Genuine lenders seeking to lend to genuine borrowers
The traditional banking system inherently suffers from high cost overheads such as sky rocketing office space rentals (especially in prime commercial hubs) and a large manpower force which add almost 2% - 3% (and more in some cases) to the cost of borrowing. i2i, a peer to peer lending (P2P lending) market place, presents an alternative main stream mode to the borrowers where they get funded directly by the investors. i2i not only brings efficiency in transaction process through digitization but also, significantly reduces the overhead costs, thus helping borrowers to avail loans at lower interest rates.
i2i also has in-house underwriting team which helps the borrower to set the interest rate. The team assesses the credit risk of each borrower using i2i’s proprietary Credit Score Model (based on 50+ parameters in addition to CIBIL score) and assigns i2i Risk Category from A – F, A being the category with the strongest credit profile and F being the weakest. Along with i2i Risk Category, each borrower is also assigned i2i Recommended Interest Rate. This rate is to be used as benchmark to set the interest rate and is also visible to the investors helping them make quick investment decision.
At i2i, the borrowers can simply prepay their loans at their own convenience without any charges whatsoever. They just need to contact i2i and choose one of the various options and proceed to prepay. Revised online account statement will be available as soon as the process is complete.
i2i endeavors to be one of the leading technology based main stream modes of financing by moving away from prevalent legacy systems. It aims to provide seamless user experience in terms of ease of transaction, ability to view and download detailed account statements, transaction analysis and many more features. As a borrower you can submit your loan requirement in a few simple steps without unnecessary paperwork or a trip to the bank from the comfort of your own home. Once the loan is funded, money is transferred by the investors to the Nodal Escrow Account for disbursal, from which the money is transferred to your account post verification and legal documentation.
We build trust among our borrowers and investors which help our investors to support our borrowers with confidence. With a strong partnership built over a period with the investors, we endeavor to get the loan funded at the earliest.
Though we continue to reduce the funding time, we also request the borrowers to provide maximum information (even the optional fields) which can help us to further reduce the funding time.
At i2i, we are cognizant of your privacy and confidentiality requirements and hence, we have put in place strong safety standards to keep your data protected and confidential at all times. In addition, i2i does not have any hidden fees and strictly follows the fee schedule as presented on the website.
I was in need of fund urgently for medical treatment of my mother and was not getting any positive and quick assistance from any financial institution. One of my office colleague referred me to i2i and I am thankful to them that without any hassle, the required fund was arranged and transferred to me within 5 days. Thanks you i2i for helping me out.
After having some problems and loss of trust in the financial companies, one of my friend advised me to try i2i. They supported me by funding quickly. Those who are facing financial crisis, I would suggest them to go to i2i without any second thought. I wish i2i to achieve success and create history in the funding domain.
I will recommend i2i to all those who are in need of money. Based on my experience, overall process of borrowing money from i2i is absolutely simple and quick. With their fast and easy online processing, I completed my application without any headache of physically visiting any branch and filling complex application forms.
The service provided by i2i funding was impressive during complete personal loan process. Overall process was very smooth and I did not have to negotiate with multiple investors as they have fixed interest rate. I got clear information about the rates and charges applied in the loan. i2i is the best P2P platform and I would recommend it to all.
Recently I had an emergency and needed to get quick help I went to their website which was clear and informative, filled out the quick and easy application and their representative were courteous, quick, and very helpful. In no time at all I had the Money in my account. Thank you I2I funding for being there.
To borrow money, the first step is to create a Borrower Account for which an individual should meet the eligibility criteria for borrowers. He should also submit an online registration form for borrowers along with the scan of self-attested copies of requisite documents and a onetime account creation fee of Rs. 100 (one hundred only).
i2i endeavors to maintain the highest standards of integrity and to abide by the law of land in both letter and spirit. Therefore, we have set basic elegibility criteria:
|1. Indian resident|
|2. At least 21 years of age|
|3. Have a valid bank account in India|
|4. Have a minimum income of Rs 3 lakhs per annum|
|5. Have a valid PAN card|
As i2i goes beyond your CIBIL score, we request you to provide following documents to complete your loan application.
|1. PAN Card|
|2. Permanent Address Proof||Any of these : Passport, Voter ID, Adhaar Card, Utility bills - Electricity, gas, post paid mobile, land-line, broadband or Driving License|
|3. Current Address||If different from permanent address: any of the above|
|4. Salary Account Statement||Last 12 months statement of Salary Bank Account|
|5. Salary Slips||Last 3 months salary slips|
|6. Employment Proof||Appointment Letter and latest increment letter if any|
|7(i). Highest Degree Mark Sheet, or|
|7(ii). Highest Degree Certificate|
Apart from above mandatory documents, you may submit following documents to improve your credit profile which may result in lower interest rate
|1. Form 16||Last 3 years Form 16|
|2. Income Tax Return||Last 3 years Income Tax Return|
|3. Credit Card Statement||Latest Credit Card Statements|
|4. Asset Proof||House ownership, Car ownership documents|
|5. Other Financial Instruments||LIC, Mutual Funds, Fixed Deposits etc.|
We at i2i encourage committed borrowers and hence, have levied a minimal fee of Rs. 100 (one hundred only). This is basically done to separate non serious borrowers.
