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  • Lendbox Instant Loans

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  • Lendbox is a registered peer-to-peer lending platform that has revolutionised the way in which creditworthy borrowers and smart investors/lenders connect with each other in India. Borrowers can avail instant loans at interest rates ranging from 16% to 28%. The loan amount can vary from Rs.25,000 to Rs.5 lakh. The loan repayment tenure can be between 6 months and 36 months.

    Key Highlights of Lendbox

    Investor’s Perspective

    • Rigorous borrower screening – Every individual who registers as a borrower on the platform undergoes a strong screening process. This includes validation against 200 data points or more and verification by the lender’s underwriting experts.
    • Regular income for investors - P2P lending is a great avenue for investors to create a passive income on surplus cash that is lying idle in their bank accounts. The return on investment can be availed as monthly installments that the borrowers pay back.
    • Greater returns for investors - P2P lending offers better returns than the traditional investment channels. The lender can choose an interest rate based on his/her risk appetite.
    • Loan decision based on multiple data points – Apart from credit bureau scores, Lendbox checks several other data points while making loan decisions. This includes checking the net salary of the borrower, trends in his/her expenses, area of residence, educational qualification, asset holding details, mobile and utility bills, credit card bills, investments, and online spending pattern.

    Borrower’s Perspective

    • Best for applicants with low CIBIL score – Since Lendbox looks at several factors affecting the credit profile of an applicant, individuals with less favourable credit scores may get loans through the platform.
    • Quick loan disbursal without bank visit – Borrowers can avail loans at the convenience of their homes, without having to step outside. The documentation required for the process is also very limited.
    • Completely transparent – There is transparency in the entire loan application and disbursal process. No hidden charges are levied on the borrowers as well.
    • Communication between the lender and borrower – Lendbox enables lenders and borrowers to send and receive proposals. This ensures that the entire process benefits both parties mutually. This also translates into a pleasant lending/borrowing experience for the individuals on the platform.

    Interest Rates and Charges on Lendbox

    The interest rates and disbursement charges are directly linked on the Lendbox platform, as indicated below:

    Interest Rate (p.a.) Disbursement Fees
    Up to 16% Highest among:
    • 2% of the loan amount
    • Rs.2,000
    16.25% - 21% Highest among:
    • 3% of the loan amount
    • Rs.3,000
    21.25% - 25% Highest among:
    • 4% of the loan amount
    • Rs.4,000
    25.25% - 28% Highest among:
    • 5% of the loan amount
    • Rs.5,000
    More than 28% Highest among:
    • 6% of the loan amount
    • Rs.6,000

    Other Charges:

    Pre-payment charge Nil*
    Charges for non-payment of EMI 2% penal interest per month, plus Rs.500 processing fee
    Cheque bounce charge Rs.250
    Account swap charge during loan tenure Rs.500

    *May change based on the agreement with the lender

    Investor’s Corner

    Eligibility Conditions for Investors

    Residential Status Indian resident
    Age Below 21 years
    Mandated Requirements
    • Must have a valid PAN card
    • Must have a valid bank account in India
    • Must be aligned to the terms and conditions of the Lendbox platform
    • Must adhere to the code of conduct laid out by the platform
    • Must register on the website with accurate details

    The documents to be submitted along with the application are as follows:

    Identity Proof PAN card
    Address Proof Passport, Voter ID, or Aadhaar card

    Registration Process for Investors

    Step 1 – Registration: Update your personal and professional details on the website. The lender will perform some basic checks and may request for the submission of some documents.

    Step 2Activation of Account: The lender verifies the information updated by the applicant and activates the account.

    Step 3Selection of Borrowers: Investors can browse through the borrowers listed on the platform and select the ones most suitable for their risk profile.

    Step 4Signing of Agreement: Negotiations can be held with the borrowers and deals can be closed online. Lendbox assists in the signing of the agreements.

    Step 5Payment of EMI: Borrowers can issue standing instructions in favour of the investors for monthly repayments.

