FAQs
  • Registration
  • Borrower
  • Investor
  • Fees & Pricing
  • General Questions
    Q. Why do I need to register at i2i?

    A. In order to become either a borrower or an investor, one has to register at i2i and need to fill in a simple online application form. Post successful registration, a member is assigned a Relationship Manager who helps him / her throughout the process after understanding his / her requirements and commitments.

    Q. Is there any eligibility criteria to register at i2i?

    A. A person should be a resident of India and above 21 years of age. The person should also have a valid bank account and a valid PAN number.

    To become an investor, not more than 30% of his / her gross income should be derived from lending to individual borrowers.

    To become a borrower, the person should have gross income of at least 3 lakhs per annum.

    Q. Are there any registration charges?

    A. Registration Fee to be paid during one time investor registration is: Rs.500/- Registration Fee to be paid during one time borrower registration is: Rs.100/-

    Q. Why is email and phone verification necessary?

    A. In order to be sure that a person has entered the correct contact information, we verify both email address and phone number. This will help us to serve our members better and in timely manner. Please note that user details will remain confidential as per Terms & Conditions.

    • Eligibility & Loan Amount
      Q. Is there any eligibility criteria for the borrowers?

      A. A borrower should be a resident of India and above 21 years of age. He / she should have a valid bank account and a valid PAN number and his / her gross income should be at least 3 lakhs per annum.

      Also, he / she needs to submit documents pertaining to income, residential address, permanent address etc. Please refer the section, “Getting Started” for borrowers for further details.

      Q. Who can be a Co-Borrower?

      A. A co-borrower can be any person who agrees to part of the loan agreement along with the borrower. The co-borrower will have rights and obligations similar to that of the borrower.

      Though it is optional to have a co-borrower, it is generally recommended by i2i to have a co-borrower as it may result in better interest rates, higher borrowing limit and better credit profile.

      Q. What are the benefits of having a co-borrower?

      A. A co-borrower who fulfills i2i’s eligibility criteria is likely to help the borrower in getting lower interest rates and higher credit limit. If the co-borrower meets i2i’s eligibility criteria, the borrower may get a better i2i Score and hence, a lower i2i Recommended Interest Rate which may help him / her get the loan funded at lower rates.

      Q. How much money can a borrower borrow at i2i?

      A. A first time borrower can borrow from Rs. 25,000 to Rs. 3,00,000 for personal loans. Repeat borrowers can borrow up to Rs. 5,00,000 for personal loans. Please note that the loan amount should be in multiple of Rs. 5,000.

      Q. What can be the duration of loan?

      A. A borrower can borrow for 3, 6, 12, 18, or 24 months.

      Q. Why was listing of a loan declined?

      A. Listing of a loan may be declined by i2i due to several reasons which include, deficiency / inconsistency found in the data and/or documents received, misrepresentation or weak credit profile etc. Please contact your Relationship Manager for further details, however, it may be noted that i2i is not obliged to provide reasons for rejecting a loan.

      Q. Can a single borrower apply for multiple loans?

      A. No, one borrower can apply for only one loan at a time and can have only one active loan, either under consideration or already funded. Once a loan has been repaid completely, the borrower can apply for a new loan.

      Q. Can an individual be both a borrower and an investor at the same time?

      A. No, not at this moment. Currently, a member can be either a borrower or an investor at a point of time. Once a loan is repaid, a borrower can become an investor. Similarly, an investor can start borrowing once he / she has been repaid for all his / her investments.

      Q. Can a non-individual borrow at i2i?

      A. No, not at the moment.

      Q. In case borrower has defaulted on loan payments, or banks / financial institutions have rejected the loan application, can the borrower still apply to borrow at i2i?

      A. Yes, he can still apply at i2i as we believe that banks / financial institutions do not have adequate resources to analyze each loan properly. However, please note that i2i has its own proprietary Credit Score Model based on which eligibility is calculated. As historical financial behavior is given a large weight in this model, any past default / late payment will weaken the credit profile. We would also suggest a borrower to explain detailed circumstances to our underwriting team and provide supporting documents for better assessment.

    • Interest Rate
      Q. What is i2i Rating?

