee of Rs.1,000 plus Taxes/- from second year onwards
First-time registration fee of Rs.750 plus Taxes/-. Annual fee of Rs.500 plus Taxes/- from second year onwards
Servicing Fee to PeerLend 2% of the loan amount 3.5% of the loan amount
EMI Delayed Payment Fee Not Applicable 500 plus Taxes/-
Part payment / Pre payment fee Not Applicable Not Applicable
CIBIL report

Please check http://www.cibil.com to know the charges for getting your CIBIL report
Please check http://www.cibil.com to know the charges for getting your CIBIL report

Is my personal information on the profile shared with any third parties?

Information about borrowers or lenders is kept confidential and not shared with any third parties. Contact details such as e-mail id, phone numbers are also not shared between borrowers and lenders. For further details, please refer to our Privacy & Security Policy.

I haven’t heard about my application. What should I do?

Once you register, you will receive a phone call confirming your interest and our credit verification team is alerted. If you do not receive a call 3 days after your registration on PeerLend, we request you to to write to support@Peerlend.in mentioning your registration ID. Alternatively, you could also call +91-40-23546575 for clarification on next steps.

What are the interest rates on PeerLend?

The uniqueness of Peer-to-Peer lending is that the interest rates are set by you - the lender and the borrower. The purpose of PeerLend is to close the gap between what you, as the lender can earn on your money and what borrowers pay for their loans. However, we do have an interset “rate range”, which both lenders and borrowers can negotiate within. The range is between 14% and 24% . This range is set based on the loan term, economic environment and competitive environment.

How soon will I get a loan?

There are very quick turnaround times (usually less than a week) for you to get your loan. But this solely depends on how detailed your profile is. Ensure that you update your profile with all the necessary information so that the lenders can make offers to you. Elaborate on your profile details and give additional information where ever required.

Can I make part payments and pre payments of my loan amount?

Yes, you can pay off all or part of your loan early at any time and there are no early payment fees. You can make additional payments, increase your monthly instalments or repay your loan in full; all these functions can be managed online.

What is the tenure of my loan?

Borrowers can select a tenure of 12 months for loans below Rs.1 lac, and a tenure of 18 months or 24 months for amounts greater than Rs.1 lac and less than Rs.2 lacs.

What is the maximum loan amount that can be borrowed?

You can borrow anywhere between Rs.20,000 to Rs.5 lacs. The loan amount you are eligible for is determined by PeerLend.in's credit team after assessing your income and expenses.

Can I borrow money from more than one lender?

Yes, you can borrow from multiple lenders to the extent of your credit limit. You could also receive loan offers from multiple lenders.

Under what conditions is my credit limit increased?

Once you have successfully onboarded the platform, you cannot edit any of your profile details. If you need to change any details, please write an email to support@Peerlend.in in mentioning your registration ID, and state the reasons for editing or updating profile details. Your credit limit could be enhnanced only once your current active loan is fully serviced, and when you produce a fresh copy of updated income and expenditure statements.

Can I have more than one loan at a time?

Yes, you can avail loans to the extent of your credit limit. All your active loans put together should be less than or equal to your credit limit finalized by PeerLend.in’s credit assessment team.

I have defaulted on loan payments with Banks/Financial Institutions? Can I borrow on PeerLend?

As part of KYC, you should submit your credit report. If you have defaulted on any loan payment in the past, you must show us the proof that you have repaid the defaulted loan amount. Based on this data, the PeerLend.in credit team will make an assessment and decide on your candidacy as a Borrower on PeerLend. If you have defaulted on any loan payment in the past and have not repaid those payments, your profile will be rejected on the PeerLend platform.

What is the onboarding procedure for the lender?

You have to register yourselves on the platform as a Lender by filling up the necessary information in the registration form. Once all details are filled in, you are allotted a registration number that becomes your unique identifier in the system. You will receive a phone call on the given number and your details are verified by the PeerLend.in verification team. Your PAN number is verified to ensure authenticity.

What is the minimum amount that I can lend on PeerLend.in?

Lenders can invest a minimum of Rs.10,000 and can invest only in multiples of Rs.5,000.

Can I lend to multiple borrowers on the platform?

Yes. It is recommend that you invest in multiple borrowers as this will spread your risk.

Can I interact with a potential borrower on the platform?

Yes. The message board feature allows you to send messages to the respective borrower. The borrower responds to your messages/questions using the message board. All interactions between Lenders and Borrowers ar recorded and audit trailed in the system.

Are my earnings on PeerLend.in taxable?

Equated Monthly Instalments (EMI) payments include contributions towards both principal and interest of the loan amount. The interest component constitutes the major portion of the EMI payment in the initial stages. As we progress along the loan tenure, the portion of interest repayment reduces and the contribution towards the principal repayment increases. Your earnings are taxable as per the income tax rules that apply to you. When the borrower makes a prepayment, you will receive your share of the principal amount outstanding (calculated on pro-rata basis) at the time of the prepayment.