i2i is a Peer to Peer Lending (P2P Lending) market place where an individual can borrow money at a desired rate of interest and an investor can lend to retail borrowers at an interest rates up to 30% and for the FIRST TIME get an opportunity to earn high returns, earlier available to banks, NBFCs etc. For seamless operations, entire loan funding process is digitized and is transparent, quick and easy.
You need to register at i2i to participate in any transaction. Registration is free for all users. To register, please fill in your personal details and create a login id. As part of registration process, your email id and mobile number will be verified. Post successful registration, you will be assigned a Relationship Manager and you will have access to more functionality. To start financial transactions, you need to either create a borrower or an investor account as per your requirement.
To create a borrower's account, please fill a simple and easy online form regarding your loan requirement, personal details, employment history and financial details along with scan of self attested copies of required documents. You may also opt to have a co-borrower which might be helpful in getting faster loans at better rates. To increase your chances of funding, please fill in 'optional' fields as well. A one-time listing fee of Rs. 100 is levied at this stage.
i2i helps the borrowers and the investors in setting the interest rate. Using our proprietary Credit Score Model, our team recommends an interest rate for each loan based on its credit risk. A borrower can borrow at an interest rate which is higher than or equal to this rate.
A borrower can post the loan at an interest rate higher than or equal to the i2i Recommended Interest Rate. During the listing period, the borrower will have option to increase the interest rate to provide higher returns to attract investors. Once interest rate has been increased, the same rate will also be applicable to the investors who have already made the commitment.
To create an Investor Account, please fill a simple and easy online form regarding your investment requirement along with your personal and employment details. Submit the scan of self-attested copies of required documents to complete KYC requirements and you are ready to invest.
After successful creation of investors’ account, your Wallet will be activated along with your brief profile and investment preference.
An investor can can commit to lend a single or multiple borrowers. Before making the commitment, key information of a borrower including his / her i2i report (covering detailed risk analysis) will be available. Once commitment has been made, the investor will have access to further documents as uploaded by the borrower. Any time before deal closure, the investor and the borrower can interact and clear their doubts through i2i messaging system.
To mitigate investment risks, a loan is funded by multiple investors. All the investors for a particular loan will enjoy same interest rate to avoid any speculation and should lead to fair discovery of market based assessment of borrower's risk profile.
Once a loan is closed by the Borrower, i2i may conduct physical verification of the borrower along with matching the uploaded documents with hard copy / ID proof. In case of any discrepancy, the transaction will be cancelled along with severe penalty on the borrower which includes barring him / her for carrying out any new transaction at i2i.
Investors will also be duly informed of outcome of verification. Upon successful verification, the borrowers and the investors will sign a loan agreement which is a legally binding document enforceable in the court of law.
Once the loan has been closed, requisite documents have been collected, verification process has been successfully completed and the Loan Agreement has been signed, investors are obligated to transfer the money to the Nodal Escrow Account (Non-interest bearing) for disbursal. Money from Nodal Escrow account is transferred to the borrower’s bank account on next working day. Post this the borrower needs to update the status on the portal for record keeping.
A complete repayment schedule will be provided to the borrower. Any delay or default will attract severe penalty. Borrower may also prepay the loan without any pre-payment charges. Once total loan amount has been repaid as per the given schedule, a loan closure certificate will be issued to the borrower.
Once the loan has been closed, requisite documents have been collected, verification process has been successfully completed and the Loan Agreement has been signed, investors are obligated to transfer the money to the Nodal Escrow Account (Non-interest bearing) for disbursal. Money from Nodal account is transferred to the borrower’s bank account on next working day.
An investor can utilize the repayment amount as per his / her wish. He / she has an option to reinvest or keep the money with him. The investors will also receive an income statement for tax computation purposes.
i2i is more than a P2P market place where the individuals can borrow. Apart from seamlessly coordinating the entire process of loan funding to loan repayment, it plays an important role in liaising with quality investors, screening and credit risk assessment of the loans, verification, proper documentation and loan monitoring. Each of these links is important and is diligently and carefully put together by i2i to complete the process successfully. With the support from i2i, we believe that even a person with little knowledge in lending can learn to transact with ease.However, we encourage our members to make their own informed decisions.
i2i does the profile verification for each and every listing. We collect personal, professional and financial data and verify these to the best extent possible from all available data sources such as government data bank, credit information bureau, social media etc. For borrowers, we may also conduct physical verification. We take all due care to safeguard the interests of both the borrowers and the investors through our stringent verification process.
i2i has an in-house underwriting team which does the credit analysis of each of the borrowers. i2i has also developed a proprietary Credit Score Model which incorporates a number of parameters such as credit history, financial and other behavioral pattern of the borrower. Based on the detailed analysis, the underwriting team assigns a risk category (i2i Risk Category) and provides an i2i Recommended Interest Rate along with a i2i Report for each of the loans. This acts a benchmark for both the borrowers and the investors to not only set the final interest rate but also to understand risks associated with each of the loans.
i2i may also conduct physical verification of the borrowers to ascertain veracity of the documents submitted. Physical verification may be carried out by i2i or by a reputed agent empanelled by i2i.
To complete the loan funding and disbursal process, i2i collects the required documents such as PDCs, signed Loan Agreements etc. These documents can be submitted by the members from the comfort of their homes. In most of the cases, original copies are kept by i2i. Scanned copies of documents are provided to the parties to ensure seamless user experience without any worry for document management.
I2i closely monitors disbursement of funds to borrowers and assists both borrowers and investors in case of issues.
i2i has drafted detailed loan agreements where utmost care has been taken to cover various scenarios along with suitable recourse. This loan agreement is signed post payment of requisite stamp duty which is borne by i2i and hence, is legally enforceable in the court of law. In case, either party seeks to enforce the agreement at any time, i2i also helps that party to seek legal opinion though at an additional cost as charged by the lawyer.
i2i understands the importance of timely repayments, and hence, endeavors to keep full track of the loan repayment schedule and report any delay or default at the earliest. We also suggest a corrective action plan and assist in loan recovery and collection etc. if required. Our aim is to ensure seamless investing and borrowing experience.
To ensure timely repayment from the borrower i2i recommends all the borrowers to opt for auto deduction of EMI/Due amount from their bank account to Repayment Nodal Escrow Account through NACH mandate. Every month EMI/Due amount is deducted automatically from borrower’s account.
I2i closely monitors repayment from the borrowers and takes corrective action immediately in case of delay in repayment.
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.
For any clarification, feel free to read our terms & conditions.
|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
For Salaried Borrowers
Loan processing fee payable before physical verification. (Minimum processing fee is Rs 2000)
For Self employed Borrowers
Loan processing fee payable before physical verification. (Minimum processing fee is Rs 2000)
|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