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Borrow money online with peer to peer lending, a clever new way to get unsecured personal loans from your peers. Apply Now!
Lendbox is a Peer-to-Peer lending platform, which gets creditworthy borrowers and willing investors together to transact on short to medium term personal unsecured loans.
Lendbox goes beyond conventional forms of risk analysis of the borrower in order to serve a broader user base. Banks typically look at CIBIL or other credit bureau scores to make loan decisions. Lendbox takes into account 1000s of data points to assess the creditworthiness of the borrower such as net salary, expenditure trends, locality of stay, educational qualification, utility and mobile bills, asset holding, Investments, Credit card bills and online spending behavior etc. This approach ensures that individuals with a less favourable CIBIL score are also likely to get a loan through our platform if they are credit worthy as our proprietary machine learning algorithm generates a more holistic credit profile of the borrower.
Lendbox offers borrowers with the convenience to getting loans while sitting at home without having to visit a bank numerous times to sign papers and other formalities
We ensure that the process is completely transparent with no hidden charges levied on the borrower
Lendbox offers a streamlined and efficient approach to personal finance making the process a very pleasant experience for the borrowers
We also offer borrowers a chance to send and receive proposals from prospective investors to ensure that both parties reach a mutually beneficial arrangement.
Frequently Asked Questions
What is Lendbox?
Lendbox is a P2P Lending marketplace for people with idle cash in their accounts and people with financial needs. It enables a loan between these borrowers and investors.
Is Lendbox regulated?
Lendbox is an RBI certified NBFC-P2P lending platform and operates adhering to RBI's guidelines for peer to peer lending.
How much can I borrow?
You can borrow between Rs. 5000 and Rs. 5,00,000
Over what time frame can I borrow?
You can borrow minimum for 6 months and maximum for 36 months.
Can I repay my loan early if I like?
Yes, and there is no prepayment penalty while at the same time, banks charge 2-4%
What rates can I expect to pay?
Interest rates depend on the credentials of Borrowers and the ongoing demand of Investors in the Lendbox marketplace. They can only be finalized once the concerned Borrower and Investor agree mutually on a particular rate.
How does Lendbox check my credit?
Lendbox conducts a strict verification process of the data and documents provided by Borrowers. In addition we appraise each request to ensure the credit worthiness of Borrowers meets with the market standards. However, individual Investor is the ultimate judge.
Why was my listing declined?
This may have happened if the verification process for your application failed.
What happens in case of delayed or non-payment of EMI?
In case the EMI is not paid by the due date, additional penal interest of 2% p.m. will be applied to the amount due for the duration of delay which Borrowers will be liable to pay their Investor(s) + collection charges of Rs. 500 will be charged to the Borrower by Lendbox. In the worst case scenario Lendbox will facilitate the collections through empaneled agencies. These are reputed collection agencies that are empaneled by any bank and financial institutions. This also includes legal process for recovery of funds if required.
I have defaulted on loan payments before, or Banks/Financial Institutions have rejected my loan application. Can I borrow on Lendbox?
No, unfortunately Lendbox will not approve of your listing if you do not meet with our credit and verification standards. However, you can work on improving your credit history by repaying your debt back and making future payments to your creditors on time and then try again once, your credit is good enough.
How are repayments calculated?
Repayments are equated monthly installments calculated using the reducing balance method. Your installment per month will remain the same throughout the tenure of your loan. The first installment may be different depending on the date of disbursal.
What information can be viewed about me?
Once your listing has been approved by Lendbox, your entire public profile can be viewed by all registered Investors. However, we plan not to share private information but would like to verify them on the behalf of Investors. Your financial information is shown to the Investor by default as this helps you get a loan faster. However, you have the option to block this information. You can interact with investors over messages. Financial information on your profile will not be visible to general visitors.
Are there any hidden charges?
No. Everything is transparently explained on the website and you will receive the Statement of Account that will show the details. We pride ourselves on our system's transparency.
Can I make one-off payments?
Yes, with no penalty.
Can I change the amount I want to borrow after applying?
No, as the rate and the amount was agreed in the Lendbox marketplace. To increase the loan amount, you can create a fresh loan request for the difference
Can my loan request be terminated or reviewed at any stage?
Yes, if at any stage the information furnished by you or the verifcation(s) initiated by us are found to be incomplete, fraudulent or unverifiable then funding request is terminated and consequently, the invest button on the profile would be de-activated. The registration amount excluding the listing fee would be returned accordingly.
What happens if Lendbox closes?
In the event of Lendbox closing, all loans that have originated through Lendbox still hold good. This is because; the agreements are still legal and are signed directly between the borrowers and investors. Our backend team will continue to collect the money from the borrowers and give it to the investors. Legal action is possible against borrower defaults.
How do I cancel my loan application?
Please write to [email protected] requesting cancellation of your registration as Borrower. Loan cancellation can only happen prior to disbursal of funds.
How do I change my bank details or set up a new direct debit?
Please write to [email protected] stating your old bank details and the new ones that should replace the old details. Swapping charges of Rs. 500 per swap will be applied to your account.
How to create effective listing?
Please share all the relevant and authentic information. If any information is missed or entered incorrectly it may lead to lower ranking for the borrower.
Can I be both, a Investor and a Borrower?
No. At this time, you can be either Investor or Borrower. Lendbox is working on the operational feasibility of such a scenario.
Why is Lendbox asking me to link my bank account?
Lendbox verifies the financial documents submitted by the borrower(s) which is considerably time consuming and thereby delays the borrower's request being listed live on the marketplace for funding. An automated aggregation of bank feeds from an extensive range of financial institutions enables us to serve you better and help in getting you funded faster. We have partnered with the world leader in bank feed aggregator, Yodlee. Yodlee currently serves Over 40 million consumers worldwide, 600 global financial institutions, and 8 of the top 10 U.S. banks in addition to top Indian banks to deliver bank feed aggregation.
How does Lendbox facilitate my loan and repayment?
Lendbox facilitates secure transfer of funds electronically through an integrated payment system between Investors and Borrowers.
Is my account linkage secure?
Your account credentials are strongly protected with stringent security measures, regular security and compliance measures. Our partner, Yodlee undergoes examinations by U.S. Banking regulators including the Federal Financial Institutions Council and the Office of the Controller of the Currency. They are certified as a Payment Cards Industry (PCI) Level 1 Service Provider and have EU Privacy Safe Harbor certification. For what it is worth, we believe that Yodlee's Bank Aggregation service is a safe and convenient way to access your bank transactions, which is why we've chosen them as our partner. Ultimately though, it is your call. We advocate complete freedom to our users to make their decisions.
Should I share my bank's credentials?
This is an important concern, as some people may feel that using this service may be in violation of the Terms and Conditions of some banks against revealing their username and password but Lendbox cannot read, leave alone store any of your bank information. However, each bank will have its own stance stances on the use of bank aggregation, so you should make an informed decision about whether bank feeds are right for you.
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