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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.
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
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
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
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
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
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
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:
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.
Borrowers will be evaluated on the basis of their income, expenses, and location at the time of registration.
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.
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.
Lender | 1.5% of the transaction value |
Borrower | 2.5% of the transaction value |
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.
Condition | Risk Factor |
DTI less than or equal to 50% | Low Risk |
DTI greater than 50% but less than or equal to 65% | Medium Risk |
DTI greater than 65% | High Risk |
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.
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.
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.
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.
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.
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.
Yes, every user of the OxyLoans platform can be a lender and a borrower. There are also ample investment opportunities on the website.
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.
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.
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