Lenders FAQs

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 verified. All necessary measures are taken by our team to reduce the risk of bad debts for the Lenders.

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.

Lenders interested in providing a loan and Borrowers interested in procuring one, completes a simple application on IndiaMoneyMart for registration. We then undertake a detailed verification process following KYC (Know Your Customer) norms. Only those applicants who satisfy our verification process are registered as Lenders and Borrowers on our platform.

Approved Lenders receive lending offers in just a few minutes, after which they can evaluate the loan options by themselves and give loan proposals to the registered Borrowers on our website. Once the proposal, including the amount and tenure of the loan and the rate of interest are finalised, the contract is signed between the Lender and the Borrower.

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

As our entire process is conducted online, using cutting edge information technology, this lowers both ours and our Lender’s establishment costs. We pass these savings back to our registered users who then can borrow money at a lower rate of interest, and still provide substantial returns to our Lenders.

Following are the simple Eligibility Criteria to register as a Lender on IndiaMoneyMart:

  • Be a resident of India
  • Be at least 25 years of age
  • Have a valid Bank account in India
  • Have a PAN and AADHAAR card
  • Has a proof of residence (passport/ration card/telephone or electricity bill or any government approved identity document)
  • Do not have interest income exceeding 30% of Gross Income

Currently, we only provide our services for Indian Citizens. Interested individuals have to register with us and we undertake a detailed verification process following the standard KYC (Know Your Customer) norms. Only those applicants who satisfy our verification process will be registered as Lenders with IndiaMoneyMart.

Though the dealing is always directly done between the Lender and the Borrower, IMM takes all necessary safety measures to increase safety of the Lenders. In the rare case of defaults/delays, IMM would closely work with the Lenders for recovering of their funds. Costs, if any, towards recovery of funds will be billed to the account of Lenders and efforts will also be made to recover the same from the Borrowers.

You can lend between Rs. 10,000 to Rs. 3,00,000 for a period ranging from 3 to 48 months.

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, IndiaMoneyMart only charges processing and transaction fees for its support to the registered members and doesn’t make any money on the proposed interest rates to the Borrowers. Moreover, due to the online nature of this platform, infrastructure costs and overheads are minimized, which lowers both our's and our Lender's operational costs, which get passed on to the Borrowers.

In the event of closure of IndiaMoneyMart, all loans that have originated through us still holds good, until full and final payments are made by the Borrowers. This is because, all loan agreements entered through IndiaMoneyMart are signed directly between the Lenders and the Borrowers and have legal standing irrespective of IndiaMoneyMart’s functioning.

IndiaMoneyMart charges a minimal fee for all services rendered to Lenders on this platform. Upon loan closure, Lenders pay us Rs 1, 000 as Processing Fee and 1% of their loaned amount as Transaction Fee.

** GST applicable on all charges.

No, we never share your information with any third party organizations or individuals other than for official verification and credit rating purposes. Only information necessary for making informed lending/borrowing decisions such as the purposes of the loan, employment status and educational background are 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 platform.

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

Returns depend on the need of the Borrowers and the ongoing demand of the Lenders in the IndiaMoneyMart marketplace. They can only be finalized once the concerned Borrowers and Lenders agree mutually on a particular rate.

Hence, returns will vary in-between 12% to 36% per Annum, depending on the chosen Borrower in the transaction.

IndiaMoneyMart is headquartered in Mumbai, India and has a pan-India presence.

Lenders and Borrowers can be from anywhere in India.

IndiaMoneyMart conducts a strict verification process of the data and documents provided by the Lenders. In addition, we appraise each request to ensure that the concerned Lender can afford to give out loans within the boundaries of the statutory laws of India.

We also make sure that the Borrowers do not use our platform to fund any legally prohibited actions, activities or purposes.

Once a loan transaction is locked by the Borrower and the contracts are signed, the money is transferred by the Lender to the Borrower’s bank account within 3-5 working days.

