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Thought I’d give the August Book Giveaway an interesting twist.
The write-up below explains the rationale behind i-lend.in, a portal that facilitates P2P investments and borrowings. This write-up was provided to me by the team who own and run i-lend.in. I felt that you, as an astute reader of Capital Advisor, could share your thoughts, critique, or experiences on the concept of peer-to-peer lending and borrowing thereby helping i-lend.in to improve their service.
The best feedback/comment to this write-up wins a copy of the book “The $100 Startup: Fire Your Boss, Do What You Love And Work Better To Live More.”
Full Disclosure — I have no business or personal relationship with i-lend.in. This contest is sponsored by me and is only meant to gauge what you as a potential investor or borrower think of such a service.
That said, I’ll hand over this post to the i-Lend team…
P2P Investments/Borrowings — New Asset Class for Investors, Low Cost Personal Loans for Borrowers.
P2P means peer-to-peer. i-lend facilitates P2P investments and borrowings. i-lend’s portal combines traditional lending practices with social networking to create the platform where borrowers and investors transact. Borrowers benefit from lower rates and lenders get higher returns with optimized risk.
Borrower Process –
Key benefits to borrowers –
- Lower rates of interest.
- Flexible loan amounts. Banks impose lower limits on amounts of personal loans.
- No pre payment penalties which lets the borrower close a loan quickly.
Borrowers can borrow from Rs 25,000 up to Rs 3,00,000 for tenures from 6-months to 36-months. Stringent verification of borrower is undertaken by i-lend. i-lend verifies the residence and office addresses, income proof, and bank statements. In addition, i-lend also checks the references that the borrower provides.
After the verification, the borrower is allowed to put up a loan request. The loan request allows the borrower to describe the purpose of the loan, his background, provide a reasoning as to why he is a worthy borrower. The borrower is encouraged to support the request with both images and videos. After completing the request, the borrower can browse the investor listings and approach the investors and request for a loan.
Similarly, the investors can also approach the borrowers. The investors can ask additional questions to the borrower.
Investor Process –
Key benefits to investors –
- Higher returns when compared to fixed deposits etc.
- Possibly lower risk compared to equity & equity-related instruments.
A similar but a lot simpler verification is undertaken of the investor by i-lend. Post this, the investor is allowed to list an investor profile and approach borrowers listed on the site. Investors can invest as low as Rs 5,000 and up to a maximum of Rs 3,00,000. The minimum rate of interest is 12%.
i-lend.in is owned by Dipamkara Web Ventures Pvt. Ltd. Dipamkara is founded by experienced technocrats with a combined experience of more than 40 years and is based out of Hyderabad. Investors and Borrowers can understand more about our process by reading our Frequently Asked Questions at http://www.i-lend.in/faq.html.
The i-lend team was kind enough to provide an offline version of their FAQ. Click here to download the PDF-version of the i-lend.in FAQ.
So, what’s your opinion about the i-lend P2P Service?
You’re welcome to share your thoughts, critique, or experiences on the concept of peer-to-peer lending and borrowing. The best feedback/comment to this write-up wins a copy of the book “The $100 Startup: Fire Your Boss, Do What You Love And Work Better To Live More”.
Remember, the more detailed and thoughtful your comment is the higher are your chances at winning this giveaway. And as always, don’t forget to type-in your email address with your entry.
Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.