Borrowers FAQs

IndiaMoneyMart (IMM) is a Peer to Peer (P2P) lending marketplace on the internet. It brings together people who need money & people who have surplus money and facilitates a loan agreement between them.

Reserve Bank of India (RBI) has issued guidelines, on 4th of October 2017, categorizing the entities engaged in P2P lending as NBFC-P2P companies. Subsequent to the issuance of RBI guidelines IMM has applied for an NBFC-P2P License.

We are an easy, convenient and hassle free e-lending platform and every member on our site are authentic and verified.

No, IndiaMoneyMart is not a financial institution. It is an online financial marketplace that brings together Borrowers and Lenders to enable a transaction between them on mutually agreed terms. Borrowers get loans directly from Lenders in this marketplace through a completely digital platform.

This is how we work:

Borrowers interested in getting a loan would first complete a simple registration process by filling up an online application on its website The borrowers would then be required to upload the documents required for KYC and credit assessment. The borrowers can also do this process on the company’s mobile app.

Next, we use our online data accessing technology to quickly determine the credit rating and risk factors of our applicants before enlisting them on our lending site. Approved Borrowers receive loan offers from the registered Lenders within few days depending on the credit profile of the borrower. After which they can evaluate the loan offers by themselves and reject/accept the offers received from the lenders through the website/mobile APP.

As our entire process is conducted online using cutting edge information technology, this lowers both ours and our Lender’s establishment costs. These savings are passed on to our registered borrowers who can then borrow money at a lower rate of interest and yet providing substantial returns for our Lenders.

Lenders can search listings of the live borrowers on IMM platform, review their profiles and send loan proposals to specific borrowers.

Once borrower accepts the loan offer from the lenders and the committed amount matches the requested loan amount, agreements are generated automatically, borrower is then expected to sign the agreement and send the post dated checks/NACH forms to IMM/Lender. On receipt of all the documents, the lender transfers the money to the borrower through IMM Escrow account.

The loan transaction is considered locked when the Borrowers receive the money from the Lenders in their account.

EMI amounts are withdrawn on the respective due date and transferred to lender through Escrow accounts under strict guidance of trustees.

IndiaMoneyMart’s business transactions and its business model work on a Peer-to-Peer (P2P) concept. This means that the interest rates and the tenure of the loans on this lending platform are determined mutually by the Lenders and the Borrowers, and not by IMM. Unlike Banks, IMM only charges a processing and transaction fee for its support to the registered members and doesn’t make any money on the proposed interest rates negotiated by the lenders with the Borrowers. Furthermore, due to the online nature of the IMM platform, infrastructure costs and overheads are minimized, which lowers both ours’ and our Lenders’ operational costs, which get passed on to the Borrowers.

No, IMM will never share their client information with any third party organizations or individuals other than for official and credential verification purposes. Only information necessary for making informed lending/borrowing decisions is shared between the Borrowers and the Lenders on this platform.

Please refer to our Privacy and Security Policy for more details.

IndiaMoneyMart charges a minimal fee for all services rendered to Borrowers on this platform. Upon registration, Borrowers MUST pay a, NON-REFUNDABLE, registration fee of INR 500 + GST i.e. INR 590 and on final acceptance of loan by the borrower, transaction fee is payable on the disbursed amount as under:

Loan TenureTransaction Fees Payable(%) of disbursed amount. Plus GST as applicable.
Up to 12 Months3%
12-24 months4%
24-36 months5%

In addition borrowers must pay processing and handling charges of INR 300 plus GST prior to disbursement.

Anything between INR 25,000 to INR 10,00,000 (Rupees Ten Lacs). In near future we will also have a "Mini Loan" product which will have a fixed interest rate and a fixed tenure.

In the event of closure of IndiaMoneyMart, all loans that have originated through us still holds good until full and final payment is made by the Borrowers. This is because all loan agreements entered through IMM are signed directly between the Lenders and the Borrowers and have legal standing irrespective of IndiaMoneyMart’s functioning in the e-lending industry. IMM has a business continuity plan in place in case of any such eventuality.