      A. i2i categorizes each of the borrowers in one of the six categories from A – F, A being the category with the strongest credit profile and F being the weakest. The i2i Risk Category is assigned based on i2i's proprietary Credit Score Model which is driven by 20+ parameters such credit score from institutions such as CIBIL, borrowers' socio-economic factors, financial behavior etc. This rating is visible to the borrowers as well as the investors.

      Q. What is an i2i Recommended Interest Rate?

      A. An i2i Recommended Interest Rate is ‘risk adjusted interest rate’ based on the i2i Rating and is calculated for each of the borrowers by our underwriting team. A borrower can borrow at an interest rate which is higher than or equal to this rate. This rate is visible to all the borrowers and the investors.

      Q. How is the initial interest rate set?

      A. At the time of listing a loan, a borrower can set any interest rate equal to or above the i2i Recommended Interest Rate. However, if the borrower does not accept the i2i Recommended Interest Rate, i2i will refund all the fees (except the fee for borrower registration / creating borrower account), if any, as per Terms & Conditions. The borrower can then increase this interest rate during the period of listing to attract more investors.

      Q. Can a borrower change the interest rate set initially?

      A. Yes. Once loan is listed, the borrower can increase the interest rate to attract more investors. However, please note that the revised interest rates will also be applicable to existing investors in that loan once a new investor has shown commitment. This is in line with our principal, ‘one borrower, one interest rate’ and we believe that this also leads to market based true discovery of borrower’s credit.

    • Loan Listing & Funding
      Q. What information can be viewed about a borrower?

      A. Once a borrower has registered at i2i, his / her entire profile can be viewed by all registered investors and borrowers in the format set by i2i. However, contact information such as address or phone number will not be displayed in this profile.

      Q. Can a borrower change the loan amount after applying?

      A. Yes, a borrower can change the loan amount BEFORE receiving any interest from any investor. He / she can write to helpdesk from registered email address. However, please note that the loan amount is decided after detailed discussion with the underwriting team. As the loan amount is one of the components of i2i’s propriety Credit Score Model, the loan will have to go to the underwriting team again in case of any change. In such a case, the borrower will be required to pay an additional Rs. 100 as convenience fee.

      Q. How can a Borrower change bank account details?

      A. Post registration a borrower can change the bank account details by contacting i2i and payment of Rs. 200 as convenience fee. However, if the Loan Agreement has been signed, change in account will also be subject to the Loan Agreement.

      Q. Can a borrower withdraw the loan request?

      A. Yes, a borrower can withdraw the loan request BEFORE receiving any interest from any investor. He / she can write to helpdesk from registered email address.

      Q. How long does it take to find investors?

      A. This primarily depends on investors’ interest in the loan. However, a borrower may contact them through i2i messaging system to increase their awareness of the loan. A borrower may also increase the interest rate to make the more attractive to investors in terms of risks adjusted returns.

      Q. Can a borrower’s loan be removed even after getting commitments from the investors?

      A. Under normal circumstances, this should not be removed. However, if at any stage, it is found that any information was misrepresented or false, the loan will be cancelled. In addition, a heavy penalty may be imposed on the borrower including being permanently barred from accessing i2i and conducting any new transaction at i2i.

      Q. What is a Loan Agreement and why is it important?

      A. Loan Agreement is a legally binding and enforceable document between the borrower and the investors. It clearly outlines the recourse for all possible events as envisaged by i2i. The events include, investors not funding the loan, delay in repayment, defaults etc. The agreement is signed after paying requisite stamp duty to make it legally enforceable. Each party is bound by it.

      Q. When does the money get transferred to a borrower's account?

      A. Once a loan is closed by the borrower, the requisite documents have been collected, the verification process has been successfully completed and the Loan Agreement has been signed, the investors are obligated to transfer the money to the Nodal Escrow account for disbursal (Non-interest bearing). Money from Nodal Escrow account is transferred to the borrower’s bank account on next working day.

      Q. What if one or some of the investors renege on the obligation to fund the loan?

      A. While i2i takes all care to have strong and committed investors to fund the loans, at times due to some unseen circumstances an investor may renege on the obligation to discharge the commitment to fund the loan. In that case, i2i may impose severe penalty on that investor including barring him / her from any conducting any further activity on the portal. Also, i2i puts all possible effort to rope in other investors to fund the remaining amount. In case, the portion remains unfunded, i2i refunds the transaction fees to the borrower on the unfunded amount as per the Terms & Conditions.