Once a Borrower listing has been approved by IndiaMoneyMart, the profile of the Borrowers, including their financial information, who match the criteria set by you, can be viewed by you, and all other similar registered Lenders on the IMM platform.

You may also contact the Borrowers through the IndiaMoneyMart messaging system.

For further information please view IndiaMoneyMart Privacy Policy.

Repayments are done over equated monthly instalments (EMIs) and are calculated using the “Reducing Balance Method”. The returns on your investments per month will remain the same throughout the tenure of your loans.

In case the EMI is not paid within the due date, additional penal interest as per the terms of the loan agreement will be paid by the Borrower to the Lender on the amount due and for the time period lapsed after the due date.

In the worst case scenario, IndiaMoneyMart will facilitate your collections through collection agencies, empanelled by Banks and other financial institutions. If required, this may also include legal process for recovery of your funds.

Legal expenses, if any, will be billed to the account of the Lender.

Please write to support@indiamoneymart.com. We charge a fee of Rs. 500 for facilitating this change.

This will generally depend on the number of Borrowers in the IndiaMoneyMart marketplace who are willing to borrow from you, based on the criteria you have set, returns you expect and the money you are willing to lend.

IMM is a live marketplace, so we can't be sure how long it will take to lend your money.

It is possible that you may even find a matching Borrower, within a day of your listing on our platform.

Yes, depending on the size of your wallet balance, you can lend to multiple Borrowers. Once you complete the tenure for the committed amount, you may make additional investments by increasing the amount and after paying the processing charges, if any.

We'll provide an annual income statement for you to download from your IMM dashboard. Earnings will be taxable as per the Income Tax rules that apply to you.

As a Lender, your complete listing page is available for all registered users on the IndiaMoneyMart platform.

No, you cannot do this at the moment. However, we are working on the operational feasibility to top-up your lending, using the IndiaMoneyMart platform.

A good Lender listing should clearly mention the minimum investment amount to each Borrower, expected returns, and any other specific purposes you would like to lend in, if any.

This will attract the right Borrowers to your page with loan requests.

Adding your photo also improves the listing’s potential and enhances the Lender’s credibility.

A lender listing is open as long as the committed funds are available in the Lender’s account and if there is any money due from any of the IMM Borrowers. IndiaMoneyMart does not close any Lender’s account unless the Lender has specifically requested for it.

No, you may not necessarily have to go through a verification process once again if you add more funds. However, IndiaMoneyMart may choose to re-verify the Lender’s details at its own discretion.

Lender listing is considered open when it appears in the Lender listings page and Lenders can receive loan requests or make offers to the Borrowers. Lenders can create their listing page as soon as their registration is complete.

The Lender listing is made public immediately. However, for the Lenders to make offers, they must successfully pass their identity verification process.

In such case, you can add more money into your account by clicking "Add Funds" in "My Investments"- once you login to your account.

Yes, before your Lender’s listing expires, you can cancel your listing on our website by sending an email to support@indiamoneymart.com

However, cancelling a listing implies that the Lender is not interested in providing a loan through the IndiaMoneyMart platform and so your account will thereafter get subsequently deactivated, within a period of the next 30 days.

No, you cannot make changes in your listing page once it is open. However, you can change the investment amount by clicking on "Add Funds" under "My Investments", in your account.

Yes, as a Lender, you can update your offer on your Borrower listing. You can change the investment amount as well as the interest rate. Once you have updated an offer, the pre-existing offer is nullified.

You can do this by going to the "Offer Made" and clicking on the "Update Offer" options.

Since Borrowers pick the offers from Lenders they are interested in borrowing from, it is most likely that your offer was not competitive and the Borrower selected another offer over yours.

Yes, as a Lender, you can withdraw an offer already made to a particular Borrower. You can do this by going to the “Offer Made” and clicking on "Withdraw Offer".

Please note that you cannot withdraw your offer after the Borrower has selected your offer and the Borrower listing is "Closed".

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