OxyLoans-Peer-to-Peer Lending

The trade name of OxyLoans is M/S SRS FINTECHLABS PVT. LTD. It is an RBI-registered NBFC P2P. OxyLoans provides a platform for Peer-to-Peer Lending (P2PL) and Peer-to-Peer Investing (P2PI).

The personal loan amount borrowed can vary between Rs.5,000 and Rs.10 lakh. The loan tenure ranges from 1 month to 48 months. The minimum interest rate is 1% per month, while the maximum can be 4% per month.

Types of Loans Offered by OxyLoans

1. Personal Loans – These are loans taken for fulfilling the varied personal needs of borrowers.

Interest Rate	1% per month to 4% per month
Loan Amount	Rs.5,000 to Rs.2 lakh*
Loan Tenure	1 month to 48 months

* If a collateral is pledged, the borrower can ask for up to 65% of the collateral value

2. SME Loans – These loans can be availed by small and medium companies that are engaged in the industries of food processing, IT, energy, food supply, construction, electrical and electronics, tourism, entertainment, real estate, etc. This includes partnership firms, proprietary firms, public and private limited companies, and other such companies under the legal framework. These loans can be used to buy/upgrade equipment or infrastructure of the business. The cost of expanding to new locations can also be covered under this loan.

Interest Rate	1% per month to 4% per month
Loan Amount	Rs.50,000 to Rs.15 lakh
Loan Tenure	3 months to 48 months

* If a collateral is pledged, the borrower can ask for up to 65% of the collateral value

3. International Business ExpansionLoans – These are loans taken by Indian companies for expansion into international markets. Partnership firms, proprietary firms, public and private limited companies, and other such companies under the legal framework can avail these loans.

Interest Rate	1% per month to 4% per month
Loan Amount	Rs.5 lakh to Rs.20 lakh*
Loan Tenure	18 months to 48 months

* If a collateral is pledged, the borrower can ask for up to 65% of the collateral value

4. Travel Loans – These loans are taken for travel within India and outside. A travel loan can be taken for adventurous tours, religious travel, and educative tours.

Interest Rate	1% per month to 4% per month
Loan Amount	Rs.5,000 to Rs.2 lakh*
Loan Tenure	1 month to 48 months

* If a collateral is pledged, the borrower can ask for up to 65% of the collateral value

5. Motor Loans – These loans are taken for buying two-wheelers, three-wheelers, four-wheelers, or any type of commercial vehicles.

Interest Rate	1% per month to 4% per month
Loan Amount	Rs.50,000 to Rs.2 lakh*
Loan Tenure	1 month to 48 months

* If a collateral is pledged, the borrower can ask for up to 65% of the collateral value

6. Technology Loans – These loans are usually taken for building software applications; hence referred to as technology loans. The loans usually cover the cost of the product and its implementation. If a business is looking to add digital marketing services for added revenue, technology loans can be taken.

Interest Rate	1% per month to 4% per month
Loan Amount	Rs.50,000 to Rs.15 lakh*
Loan Tenure	3 months to 48 months

* If a collateral is pledged, the borrower can ask for up to 65% of the collateral value

How Lending Works on OxyLoans

The OxyLoans platform enables lenders exchange funds directly with borrowers. Borrowers can get in touch with lenders through the platform and negotiate on interest rates and loan tenure.

Listed below are the steps involved in getting a loan through the OxyLoans platform:

1. The borrower submits a loan application on the OxyLoans platform.
2. The lender sends the quotes.
3. The borrower selects the quote that is suitable for him/her.
4. The lender and borrower sign the loan agreement and update it on the platform.
5. The OxyLoans platform validates the documents submitted and confirms the lender-borrower pair.
6. The lender provides the funds to the borrower.
7. The borrower starts paying the EMIs. Once all EMIs are successfully paid, the loan is closed.
8. If the EMIs are not paid in a timely manner, recovery agencies can be employed by the lender.
9. If there is a failure in recovery of funds, a legal action may be initiated.