    • Loan Repayment
      Q. What are the modes of repayment?

      A. 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.

      Total repayment amount (EMIs and pending dues) collected from borrowers in Repayment Nodal Escrow Account is transferred to respective investors’ bank account every month on first working day after 10th. Subsequent collections done after 10th are transferred to investors’ bank account on 1st working day after 15th, 20th and 25th.

      Q. How is repayment schedule calculated?

      A.  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.

      Q. Can a borrower prepay the loan amount?

      A. Yes, a borrower can choose to prepay the loan fully or partially and as many times as he / she wishes as per the options available at i2i. No prepayment penalty will be levied on the borrower for any repayment.

      Q. What happens in case of delay in repayment by the borrowers?

      A. In case of delay (i.e. missing the due date as per repayment schedule mentioned in the Loan Agreement) in repayment, additional penal interest as mentioned in the loan agreement will be imposed on the borrower which will be payable to the investor(s). Please refer to the Loan Agreement for details.

      Q. What happens in case of default in repayment by the borrowers?

      A. In case of default, i2i will facilitate collections and recovery through empaneled agencies. Investor(s) may also proceed with legal proceedings on their own.

      Q. What happens to the loan in case of closure of i2i due to any reasons?

      A. The loan is between the borrower and the lenders and hence, it will stand as it is. There will be no impact on it.

    • Investment & Eligibility
      Q. Is there any eligibility criteria to be an Investor?

      A. An investor should be a resident of India and above 21 years of age. He / she should have a valid bank account and a valid PAN number. Not more than 30% of his / her gross income should be derived from lending to individual borrowers. Please refer the section, “Getting Started” for investors for further details.

      Q. How much money can an Investor invest?

      A. An investor can invest from Rs. 5,000 and above in multiples of Rs. 5,000. These limits are subject to change. 

      Q. For how long can an Investor invest?

      A. An investor can invest for a period of 3, 6, 12, 18, 24, 30 or 36 months depending on the tenor of the loan.

      Q. Can a non-individual invest at i2i?

      A. Yes, it can do.

      Q. Why is investor's verification required?

      A. In order to be compliant with the laws of the land and to prohibit any malpractices, i2i conducts investor verification.

      Q. What information can be viewed about an investor?

      A. Once an investor has registered at i2i, other registered investors and borrowers can see his / her profile in the format set by i2i. However, contact information such as address or phone number will not be displayed in this profile.

    • Principal Protection
      Q. What is principal protection? What % of my principal will be protected?

      A. Principal protection is offered as an additional service to investors so that in case of default, certain % of principal outstanding will be returned by i2ifunding utilising the Principal protection Reserve. Extent of principal protection depends upon the option selected by investors at the time of investment in loans. It also depends upon the funds availability in the Principal Protection reserve, which is created from the principal protection fee paid by investors.

      Q. Does investor need to apply separately for Principal protection?

      A. . Investors need to select the option at the time of investment that how much protection they want to buy in any loan. Currently available options are buying 100% protection, 75% protection, 50% protection, 25% protection or no protection.

      Q. How would we know how much reserve is available under principal protection to protect investors?

      A.Funds available under Principal protection reserve will be displayed transparently to investors. This fund is managed separately and company will not utilize this fund for any purpose apart from payment to investors in case of defaults. How much payment has been done from the reserve will be displayed on the website. These accounts will also be independently audited to ensure transparency.

      Q. What will happen if the reserve available is less than the amount to be paid to investors in case of defaults?

      A. If the reserve available is less than the amount to be paid to investors for the month then % of available reserve against the due amount will be calculated and every investor will get the principal protection payment for the month at the prorate basis. E.g. if there are 10 investor against whom 100 Rs. Is due for the month as per principal protection and available fund is only Rs. 900 then all of them will get 90% of the due amount i.e. Rs. 90. Rs. 10 which is still pending will again be considered as due for payment in the next month along with new liabilities for the month.

