i2i is much more than a P2P market place where borrowers and investors meet. 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.