IndiaMoneyMart is headquartered in Mumbai, India and has a pan-India presence. Lenders and Borrowers can be from anywhere within India.

Right now, you can borrow from a minimum of 3 and a maximum of 36 months.

Yes, and there is no prepayment penalty with us- while on the other hand, Banks charge 2-4% for an early repayment.

This may have happened if any deficiency is found in the data and/or documents received from the Borrower.

Interest rates depend on the credentials of the Borrowers and the ongoing demand of the Lenders in the IMM marketplace. Interest rates shall vary in-between 12% - 36% per Annum on reducing balance basis. It can only be finalized once the concerned Borrower and Lender agrees mutually on a particular loan and rate based on their convenience.

You may not be able to avail a loan if there are no Lenders making offers to you; based on your personal and financial information, risk profile and desired interest rates posted on your profile. While IMM makes all efforts to list the borrower’s profile based on the credit and financial profile of the borrower, the listing does not guarantee that the borrower will be funded. The decision to fund a borrower is entirely on discretion of lender(s) registered on the IMM platform.

IndiaMoneyMart conducts a strict verification process of the data and documents provided by the Borrowers. In addition, we appraise each request to ensure that the credit worthiness of Borrowers meets with the market standards. Additionally, IMM can get credit score from the credit information agencies based on the consent from the borrowers. Finally IMM has its own credit scoring methodology. .

In case an EMI is not paid by the due date, additional penal interest as per the agreement between the Lender and Borrower shall be charged to the Borrower on the amount due, and for the time period lapsed after the due date. Additionally, the Borrower will also be charged a collection fee of Rs. 500.

In the worst case scenario, IndiaMoneyMart initiates the legal proceedings (on behalf of the lenders) and follow up for collection of dues through collection agencies, empanelled by Banks and other financial institutions. As required by the RBI guidelines issued for NBFC-P2P, the details of defaults and delays will be shared with Credit Information Companies (CICs) like CIBIL, CRIF- Highmark, Experian and Fairfax.

Legal expenses incurred for recovery of dues, if any, would be borne by the respective borrower.

Repayments are done over Equated Monthly Instalments (EMIs) and are calculated using the "Reducing Balance Method".

Your instalment per month will remain the same throughout the tenure of your loan.

Once your listing has been approved by IndiaMoneyMart, your entire profile can be viewed by all registered Lenders, whose criteria for the desired Borrowers meet your details. Your financial information is shown to the matching Lenders by default, as this helps you to get a loan faster on our e-lending platform.

As we do not show anyone’s address or contact details, on your profile, it would thus not be visible to any general visitors on our website/App.

For more information, please view our Privacy Policy.

IMM will approve of your listing, only if you meet with our credit and verification standards. You can also work on improving your credit history by repaying your existing debt and making future payments to your creditors on time.

No, everything is transparently explained on our website. We pride ourselves in the transparency of our system.

Yes! And that too, without any penalties.

IndiaMoneyMart does not provide you with your credit score. Either you may contact credit rating agencies directly or IMM can approach them on your behalf to get your credit score based on your consent.

No, you cannot change the loan amount once the loan request has been made live. For any such request please write an email to giving reasons and the credit team will look into it and take appropriate action.

Please write to your previous Bank details and the new one that should replace the old one. A charge of INR 500 plus GST will be applied to your account for facilitating this change.

Yes, if at any stage the information furnished by you or the verification(s) initiated by us are found to be incomplete, fraudulent or unverifiable, then the loan request can be terminated. However, processing and registration fees will not be refunded under such circumstances.

No, you can be either a Lender or a Borrower on our e-lending platform. You can become a lender once you repay the loan borrower on IMM platform.

Please write to cancellation of your registration as a Borrower. Loan cancellation can only happen prior to disbursal of the funds. Registration fees are non-refundable.

Any borrower listed on the IMM platform has the option to avail disbursement of loan once his/her requirement is fulfilled to the extent of minimum 70% of approved loan amount. Once lenders express interest to fund 70% of the loan requirement, borrower has the option to either go for disbursement or wait for getting 100% funded.

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