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  • OMLP2P (OML Smart Financing) Instant Loan

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  • OML Smart Financing, better known as OMLP2P is one of the leading P2P lending platforms in India. OMLP2P is registered with the Reserve Bank of India (RBI). You can avail a personal loan ranging between Rs.25,000 and Rs.10 lakh. However, the money will be lent only in multiples of Rs.5,000. The loan repayment tenure ranges from as low as 3 months up to 36 months. The rate of interest charged on the personal loans start at just 10.99% p.a. and goes up to 36% p.a.

    Borrower’s Corner

    You will be able to avail personal loans through OMLP2P once you register yourself as a borrower under OML Smart Financing. There are a number of benefits which you can enjoy if you avail a personal loan through OMLP2P.

    Benefits of OMLP2P Personal Loans

    1. Loan quantum: You can avail a personal loan of as low as Rs.25,000 up to as much as Rs.10 lakh through OMLP2P. The final loan quantum will, however, be calculated on the basis of your loan repayment capability and other relevant aspects. The loan amount that can be availed through OMLP2P can be availed only in multiples of Rs.5,000.
    2. Lucrative interest rates: OMLP2P offers personal loans at nominal interest rates which start at just 10.99% p.a. The platform uses more than 100 aspects to get a customised credit rating for the loan applicants. The interest rates are charged on the basis of these ratings.
    3. Easy documentation process: OMLP2P offers personal loans against minimal and easy documentation. Lengthy paperwork is not required to apply for a personal loan through this platform.
    4. No prepayment charges: You will not be required to pay a penalty if you decide to foreclose your personal loan. However, it is subject to certain terms and conditions.
    5. Quick disbursal of loan amount: Once the loan application is approved, the loan amounts are disbursed quickly.
    6. Employment type: OMLP2P offers personal loans for both salaried and self-employed individuals.
    7. Low processing fee: The processing fee charged on the OMLP2P personal loans range between 1% and 10%. The processing fee is dependent on the OML Risk Grade and the loan repayment tenure.
    8. Unsecured personal loan: The personal loans offered by OMLP2P are unsecured in nature, i.e. you are not required to provide collateral against the loan amount.
    9. User-friendly web environment: OMLP2P offers a seamless web experience which is very user-friendly.
    10. Data security: Your data and credentials are safe with OMLP2P as the platform is secured using Security Sockets Layer (SSL).

    Documents required to apply for OMLP2P Personal Loans

    • PAN card
    • Proof of address such as driving license, Voter’s ID card, Aadhaar card, etc.
    • Recent passport-sized photographs
    • Bank statement of salary account for the last three months and Form 16 (for salaried individuals only)
    • Income Tax Returns (ITR), 12 months’ bank statement, and P/L account and balance sheet for the last 2 years (for self-employed individuals)

    Eligibility Criteria for borrowers who want to avail OMLP2P Personal Loan

    Particulars Criteria
    Age of the applicant Minimum age: At least 18 years
    Maximum age: Not to exceed 60 years
    Occupation of the applicant Salaried individuals and self-employed individuals
    Residential status Citizen of India
    Documents requirement
    • Should have a valid Permanent Account Number (PAN)
    • Should have documents as a proof of address – gas connection documents, Aadhaar card, voter’s ID card, and so on.

    How to Apply for a personal loan through OMLP2P?

    1. Visit the official website of OML Smart Financing at www.omlp2p.com.
    2. On the home page, click on the ‘GET A LOAN’ button.
    3. You will be redirected to a new web page wherein you will be required to select your employment type. If you are a salaried employee, click on the ‘Salaried Employee’ button.
    4. In the next segment, you will be required to provide your pin code in the field provided for the same.
    5. Next, you have to select the type of your residential address from the list provided. For example, if you are an individual who lives in a rented apartment, check the box next to ‘Rental House’.
    6. Provide your net monthly income in the field provided.
    7. Mention the method through which you receive your salary. Check the box next to the ‘Cheque/Bank Transfer’ option or the ‘Cash’ option.
    8. Mention the amount of loan that you require in the ‘Required Loan Amount’ field.
    9. Select a loan repayment tenure from the list.
    10. Provide the details of EMIs of existing loans, if any.
    11. Provide the details of any outstanding amount on your credit card(s), if any.
    12. Mention the number of defaults (if any) in the past year.
    13. Click on the ‘Next’ button after filling up the above-mentioned details. You will be redirected to a new webpage after that.
    14. In this page, you will get to know if you are eligible for the personal loan as per the information furnished by you.
    15. If you are eligible for the loan, you will be required to fill up a form with your personal details such as your name, gender, email ID, date of birth in dd/mm/yyyy format, and your mobile phone number.
    16. Create a password for your login and enter the Captcha code in the field provided.
    17. Check the box at the end of the form which denotes that you have read the terms and conditions and you agree to the same.
    18. Click on the ‘JOIN NOW’ button and pay the registration fee after that to register yourself under OMLP2P as a borrower.

    Lender’s Corner

    P2P lending model is a unique model wherein different unknown individuals are able to make loan transactions amongst themselves. So, if you are an individual who is willing to invest in OMLP2P, you can easily log in as an investor and provide funds for individuals who are looking for a personal loan through OMLP2P.

    Benefits of being an investor through OMLP2P

    There are a number of benefits that you can enjoy if you sign up as an investor on OML Smart Financing. Some of these benefits are discussed below:

    High return on investment (ROI): The money lending options through OMLP2P are varied and the rates of interest can go up to as much as 36% p.a. The return on investment, in this case, can be pretty high.

    Transparent process: The process of pledging and disbursal of loan is very easy and transparent in nature. There are no hidden charges or processes.