A borrower can borrow money from Rs. 25,000 to Rs. 3,00,000 in multiples of Rs. 5,000. Repeat borrowers can borrow upto Rs. 5,00,000. The borrowers can select any of the loan tenors from 3, 6, 12, 18, 24, 30, or 36 months, however, this will also depend on the loan amount. Interest rate for each of the loans is driven by borrower’s credit profile and market based demand and supply of funds. i2i empowers the borrowers to set interest rates which they can revise in future based on investor activity.
If you have any query related to our processes or Terms and conditions, please Contact Us.
Register Now and post you requirement.
Once a borrower has successfully submitted loan application, i2i reviews it and assigns a risk category and recommends an interest rate (i2i Recommended Interest Rate). The borrower can then post the loan requirement at an interest rate which will be equal to or higher than i2i Recommended Interest Rate. Once a loan is listed, the borrower can't withdraw the listing before expiry. The borrower can also browse, follow and interact with the investors to seek funds.
The investors will commit to fund a loan at the interest rate set by the borrower. Once an investor commits to fund a loan, he / she can access borrower's other key information documents. In case there is any discrepancy, he / she can report to i2i and withdraw the fund committed.
The loan is considered ‘closed’ if either 100% of loan amount has received commitment at any time; or if 50% or more of loan has received commitment at the end of listing period; or the borrower has accepted to close the loan once 50% or more of loan amount has received commitment.
Once a borrower has submitted his / her details, i2i may verify these along with the documents submitted. We may reach out to the borrower in case of any clarification or additional documents.
i2i has in-house underwriting team which assesses the credit risk of a borrower using i2i’s proprietary Credit Score Model. The model considers multiple parameters including credit score from institutions such as CIBIL, financial and other behavioral pattern etc. Based on the credit analysis, each borrower is assigned an i2i Risk Category from A – F, A being the category with the strongest credit profile and F being the weakest. This rating is visible to the borrowers as well as the investors.
Along with i2i Risk Category, a borrower is also assigned an i2i Recommended Interest Rate. A borrow can borrow at an interest rate which is higher than or equal to this rate.
A borrower can make the loan request live (i.e. list the loan) by selecting an interest rate which should be equal to or higher than that of the i2i Recommended Interest Rate. The borrower also has an option to increase the interest rate at any time before the expiry of listing. However, in that case, once a new investor has made commitment at the increased interest rate, all the investors who have already committed to fund the loan at an earlier interest rate will also be automatically updated to this new interest rate. This is in line with i2i’s principal of ‘one loan, one interest rate’.
- Browse investors and follow them
- Investors and borrowers are free to interact
Once a loan request is live, the borrower can monitor the funding status by logging into My Account section. He / she can also reach out to potential investors by sending messages using i2i messaging system and following them on i2i portal.
Once a loan is closed, i2i may conduct physical verification of the borrower which includes verification of the uploaded documents against the original provided. Post successful verification, legally binding agreements (‘Loan Agreement’) will be signed between the investors and the borrower. The investors may also be provided with a scan copy of PDCs submitted by the borrower. These PDCs will remain with i2i to be used when required.
Once Loan Agreement has been signed, The investors are obliged to transfer their respective funds committed to Nodal Escrow account for disbursal (Non-interest bearing) and from Nodal Escrow account money is transferred to the borrower’s bank account on next working day.
Default or delay in EMI will attract penalty charges as per the Loan Agreement.
Once a loan has been closed, the borrower will be required to pay loan processing fee to i2i as per fee schedule given on the website.
i2i may conduct physical verification of the borrowers wherein key documents submitted will be checked against originals. This is done to avoid fraudulent and dubious practices. Any discrepancy will attract severe penalty including but not limited to disqualification of the borrower and cancellation of the loan.
Post closure of the loan and before disbursal of funds by the investors, both the investors and the borrowers are required to enter into a Loan Agreement. The agreements are on one to one basis between the borrower and the investor and binding on both of them. The agreements clearly outline the terms and conditions of investment so that each party clearly understands his / her responsibilities. These agreements are also enforceable in the court of law.
i2i also collects Post Dated Cheques (PDCs) from the borrowers for ease of repayment on behalf of the investors.
Once the Loan Agreement has been signed and PDCs have been collected along with other required documents, the investor needs to transfer funds to the Nodal Escrow account for disbursal (Non-interest bearing) to discharge his/her commitment. Money from Nodal account is transferred to the borrower’s bank account on next working day. Entire disbursal process is automated and hassle free. Funds should be transferred from an Indian bank by NEFT, RTGS or IMPS to Nodal Escrow account only.
A rupee saved is a rupee earned! So start saving and happy listing!
The borrower will repay the loan amount based on repayment schedule provided in the Loan Agreement. A borrower can make all the payment to investors by cheque, NEFT, demand draft or any other mode of payment as mentioned in the Loan Agreement. Borrower can also transfer the EMI/Due amount to Repayment Nodal Escrow Account. Borrower has the option to opt for auto deduction of EMI/Due amount from his bank account to Repayment Nodal Account through NACH mandate. Every month EMI/Due amount will be deducted automatically from borrower’s account.
You can see various reports about your loan account by logging into My Account section.
There are no pre-payment charges.
Once the loan gets paid, loan closure certificate is issued to the borrower. The borrower may either post a new requirement or can even become an investor. Refer to Fees and Pricing for charges applicable.