    Step 6After Loan Disbursal: In case the borrower does not repay on time, Lendbox intervenes and tries to help the investor get the pending amount. The investor can also engage a recovery agency for the same. This will be routed through Lendbox as well.

    Fees and Charges for Investors

    The following fees and charges are applicable for investing on the Lendbox platform:

    Registration Fee Rs.500, non-refundable
    Investment Fee Rs.500 for every Rs.1 lakh committed for investment

    Borrower’s Corner

    Eligibility Conditions for Borrowers

    All individuals registering as borrowers on the platform should fulfill the following eligibility conditions:

    Residential Status Indian resident
    Age Above 21 years of age
    Mandated Requirements
    • Must have a valid ID proof, such as PAN card
    • Must have a valid bank account in India
    • Must register on the website with accurate details

    The documents to be submitted along with the application are as follows:

    Identity Proof PAN card, Voter ID, Passport, or Aadhaar card
    Address Proof Passport, Voter ID, or Bank statement
    Proof of Date of Birth Passport or PAN card
    Proof of Signature PAN card, Passport, or signature verification from the bank
    Contact Proof Post-paid landline or mobile phone bill for the previous month
    Bank Statements For the previous 6 months
    Income Proof ITR or Income Declaration for the previous year

    Registration Process for Borrowers

    1. The borrower should register on the Lendbox website and complete the KYC according to the guidelines.
    2. The Lendbox verification will be done, following which the borrower may be approved.
    3. The borrower can start reaching out to investors or bidding for funds.
    4. The loan is disbursed into the account of the borrower.

    Guidelines for Borrowers

    It is advisable that all borrowers share adequate information about themselves so that their listings are more effective. This will ensure that these profiles are considered by more investors. Lendbox does not share investor or borrower details with any third-party agencies.

    Some things borrowers need to keep in mind are:

    • Provide complete and authentic details about self, including achievements, financial status, background, hobbies, work experience, current work details, and loan repayment ability.
    • Mention the purpose of the loan application. Also provide all supporting documentation needed for the lender.
    • Negotiate actively on proposals from lenders.

    Fees and Charges for Borrowers

    The following fees and charges are applicable for borrowing on the Lendbox platform:

    Registration Fee Rs.500, non-refundable

    If the borrower does not pay an EMI on time, a penal interest may be charged based on the loan agreement with the lender. The borrower is liable to pay this amount to the lender.

    Benefits of Peer-to-peer Lending

    Peer-to-peer lending (P2P lending) is a unique lending methodology in which borrowers can get in touch with investors who are willing to lend them money on an online platform.

    From the perspective of an investor, this is a perfect opportunity for them to earn high returns on their investment amount. There are no hidden charges in the deal.

    As far as the borrower is concerned, the peer-to-peer lending platform enables him/her to avail instant cash loans at competitive interest rates. The ability to interact directly with the investors is another advantage for the borrower.

    FAQs

    1. Banks and other NBFCs have rejected my recent loan application. Can I apply for a loan on Lendbox?
    2. Lendbox has stringent credit verification standards, similar to banks. If your loan application has been rejected by other lenders, it is advisable to work on improving your credit history over a period of time. You can try applying for a loan later, after your credit score is good enough.

    3. How are EMIs calculated on Lendbox?
    4. Repayments are calculated using the reducing balance method. Your EMI will be a fixed value throughout the loan tenure. Please note that the first EMI may be slightly different based on the loan disbursal date.

    5. Is it possible to change the loan amount after applying?
    6. No, this is not allowed. If you want to increase the loan amount, you can apply for another loan on Lendbox to bridge the difference.

    7. Can I cancel my loan application on Lendbox?
    8. Yes, you can send an email to support@lendbox.in for the cancellation of your borrower registration. It should be noted that you cannot cancel a loan after it has been disbursed.

    9. Can I be a borrower and a lender on Lendbox?
    10. No, it is not possible to do so.

    11. Are my account credentials safe on the platform?
    12. The account credentials of every investor and borrower are protected with strict security and compliance measures. So, it is completely safe to update your details on Lendbox.

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