      Q. How much is the principal protection fee? When will it be deducted? How is it determined?

      A. Principal Protection fee applicable as per Risk category and extent of protection is given below.

      Borrower Risk Category Interest Rate Range Revised interest rate for 25% principal protection Revised interest rate for 50% principal protection Revised interest rate for 75% principal protection Revised interest rate for 100% principal protection
        Minimum Maximum Minimum Maximum Minimum Maximum Minimum Maximum Minimum Maximum
      A 12.00% 14.99% 11.85% 14.59% 11.75% 14.24% 11.60% 13.84% 11.50% 13.49%
      B 15.00% 17.49% 14.50% 16.74% 14.00% 15.99% 13.50% 15.24% 13.00% 14.49%
      C 17.50% 19.99% 16.50% 18.74% 15.50% 17.49% 14.50% 16.24% 13.50% 14.99%
      D 20.00% 22.49% 18.50% 20.69% 17.00% 18.99% 15.50% 17.19% 14.00% 15.49%
      E 22.50% 24.99% 20.50% 22.69% 18.50% 20.49% 16.50% 18.19% 14.50% 15.99%
      F 25.00% 36.00% 22.50% 33.00% 20.00% 30.00% 17.50% 27.00% 15.00% 24.00%

      Fee will be deducted from the EMI received for the month. E.g. if you invest in a loan of 19% return and Principal Protection fee for the same is 4% then you will get EMI at 15% return and the difference between EMI of 19% and 15% will be charged as principal protection fee after EMI is received from the borrower every month.

      Principal Protection Fee has been calculated based on expected default probability for different risk categories.

      Q. How do you define default? After how many months will I get my principal if default happens?

      A. If three consecutive EMIs become overdue then we will start the legal process for recovery. If borrower does not start paying the EMI, 3 months after the recovery process has been initiated then it will be treated as default.

      Post which % of principal outstanding, based on the borrower risk category will be paid to investors.

      Final amount paid under principal protection will depend on fund availability in the Investor protection reserve.

    • Loan Funding
      Q. How safe is to investment at i2i?

      A. i2i has placed stringent screening criteria for each loan to increase the safety of an investment. It collects various documents from the borrowers pertaining to their identity, address, income, credit rating etc. i2i also collects postdated cheques (PDCs) as security to be used in case of late payment or default. In addition, both the borrowers and the lenders are bound by legally enforceable Loan Agreement. During the process of signing the Loan Agreement, i2i may also conduct physical verification of the borrower to be doubly sure of veracity of the borrower.

      With a strong process in place, we expect to have robust loans listed at i2i. However, these loans are still subject to default risks. Hence, i2i will also take services of reputed collection agencies to recover any default.

      Q. How long does it take to find the borrowers?

      A. This primarily depends on investor’s return vs. risk requirements. However, an investor may also contact the borrowers through i2i messaging system to request them to increase their interest rates in order for their loans to meet investor’s requirements.

      Q. What is i2i Rating?

      A. i2i categorizes each of the borrowers in one of the six categories from A – F, A being the category with the strongest credit profile and F being the weakest. The i2i Risk Category is assigned based on i2i's proprietary Credit Score Model which is driven by data such as credit score from institutions such as CIBIL, borower's socio-economic factors, financial behavior etc.) by using i2i's proprietary Credit Score Model. This rating is visible to the borrowers as well as the investors.

      Q. What is an i2i Recommended Interest Rate?

      A. An i2i Recommended Interest Rate is ‘risk adjusted interest rate’ based on the i2i Rating and is calculated for each of the borrower by our underwriting team. A borrower can borrow at an interest rate which is higher than or equal to this rate. This rate is visible to all the borrowers and the investors.

      Q. Can an Investor increase / change the interest rate?

      A. No, the interest rate is set by the borrowers so that all the investors invest at the same interest rate following our principal of “one loan, one interest rate’. However, the investors can communicate with the borrowers using i2i messaging system to convey the borrowers their wish to invest at their desired interest rate. If a borrower agrees and increases the interest rate, the same will be applicable to all other investors for that loan.

      Q. What is a Loan Agreement and why is it important?

      A. A Loan Agreement is a legally binding and enforceable document between the borrower and the investors. It clearly outlines the recourse for all possible events as envisaged by i2i. The events include, investors not funding the loan, delay in repayment, defaults etc. This agreement is signed after paying requisite stamp duty to make it legally enforceable. Each party is bound by it.

