i-lend

i-lend is India's first peer to peer lending initiative that brings together borrowers and lenders to facilitate a financial transaction. We connect people like you to lend and borrow money with thousands of others who need it or can offer it. This is a better way of borrowing and lending - both the borrowers and lenders get better rates than the traditional institutes like banks.

i-lend is started with an aim to offer low cost loans to individuals for meeting their minor expenses. With banks offering personal loans and loans through credit cards on high interest rates, repaying these loans has become very difficult for average Indian.  Recent global economic crisis has further made credit difficult to access. 

Through i-lend, lenders can offer loans online to their peers at competitive interest rates and get great returns. This method of financial transaction is beneficial both from social and financial perspective.

Getting loans through i-lend depends on borrowers creditworthiness as well as his ability to convince lenders about his need through various ways such as recommendations from family and friends, endorsement through groups, colleagues at workplace or any other informal group,  individuals goals, needs etc.

i-lend offers loans for various purpose such as education fees, medical emergencies, vacation expenses, relocation expenses, home improvement, debt consolidation etc. Loans can be availed up to an amount of Rs.3,00,000 and can be repaid over a period of three years.

This is mainly targeted at the young working Indian who has just entered the corporate world. This group of people do not have access to credit through formal channels due to lack of credit history irrespective of their ability to repay the same.

i-lend works as an exchange bringing together borrowers and lenders to facilitate a financial transaction. Individuals can choose their terms for the transaction that is beneficial to borrowers and lenders. This gives a scope for negotiation between the two which is ideal for a fair transaction.

i-lend offers information of the lender to the borrower and vice versa to make the process transparent. All verification, identity check and documentation with respect to the transaction is handled by i-lend. 

A transaction fee of 2%-3% of loan amount from borrowers & 1.5% of loan amount as servicing fee is charged to lenders. Pre-closure of loans do not attract any penalty on i-lend.

Other sources of revenue include online advertising and cross selling of other products. 

1. Win-win option for lenders and borrower - Lenders make great returns and borrowers get cheaper loans.

2. Flexibility in interest rates - i-lend offers scope for negotiation between the two which gives them a flexibility in deciding on the interest rates

3. Transparency & Control : i-lend adopts fair practices and transparent processes - borrowers and lenders have control on the terms and conditions of a transaction and all the transactions are done online. All costs are also charged upfront which makes the transaction transparent

4. No frills attached: Loans from i-lend do not attract any penalty for pre-closure. No collaterals are required.