Points to be Noted by a Borrower

The main advantage of being a borrower on the OxyLoans platform is that it offers reasonable interest rates and loans are disbursed in a hassle-free manner. The funds are credited to the borrower’s account in just a few days.

Eligibility Conditions to be a Borrower:

• He/she should be a citizen of India.
• He/she should register on the OxyLoans website with accurate information.
• He/she should be in possession of a valid bank account in India and an ID proof.

Borrowers will be evaluated on the basis of their income, expenses, and location at the time of registration.

Points to be Noted by a Lender

Lenders on OxyLoans can earn high returns from their investments. However, it is advisable to invest in multiple customers across different risk classes, thereby diversifying the risk. Lenders can choose their preferred borrowers and quote an interest rate they require on the loan amount.

Eligibility Conditions to be a Lender:

• He/she should be an Indian citizen.
• He/she should be more than 21 years of age
• He/she should have a valid bank account
• He/she should have a government-recognised ID proof and address proof
• He/she should be in possession of a valid PAN Card

The applicant is required to submit his/her Passport/Voter ID/Driving License/Aadhaar Card and bank statements for the last 6 months to validate the eligibility.

Fees and Charges

How is the Creditworthiness of a Borrower Determined by OxyLoans?

A borrower’s creditworthiness is measured on the basis of the Debt to Income Ratio (DIR). It is calculated using the formula below:

DIR = (Total EMIs/Salary) * 100

If the DTI is less than or equal to 65%, the credit report will be checked to verify the credit score of the borrower.

The details in the table above, when combined with the credit score of the borrower (obtained from Experian), determines his/her creditworthiness. This is directly aligned to a credit grade and an interest rate. Once the credit grade has been established, the borrower will be informed about the interest rate. He/she can choose to accept or reject the quote. In some cases, the platform offers an alternate interest rate if the borrower rejects the original quote.

Social validation:

Apart from assessing the credit history of a borrower, OxyLoans will also perform social validation of his/her profile. The social network of the borrower is evaluated through his/her social media accounts. If a borrower is associated with a stronger social network, the platform considers him/her to be of lower risk for loan default. This also implies that he/she will be offered a lower interest rate.

FAQs on OxyLoans

1. How secure is my money on this platform?

The OxyLoans platform is completely safe. If you are a lender you should ideally view the borrower’s social media profile and have a chat with him/her. You can also view the credit score of the borrower on the OxyLoans platform and initiate the lending process when you are completely convinced.

2. What happens if the borrower goes missing after paying a few EMIs?

In the case of an EMI payment default, OxyLoans will publish the non-payment details on the borrower’s social media accounts. The borrower’s rating will also be degraded on the platform. His/her account may be blocked for 3 delayed payments.

Subsequently, if the amount is not recoverable, OxyLoans will buy back the loan application for 50% of the principal amount. So, as far as the lender is concerned, 50% of the loan amount is always safe.

3. How are funds transferred between the lender and the borrower?

When the agreement is signed, the lender will have access to the bank account details of the borrower. The transfer of the loan amount is directly between the bank accounts of the lender and the borrower.

4. Are there any prepayment fees on the OxyLoans platform?

Prepayment penalties will be agreed upon by the lender and the borrower at the time of the initial discussion. This is not governed by the OxyLoans platform. So, based on the lending model agreed upon by the lender and the borrower, there may be a prepayment penalty.

5. Can I be both a borrower and a lender on OxyLoans?

Yes, every user of the OxyLoans platform can be a lender and a borrower. There are also ample investment opportunities on the website.

6. What happens if I cannot find a lender on OxyLoans?

In case a borrower is unable to get a lender, he/she can request OxyLoans for help. The company will review the application and offer special services based on the creditworthiness of the borrower.

7. I have applied for a loan on the OxyLoans website. Can I block this application?

All loan applications are active for 30 days. If you do not want your application to be visible to lenders, you can always choose to hide it.