Easy Online Registration
Before you can start investing or borrowing through our platform, you will need to register online.
Both lenders and borrowers need to provide their basic information for signing up with us. The registration process takes less than 5 minutes post which you can start experiencing the ease of online lending/borrowing.
We will also require your standard KYC documents for verifying your identity. For example, income proof, identity proof and address proof.
Once a Borrower's profile is complete and approved by us, they will be able to apply for a loan online. The loan application form is very simple and allows the Borrower to choose the Amount, Interest Rate and Duration of the loan.
Our credit team carefully analyze the loan applications for determining the credit-worthiness of the borrower based on the financials provided by them.
The loan application will go live on our website where lenders can place their bids on the loan at an Amount and Interest of their choice.
Bidding by Lenders
Lenders can bid on the loans online at an Interest Rate and Amount of their choice not exceeding the Interest Rate mentioned by the Borrower. Lenders can invest as little as Rs. 5,000 and as much as Rs. 70,00,000 on a single loan.
Multiple Lenders can easily fund the same loan. The bidding takes place in a Reverse Auction Manner where in the bids with the lowest Interest Rates supersede others.
Once a Borrower accepts the available Bids on their loan. We initiate the documentation and funding process.
Documentation and Funding
The documentation process involves the signing of a loan agreement by all the parties involved, namely the Lenders, the Borrower, the Guarantor and Rupaiya Exchange.
Upon the completion of this process, all the Lenders transfer the promised funds to the Borrower. The loan repayments start from the next month.
Once the Borrower pays all the due repayments towards all the Lenders involved with the loan, the loan is said to be successfully closed. And the Borrower can apply for another loan.