frequently asked questions

General questions.

Do not hesitate for any questions

1. What is LOANMEET?

LoanMeet is India's leading platform that provides loans to good credit-worthy borrowers by connecting them to investors, Banks, NBFCs, and Individuals. At the end of the day, it is win-win situation for everyone as borrowers get loans at low interest rates, and lenders enjoy good returns on their investments.

2. Can I get a loan from LOANMEET?

All Indian nationals with a bank account can borrow from LoanMeet. Please see the Borrowers section for more detailed answers.

3. Can I lend or invest my money on LOANMEET?

All Indian nationals with a bank account can lend\invest at LoanMeet. If you are a bank or NBFC or fnancial institution, then please reach out to us at [email protected] Please see the Investors's section for more detailed answers.

4. Where is your office?

We are working from Bangalore. We will soon have branches in other cities.

Below is our address.
Prestige Blue Chip, No. 9 Hosur Road Opposite Christ College Bangalore, Karnataka 560029, India Phone NO: 91-7259355400 We can be reached at 7259-355-400, or [email protected]

5. Is LOANMEET regulated, or comes under preview of RBI?

LoanMeet is a marketplace, and it does not disburse loans from its own books. It is any other marketplace platform where two parties enter into a transaction. That's why it does not come under preview of RBI. Having said that, RBI will soon come up with guidelines on P2P lending, and alternative lending platforms.

Specific Questions

Do not hesitate for any questions

1. I am a Borrower. What should I do to get a loan ?

Kindly register at the site, and provide us information about your loan. Once we have all the information, we will start our magic, and help you get the loan.

2. How much can I borrow from LoanMeet?

You can get a personal loan up to Rs. 5 L, and business loan up to Rs. 10 L. For higher ticket loan, please reach out to [email protected] We have partnered with leading Banks, NBFCs, and private lenders to provide you the loan.

3. How much can I borrow?

For Personal loan: Between Rs. 10,000 and Rs. 5,00,000 For Business loan: Up to Rs 10,00,000.

4. Over what time frame can I borrow?

Minimum of 3 months, and Maximum of 10 Years

5. What document do I need to provide for personal loan?

Below is the list of documents.

  1. PAN Card
  2. Government Issued Id
    • Aadhar Card
    • Voter's Id
    • Driver's License
  3. Address Proof
    • Electric Bill
    • Gas Bill
    • Rental Agreement
    • or Any Government Issued Id with address
  4. 3-months of Pay Slips, or ITR of last year,or
  5. 12-months of Bank Statements

6. What document do I need to provide for business loan?

Below is the list of documents.

  1. Last two years of IT Returns, and Financial Statements
  2. 12-months of Bank Statements
  3. PAN Card of Individual and Company
  4. Address Proof of Individual and Business

7. Why should I borrow at LoanMeet ?

The answer is simple. We will first try to get you the loan from banks and NBFCs. If you do not meet their eligibility criteria, then we would get you a loan from an individual at an attractive interest rate. We have given loans to individuals earning less than Rs. 20 K per month, and we have given loans to individuals whose CIBIL was below 600. We can cover entire spectrum of lending institutions like banks, NBFCs, individuals. Trust us, we will get you a loan at a lower interest rate.

8. What rates can I expect to pay?

We can get you a loan at as low as 11%. Please note that lenders have the final say on interest rates, and you have the option of saying NO to the lender.

9. My salary is low. Can I still get a loan?

Yes, you can. Irrespective of your salary, you can get a loan at LoanMeet.

10. I had a loan settlement two years ago. Can I still get a loan?

Yes, you can. We consider your recent credit history, not what happened five years ago. We have given loans to a number of individuals who had settlements in the past.

11. I want to change the terms and conditions of loan after taking the loan money.

Sorry, we cannot do that. The loan agreement is a legal document, and we cannot modify it.

12. Can I repay my loan early if I like?

Yes, you can.

13. I live outside of Bangalore. Can I get a loan from LoanMeet ?

Yes, you can.

14. Can I make one-off payments?

Yes, you can.

15. Can I change the amount I want to borrow after applying?

Yes, you can.

16. Will LoanMeet share my information with any other third party?

No. We will never share any confidential information of our lenders/borrowers with any third party without their consent. We understand that you have trusted us with you confidential information, and your personal and credit information is secured in three layers of security.

