To register, click on the ‘Sign-Up’ option. Enter the information required and pay the registration fee.
To register, click on the ‘Sign-Up’ option. Enter the information required and pay the registration fee. You will also need to upload few documents, which will be verified by us in 24 to 48 hours. Once the verification process is complete, you will be notified of your successful registration and you can begin lending.
In the P2P model, the peers are business entities themselves, who interact with other peers directly. At loanbaba.com, the borrowers and the lenders are the peers. In order to connect, they need to register on the loanbaba.com P2P portal.
The registration fee is Rs. 1000/- for a Borrower and Rs. 500/- for a Lender. It is currently, waived off.
The borrowers and the lenders, each, have to pay the origination fee. The origination fee is a nominal percentage of the amount borrowed by the borrower and the amount lent by the lender. Both peers are required to pay the Origination Fee in the event of successful transaction between the peers.
A borrower is required to pay 2% of the amount borrowed.
A lender is required to pay 1% of the amount lent.
Once the lenders have logged in, they can identify potential borrowers. Once identified, they can strike a deal with each other. Lenders disburse loans after the borrowers have signed the official loan agreement and provided the lender with post dated cheques for EMI payment. On successful loan disbursals, both, the borrowers and lenders pay a commission to loanbaba.com, post which there is no further intervention from loanbaba.com. The lenders and borrowers decide on the EMI date. If a borrower defaults, they pay the penalty directly to the lender.