      Q. When does an investor need to transfer the money?

      A. Once a loan is closed by the borrower, the requisite documents have been collected, verification process has been successfully completed and the Loan Agreement has been signed, investors are obligated to transfer money to the unique Nodal Escrow account assigned to them for disbursal.

      Q. How can an investor change the bank account details?

      A. Post registration an investor can change the bank account details by contacting i2i and payment of Rs. 200 as convenience fee. However, once any Loan Agreement has been signed by an investor, the investor will not be able to change that account for the purpose of repayment of that loan to avoid any sort of money laundering. Though, for new loans, the investor can change the account details.

      Q. Can an Investor cancel the commitment to fund a loan?

      A. An investor can cancel the commitment only in case there is misrepresentation / fraud committed by a borrower. In no other case, an investor will be allowed to cancel the commitment. In case an investor does so, i2i may impose severe penalty on that investor including barring him / her from conducting any new transaction on the portal.

      Q. Can an investor lend to more than one borrower?

      A. Yes, an investor can lend to multiple borrowers at a time.

      Q. How can an investor increase the size of Wallet?

      A. An investor can increase the Wallet size on payment Rs. 10 for every by Rs. 1,000. Please note that Wallet size can be increased in the multiple of Rs. 1,000 only.

      Q. Is interest income earned at i2i taxable?

      A. Yes, interest income will be taxed as regular income and the investor will be liable to pay the same. i2i will provide an annual interest income statement to the investor which he / she can refer to pay the taxes.

    • Repayment
      Q. What are the modes of repayment?

      A. 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.

      Total repayment amount (EMIs and pending dues) collected from borrowers in Repayment Nodal Escrow Account is transferred to respective investors’ bank account every month on first working day after 10th. Subsequent collections done after 10th are transferred to investors’ bank account on 1st working day after 15th, 20th and 25th.

      Q. How is repayment schedule calculated?

      A. Depending on the type of loan product, repayment schedule is calculated based on reducing balance method and is part of the Loan Agreement. However, the first repayment installment may be different depending on the date of disbursal.

      Q. Can an investor expect loan prepayment?

      A. Yes, an investor can expect partial as well as full prepayment. No prepayment penalty will be imposed on the borrower in such a case.

      Q. What happens in case of delay in repayment by borrowers?

      A. In case of delay (i.e. missing the due date as per repayment schedule mentioned in the Loan Agreement) in repayment, additional penal interest of 24% will be imposed on the borrower which will be payable to the investor(s). Please refer to the Loan Agreement for details.

      Q. What happens in case of default in repayment by borrowers?

      A. In case of default, i2i will facilitate the collections through empaneled agencies. Investor(s) may also proceed with legal proceedings on their own for which i2i may provide requisite support if sought by the investor(s).

      Q. What happens to the loan in case of closure of i2i due to any reasons?

      A. The loan is between the borrower and the lenders and hence, it will stand as it is. There will be no impact on it.

Fees
  Investor Borrower
Registration Nil Nil
Create a borrower account N/A Rs 100
Create an investor account Rs 500 N/A
Increase in the wallet

 Nil up to first Rs 50,000

 1% for additional increase

N/A

For Salaried Borrowers

Loan processing fee payable before physical verification. (Minimum processing fee is  Rs 2000) 

 Nil
Risk Category % Fees
A 3.0%
B 3.5%
C 4.0%
D 4.5%
E 5.0%
F 6.0%

For Self employed Borrowers

Loan processing fee payable before physical verification. (Minimum processing fee is  Rs 2000) 

 Nil
Risk Category % Fees
A 4.0%
B 4.5%
C 5.0%
D 6.0%
E 7.0%
F 8.0%

 

Other Charges
  Investor  Borrower
In case of prepayment - No Charge
In case of change in loan amount before receiving any funding commitment post listing - Rs 100
In case of change of bank account details Rs 200 Rs 200

Fee can be paid using Netbanking/Credit Card/Debit Card Payment is fully secured on i2ifunding.com payment secure

 
Refund

Please refer to our Refund and Cancellation Policy for any refunds and cancellation.

 

Contact us
+91- 120 43 23 003
+91- 971 742 0307
Suite No -207, Building No - C 104, Sector - 65 , Noida, Uttar Pradesh , 201301