17. How does LoanMeet check my credit?

Your bank statement tells us about your income and expenses. In addition to that, we verify and analyze the information provided by you.

18. Why was my listing declined?

It could be due to variety of reasons. Please do not lie on your loan application.

19. What happens in case of delayed or non-payment of EMI?

In case the EMI is not paid by the due date, additional penal interest of 2% p.m. will be applied to the amount due for the duration of delay which Borrowers will be liable to pay their Lender(s) + collection charges of Rs. 500 will be charged to the Borrower by LoanMeet. In the worst case scenario, LoanMeet will facilitate the collections through empaneled agencies. These are reputed collection agencies that are empaneled by any bank and financial institutions. This also includes legal process for recovery of funds if required.

20. I have defaulted on loan payments before, or Banks/Financial Institutions have rejected my loan application. Can I borrow on Lendbox?

Yes, you can get a loan from LoanMeet. If you delayed payments for genuine reasons or the default was long time ago, then we could still get you a loan.

21. How are the EMI payments calculated?

The EMIs are calculated based on the principal amount, loan interest rate, and tenure of loan. Your EMI payment will remain same throughout the loan period. It will never go up, even if RBI raises its interest rates. The first installment will depend on the date of loan disbursal.

22. What information about me is shared with lenders?

The approved lenders will see the financial information provided by you.

23. Are there any hidden charges?

No. We explain our pricing to borrowers before the loan is disbursed to you.

24. Can my loan request be terminated or reviewed at any stage?

Yes, if at any stage the information furnished by you or the verifcation(s) initiated by us are found to be incomplete, fraudulent or unverifiable then funding request is terminated.

25. Can I repay my loan early if I like?

Yes, you can.

26. Can I choose my monthly repayment date?

No, the repayment date is usually before 10th of every month.

28. What is the tenure of loans on LoanMeet.com?

Minimum of 3 months, and Maximum of 10 Years

29. What rates can I expect to pay?

The interest rates start at 11%.

30. Why can't I find a Lender?

You may not be able to avail a loan if there are no Lenders making offers to you basis the financial information and requested funds you have posted on your profile.

31. What is my credit score?

LoanMeet does not provide you with your credit score. You may contact CIBIL and order your credit report for yourself.

1. I am an individual Lender. What are the next steps ?

Kindly register at the site as a lender. Based on your profile, we will suggest you suitable verified borrowers. Once the loan terms are finalized, you would need to send money to the borrower. In return, the borrower would provide you post-dated checks to you.

2. Can I lend at LoanMeet?

All Banks, NBFCs, and financial institutions can lend via LoanMeet. Also, all Indian nationals with a bank account can lend to individual borrowers.

3. I am living outside of Bangalore. Can I still lend?

Yes, you can.

4. Does LoanMeet guarantee the principal or interest payment ?

NO. As of today, we do not guarantee the principal or interest payment. We are working with partners who can help us in this regard.

5. I am a salaried individual, and I am skeptical about lending at LoanMeet. Please tell me more.

We understand. Why would someone lend to an individual whom he does not know? At LoanMeet, we have excellent track record,i.e all loans are performing well. Unlike other platforms, not a single loan originated from LoanMeet has gone bad; all loan payments were made on-time. Let us know if you want to talk to a fellow lender, we can arrange a call between you and an experienced lender.

6. What if the borrower defaults on the loan, or does not pay the loan amount ?

We understand your concern. Before we give the loan amount, we try our best to ensure that this does not happen. However, despite our best efforts, it can happen. We will reach out to an outside collection agency, and ask it to collect the remaining principal, interest, and penalty from the borrower. We will also help the lender file a legal case against the borrower. Please understand that we, LoanMeet, have not guaranteed the principal or interest amount. Before giving a loan to an individual, we take post-dated cheques from the borrower. We follow a similar procedure that most financial institutions do to recover the loan amount. We have a six-step process to recover the loan amount. We have partnered with leading recovery agencies to get you your money.

7. How much money can I lend?

For individuals, you can invest starting from Rs. 10,000. For each loan request, we encourage investors to diversify their investments, and not invest not more than 33% in a loan request.

8. How safe is my money?

The funds are transferred directly from your bank account to borrower's account during lending, and vice versa for EMI payments. The entire process is similar to NEFT transactions where you transfer funds from your bank account to your friend's account.

