loanbaba.com has a very strict policy regarding security checks. We aim to provide everyone full guarantee about who they are dealing with.
loanbaba.com has a very strict policy regarding security checks. We aim to provide everyone full guarantee about who they are dealing with. Verification of the peer’s background also increases authentic transactions and ensures that this P2P platform is not misused. It also guarantees that all lenders and borrowers are operating within the statutory laws of India.
The borrowers at loanbaba.com P2P platform go through extensive security checks. Details about their educational, professional and financial background along with credit risk status are available on their profile for the lenders benefit. However, even with all this information, there is some risk involved as loanbaba.com cannot guarantee zero defaults or high returns. However, lenders can seek legal help if necessary. It is advisable to read the terms and conditions thoroughly before lending. Our customer service executives are also available at all times to guide you and resolve your queries.
Additionally, the date of the EMI paid by the borrowers is mutually decided by the lenders and borrowers. Usually, it is the date on which the borrowers receive salary/ get paid. Borrowers are required to give post-dated EMI cheques to the lenders at the time of signing the loan agreement. Only then the loan amount is disbursed to their account. The PDCs can take up to 2-3 days to process and for the lender to receive the EMI payment. Such delays do not attract penalties to borrowers.
In case a Borrower defaults in paying the EMI on time, there will be penal interest of Rs. 200 per day.
We understand that there are risks involved even when all the borrower profiles are verified and lender safety policies are in place. In case of consistent defaulting, loanbaba.com will send a legal notice to the borrower to restart the payments. In absence of any action from the borrower, our collection agency will follow-up with them to collect the missed payment. To avoid risks, lenders are advised to lend to a number of borrowers.