General FAQ
It is a business of providing services of Loan facilitation to willing lenders and borrowers
through online platform. The NBFC-P2P (IFPL) acts as an intermediary providing the
services of loan facilitation via online medium, or otherwise to the participants; “Participant” means a person who has entered into an arrangement with an IFPL to lend on it or to avail of loan facilitation services provided by it; a participant could mean a Borrower, Lender , Trustee, Platform or Escrow Bank.
P2P (peer to peer) investments enable you to lend directly to eligible borrowers,
cutting out the middleman, like banks or traditional NBFCs. NBFC-P2Ps like
IFPL would provide a marketplace where eligible borrowers and willing
lenders can transact.
IMFAST Finfotech has applied for RBI licensed NBFC-P2P marketplace platform (known as P2PL) where registered decide to lend to pre-verified creditworthy borrowers,
short to medium term unsecured loans. A borrower can get loan for a maximum
period of 36 months and a maximum amount of ₹ 10 lacs. A lender can lend ₹
50,000 max to a borrower and not more than 20% of the requested amount. A
lender can only invest a maximum of ₹ 50 lacs across the all NBFC-P2Ps. The
planform makes sure that a borrower does not know identity of lenders. All
operations are transparent to borrowers and lenders, no surprises or unfolding of
terms one after another.
IMFAST FINFOTECH PRIVATE LIMITED, an NBFC-P2P (under application to RBI) with, registered office at No. 5 3F, Katha No. 10/5, Yashodhanagar, Bellary Road, Bangalore – 5600641, https://dlp.imfast.in Company CIN U72200KA2020PTC131606.
Any Indian above 18 years (resident or non-resident) or company with a valid PAN Card and Indian bank account can invest with P2PL.
IMFAST Finfotech is registered with RBI as an NBFC-P2P, and as per RBI regulations, all the funds deposited by lenders are kept in our escrow account before they are disbursed to borrowers and managed by a Bank authorised external Trustee. The repayment from borrowers also kept in an escrow account and credited to the lenders account according to the distribution as per the RBI guidelines.
Participants - Borrower, Lenders, (Trustee, Platform,. Escrow Bank, Partners)
“Participant” means a person who has entered into an arrangement with IFPL to lend on its P2PL platform or to avail of loan facilitation services provided by it.
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Lenders & Borrower FAQ
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P2PL uses a robust credit assessment process to evaluate a borrower which is presented to the investors. Borrowers are categorised in different risk categories based on interest rate and risk associated with the loan. We follow a thorough and diversification approach in order to reduce the risk of capital erosion for the lenders.
P2PL lenders provide loans to borrowers at an interest rate that is based upon the credit rating of the borrower and amount involved. The interest rates could vary from 10% - 30% depending upon the risk rating and the loan product. A lender can spread his/her investments across the portfolio of type of loans and category of loans.
A borrower can borrow up ₹ 10 lakh across all NBFC-P2P platforms.
At P2PL a borrower can avail a loan for a maximum amount as specified for individual loan products, under which the borrower is raising the loan request.
Yes. If lenders and P2PL agree to initiate legal action against the defaulting borrower fro a loan, the platform facilitates the legal action. The applicable charges are distributed amongst the lenders in the proportion of their investments in that loan.
It is a genuine risk for lenders. Although, a strong credit mechanism to approve a loan applications in auto investment mode of lenders are applied, default may still happen. The experienced Collection and Recovery team are used to follow up defaulters (collect the loan repayment). P2PL platform facilitates legal proceedings against borrowers on behalf of lenders if required. The lenders are advised to diversify their portfolio of lending to de-risk their investments.
P2PL platform does not guarantee return of invested funds by the borrower.
All the repayments come to collection “Escrow account” in the bank managed by a bank’s Trustee firm, which are credited to respective lenders in the proportion invested automatically within a day. Suppose a borrower paid ₹ 1000/- EMI and there were 5 investors for this borrower, wallets of these 5 investors will be credited by amounts proportionate to their investments ( if investor one had invested 2%, that investor will get 2% of the repayment, another investor/lender has put 7%, it will be in that proportion of the repayment, and so on). Once the amount is credited to the lender wallet, the lender is free to reinvest that amount or withdraw it form the platform
Safety & Security FAQ
Yes, P2PL platform has taken extensive measures and has implemented sound encryption algorithms to ensure that the personal and financial information of lenders and borrowers is safe and protected from unauthorised access. Without your consent, data will not be shared with anyone.
You can simply write to support info@imfast.in to close your account. The financial information required by law will be preserved for certain number of years as per the Law.
Business continuity plan ensures that all existing agreements between borrowers and lenders will remain active in the same way as before. If any repayment is received in the collection escrow account, it will be credited to respective lenders of that loan by the Trustee of the Escrow Account. All funds of the lenders are kept in the Escrow Account under a trustee (trustee is a registered external party often floated by a bank, for operating the account as per the agreements between a borrower and lenders). The RBI guidelines provide maintenance of ratios and safeguard of lenders money. P2PL follows the same.
The Loan marketplace on P2PL platform operates in 2 modes:
- Manual mode, wherein the platform presents a loan listed on the marketplace to those lenders whose preferences match the specific loan. Lenders are also advised on various borrower attributes such as - credit rating by the platform, KYC, credit history, amount required, interest rate, EMI, repayment period and repayment frequency. Based on these attributes, the lender decides what amount to invest or not to invest in the loan; and
- Auto-investment mode, where the P2PL platform makes the decision based on the specified auto-investment preference of the lender (type of borrower, risk tolerance, risk rating, minimum and maximum amounts, …), to invest appropriate amount on behalf of the lender.
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