9. Why does LoanMeet need to verify my details?

The loan agreement between borrowers and lenders is a legal agreement on a stamp paper; it contains PAN number of lender as well. We want to make sure that lenders are legitimate, and using their own bank account funds to lend money.

10. How are repayments calculated?

Your payments depend on the loan amount, tenure of loan, and interest rates. Your installment per month will remain the same throughout the tenure of your loan. The first installment may be different depending on the date of disbursal.

11. When does the money go out of my account?

Once a loan transaction is closed by the borrower, the money is collected from the Investor within 3-5 working days.

12. Will I know my Borrowers?

Once a Borrower listing has been approved by LoanMeet, their entire profile can be viewed by all registered Lenders including their financial information. For further information, please view our privacy policy.

13. Can I lend more than once?

Yes, you can. You can lend to multiple borrowers and once you finish the tenure for the committed amount.

14. I want to change the terms and conditions of loan after giving the loan money.

Sorry, we cannot do that. The loan agreement is a legal document, and we cannot modify it.

15. What if LoanMeet shuts down ?

Let's hope this does not happen. Even if this occurs, then the legal loan agreement between borrower and lenders still holds true. You will not lose money, as the borrower is still obliged to make EMI payments.

16. Can I choose the date to get my repayment?

No, repayment date for all loans is based on borrower's salary date. If the individual gets salary on the last day of month, then the loan payment would be 2nd of the month.

17. What kind of returns can I expect?

The rate of returns depends on your investments. We project average of 21% risk-adjusted returns. So far, we have not lost a single rupee of investorÂ’s funds. In fact, all of our borrowers have paid on-time since the start of our operations. We hope to continue this trend through our due diligence, and bring only good borrowers to LoanMeet platform.

18. What happens in case of delayed or non-payment by Borrowers?

In case the EMI is not paid by the due date, additional penal interest as per LoanMeet will be charged to the Borrower on the amount due for time period lapsed after the due date. Borrowers will be liable to pay their Lender(s), this penal interest. In the worst case scenario LoanMeet will facilitate the collections through empaneled agencies. These are reputed collection agencies which are empaneled by banks and financial institutions. This also includes legal process for recovery of funds if required.

19. What happens in case of delayed or non-payment of EMI?

In case the EMI is not paid by the due date, additional penal interest of 2% p.m. will be applied to the amount due for the duration of delay which Borrowers will be liable to pay their Lender(s) + collection charges of Rs. 500 will be charged to the Borrower by LoanMeet. In the worst case scenario, LoanMeet will facilitate the collections through empaneled agencies. These are reputed collection agencies that are empaneled by any bank and financial institutions. This also includes legal process for recovery of funds if required.

20. Is my interest income through LoanMeet taxable?

All repayments you receive from Borrowers on LoanMeet will be without any tax deduction. We'll provide an annual income statement to you to download from your dashboard. Earnings will be taxable as per the income tax rules that apply to you.

21. How long does it take to find Borrowers?

This will generally depend on the number of Borrowers in the LoanMeet marketplace who are willing to borrow from you based on the return you expect and the money you are willing to lend.

22. Can I re-lend to the Borrower whom I earlier gave a loan?

Yes, you can. We have done that. However, we will again go through the credit verification process of the borrower, as this is a new loan. Everyone who wants to borrow is checked, verified and analyzed for credit and risk. That means we lend it to sensible borrowers with proper agreements. There are agencies that LoanMeet has tied up for verification and recovery to chase any missed payments or non-payments. These are reputed collection agencies which are empaneled by banks and financial institutions.To manage risk, please spread your money to a number of borrowers. At LoanMeet, we bring only good credit worthy borrowers to our investors. There may be a rare occasion where one of your borrowers can't pay you back, perhaps due to redundancy or illness or death. In that case, we will work with the borrower on a new payment plan.

23. What is the typical loan amount and loan period ?

The amount and loan period for personal and business loans are different. a. Personal Loan Loan Amount - Rs. 50,000 to Rs. 5 Lakhs Loan Period - 3 months to 2 years b. Business Loan Loan Amount Rs. 5 Lakhs to Rs. 50 Lakhs Loan Period 3 months to 12 months