Borrowers FAQ

IndiaMoneyMart is a social /P2P lending marketplace on the internet. It brings together people who need money and people who have idle money and facilitates a loan agreement between them.

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 just an online marketplace that brings together Borrowers and Lenders to enable a transaction between them at their own terms. Individual Borrowers get loans from individual Lenders in this marketplace on the internet.

This is how we work:

Borrowers interested in getting a loan complete a simple application on IndiaMoneyMart.

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 in just a few minutes, after which they can evaluate the loan options by themselves and give offers to the Lenders on our website.

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 users who then can borrow money at a lower rate of interest and yet providing substantial returns for our Lenders.

Both Lenders and Borrowers can search listings and send requests to specific individuals on IndiaMoneyMart, based on the information provided by them on our website.

The loan transaction is considered locked when the Borrowers receive the money from the Lenders in their account. All necessary contractual documentations for the loan between the Lenders and the Borrowers are handled by IndiaMoneyMart.

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 us. Unlike Banks, IndiaMoneyMart 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 with the Borrowers. Moreover, 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, we never share your 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 such as the purpose of the loan, employment status and educational background is shared between the Borrowers and the Lenders on this platform.

No contact details such as phone numbers, email or other similar data of the Lenders and the Borrowers are shared through this website.

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 pay us a registration fee of INR1,000 + GST i.e. INR1,180, and on acceptance of loan, transaction fee of 3% + GST (non refundable) if the loan tenure is upto 24 months. If the loan tenure exceeds 24 months then the transaction fee is 4%+ GST of the disbursed amount. 

Anything in-between Rs. 25,000 and Rs. 3,00,000

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.

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 24 months. IndiaMoneyMart is working on making it operationally feasible to let Borrowers borrow for longer periods of time.

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% to 24% per Annum, and can only be finalized once the concerned Borrower and Lender agrees mutually on a particular loan and rate based on their mutual convenience.

You may not be able to avail a loan if there are no Lenders making offers to you; based on your personal information, requested funds and desired interest rates posted on your profile.

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 rating from the credit rating agencies. But that process would be done, only if the Borrower has allowed IMM to do so.

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 will facilitate the collection of dues through collection agencies, empanelled by Banks and other financial institutions. If required, this can also include legal process for recovery of funds from the Borrowers.

Legal expenses, if any, would also be a liability of the 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, all financial information on your profile will not be visible to any general visitors on our website.

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 and you will also receive your “Statement of Accounts” that will show all the relevant details.

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.

No, to increase the loan amount, you can create a fresh loan request for the difference that you want to borrow once again.

Please write to with your previous Bank details and the new one that should replace the old one. A charge of Rs. 500 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.

Please write to requesting cancellation of your registration as a Borrower. Loan cancellation can only happen prior to disbursal of the funds.

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