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Power your Dreams with the Best

Can I be a Borrower?

Yes, if you

Are a citizen of India

Are employed Full-Time or Manage a micro business

Have a monthly income and a clear credit history

Earn a gross income of 1 lac and above per annum

Have a PAN card

Have a valid bank account in India

PeerLend has created a new way for you to borrow without the need to deal with banks. It allows people to leverage the power of social networks to get a personal loan from their peers. Click on the EMI Calculator widget to get an idea about your potential EMI .

Documents required:
Document Name Mandatory Additional: Any of the following
Photographs 2 nos. Passport Size
Identity Proof PAN Card Aaadhar card, Voter ID, Passport (Copy: 2 front pages, 2 back pages)
Date of Birth Proof PAN Card or Passport (Copy: 2 front pages, 2 back pages) Aadhaar card
Address Proof Passport, Voter ID, Bank statement, Post-paid Telephone bill, Electricity bill, Aadhaar card
Employement Proof Employment ID Offer letter, Letter from HR department
Income Proof Latest 3 months salary slips Salary certificate, Bank statement reflecting latest 3 salary credits
Bank Statement Proof 6 months bank statement
Contact Details Proof (given during registration) Post paid cell phone bill (last 3 months) or Post paid landline bill (last 3 months)
Credit track record CIBIL report (please check http://www.cibil.com to know the charges for getting your CIBIL report)

Loan Rates & Fees

The uniqueness of Peer-to-Peer lending is that the interest rates are set by you - the lender and the borrower. The purpose of PeerLend is to close the gap between what you as the lender can earn on your money and what borrowers can pay for their loans. However, we do have an interest "rate range" that both lenders and borrowers can negotiate within. The range is between 14% and 36%. This range is set based on the loan term, economic environment and competitive environment.
You will be charged a one-time registration fee of Rs.600 plus Taxes/- when you sign-up as a borrower on PeerLend. You are only charged a 3.5% fee on your loan amount.
In case of any unwanted emergency to avoid the burden on borrower’s family, we take term insurance for the sum of loan amount. Insurance fees may wary between Rs 100 to Rs 1100 per 1 Lac based on age of the borrower.

Defaults, Prepayments and Part Payments

In case the EMI is not paid by the due date, PeerLend will charge the borrower Rs.600 plus Taxes/- from the borrower. In case the borrower is absconding, PeerLend assists the lender in following a legal process for recovery of funds. The case may even be tried in the court of law based on the loan agreement document.

EMI Repayment Mechanism

The fund transfer and repayments are processed though Escrow accounts set up at IDBI bank. At the time of EMI payment a system notification is sent to borrower to transfer the EMI amount into our Borrower Repayment Escrow Account. After receiving the funds, PeerLend sends a request to transfer the EMI amount to Lender account. Loan disbursal also happens through escrow account. The loan amount disbursed will be excluding borrower fees and GST.
Process for Prepayment
The borrower first informs PeerLend about their willingness to pre-close the loan
The information is relayed to the lender by PeerLend
Once the confirmation is received from the lender, PeerLend calculates the outstanding amount and informs the borrower of the same
Borrower makes a one-time payment to the lender and closes the loan
Lender confirms receipt of the loan amount
PeerLend closes the loan in the system for both borrower and lender
This procedure may take about a week from the time the borrower initiates the discussion and informs their intention for loan prepayment.
Process for Part payment
The borrower first informs PeerLend about their willingness to make a part payment on their loan
The information is relayed to the lender by PeerLend
Once the confirmation is received from the lender, PeerLend informs the borrower of the same and sends the updated amortization sheet to the borrower by email
Borrower makes a one-time part payment to the lender account
Lender confirms receipt of the loan amount
The amortization sheet is recalculated and updated
The lender and borrower will see the updated amortization sheet henceforthPeerlend.in staff
This procedure may take about a week from the time the borrower initiates the discussion and informs their intention for loan prepayment.
Getting Started
Borrower FAQ
Fair Rates
Quick Application & Approvals
Indicate an amount you want to lend. Choose an interest rate you want to receive. There's a chance you'll get a higher rate than what you choose. However, if you choose an interest rate that is too high, you may not get matched.
Approval with ease & confidence
Browse through the lender listings whose rate and terms meet yours. You get to chat with the lender and finalize the terms before borrowing the amount.