    Security of data: Your credentials and other relevant personal data are stored and are protected using high data security measures and safety standards. OMLP2P ensures that the data is not misused in any way.

    Lower risks of default on the part of the borrowers: OMLP2P runs a thorough profile check for each and every borrower to ensure that the risk of defaults is minimum. The loan applications are approved as per the credit rating of OMLP2P.

    Regular source of income: Being a lender, you will receive the repayment amounts in the form of Equated Monthly Instalments (EMIs). This ensures that you have a steady and regular source of income through your investment in OMLP2P.

    Minimum risk: The algorithm used by OMLP2P has been developed in alliance with CRIF Highmark. This helps the lending platform select the borrowers with minimum risk.

    Secured account transactions: The transactions are made through high-security Escrow accounts. The Trustee Mechanism of OMLP2P further increases the overall security.

    Eligibility Criteria for borrowers who want to avail OMLP2P Personal Loan

    Particulars Criteria
    Age of the applicant Minimum age: At least 18 years
    Occupation of the applicant An individual, a HUF, an NBFC, a bank, a corporate, an LLP, or a partnership firm
    Residential status Any citizen of India who is eligible to enter into a legal contract
    Documents requirement
    • Should have a valid Permanent Account Number (PAN)
    • Should have at least one of the following documents – gas connection documents, driving license, electricity bill, Aadhaar card, voter’s ID card, and so on.
    • Should have a valid bank account

    How to invest in OMLP2P?

    Whether you are an individual, a HUF, a corporate, an LLP, a bank, an NBFC, and/or a partnership, OMLP2P allows you to be an investor. You can follow the steps mentioned below to join OMLP2P and start investing:

    1. Visit the official website of OML Smart Financing at www.omlp2p.com.
    2. On the home page, click on the ‘INVEST NOW’ button.
    3. In the next page, you will be required to select your type and check one of the boxes against (i) Individual, (ii) HUF, or (iii) Corporate/LLP/Partnership.
    4. Next, you will be required to fill up the form with your personal information such as salutation, first name, last name, gender, email ID, date of birth in dd/mm/yyyy format, and mobile phone number.
    5. Create a password for your profile. This password will be used to log in to your OMLP2P account later.
    6. Followed by this, enter a referral code (if any) and the captcha code in the designated fields.
    7. Once you have filled up the form, check the details again to make sure that there are no errors.
    8. Once you have confirmed all the details, check the box against the option that denotes that you have read all the terms and conditions and you agree to the same.
    9. Finally, click on the ‘JOIN NOW’ button at the end of the page.
    10. Your details will be verified and processed after this.
    11. Once your profile has been set up, you can use your email ID and password to log in to your profile.
    12. Once you are logged in, you can on the ‘Borrowers Listing’ option from the main menu.
    13. You will be redirected to a new page wherein you will be able to see the list of all the applicants whose personal applications have been approved.
    14. In the table, you can go to the last column and fund the loan according to your convenience.
    15. Once you have filled up the field with the desired amount, click on the ‘INVEST NOW’ button to proceed with the payment.

    How does the borrowing process work for OMLP2P Personal Loans?

    1. The applicant will be required to register on the OMLP2P website using his or her email ID and mobile phone number.
    2. Next, the applicant will have to sign up as a borrower.
    3. The scanned copies of the necessary documents will have to be submitted along with other personal details.
    4. Once the documents and details are verified, the credit assessment and listing will be approved.
    5. After the individual is listed on the borrower’s listing, the lenders will commit to the loan.
    6. Once the loan amount is pledged, the documentation and loan agreement will be signed.
    7. After the completion of the documentation process, the funds will be disbursed and transferred to the bank account of the borrower.
    8. Eventually, the borrower will be paying off the EMIs.
    9. After the loan is completely paid off, the borrower will be provided with a Loan Closure Certificate.

    Fees and Charges applicable to OMLP2P Personal Loans

    Fees For Borrowers For Lenders
    Registration fee Rs.200 -
    Disbursement processing fee -
    • For investment of less than Rs.5,000 – 1.5% on the committed investment
    • For investment of Rs.5,000 and more – 1% on the committed investment
    Processing fee From 1% to 10% of the loan amount, subject to a minimum of Rs.2,000 for salaried individuals and Rs.2,500 for self-employed individuals. -
    Charges for changing bank account details Rs.1,000 Rs.1,000
    Charges for changing email ID and/or contact number Rs.100 Rs.100
    Charges for changing the date of EMI payment Rs.500 -
    Charges for cheque bounce Rs.250 per instance -
    Charges for backing out after committing to a loan - Rs.2,000

    FAQs

    1. I am a student. Can I apply for a personal loan through OMLP2P?
    2. Ideally, students are not eligible to avail a personal loan through OMLP2P. However, if you are an employed individual who is looking for a personal loan for higher education, you can apply through OMLP2P.

    3. I have recorded defaults on previous loan payments. Can I still avail a personal loan through OMLP2P?
    4. Yes, you can apply for a personal loan even with the recorded defaults. However, the defaults will have a negative impact on your credit rating which might affect the effective interest rate and processing fee for the loan in an adverse manner.

    5. Can I sign up as an investor and a borrower at the same time?
    6. No, you can sign up only as an investor or a borrower at a given point in time.

    7. Can I avail a personal loan through OMLP2P without having a credit history?
    8. Yes, you can avail a personal loan through OMLP2P without having a credit history. OMLP2P uses its own credit rating system to ascertain the creditworthiness of the applicants.

    9. Is the whole application process online?
    10. The majority of the application process is done online. However, there will be physical verification which is part of the KYC process. This process is usually taken care of by a third-party who is assigned by OMLP2P.

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