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Unsecured Loans Online With Peer To Peer Lending

Borrow money online with peer to peer lending, a clever new way to get unsecured personal loans from your peers. Apply Now!

Borrowers Eligibility

How to create effective listing

Purpose of loan

Repayment, Interest Rates

Lendbox is a Peer-to-Peer lending platform, which gets creditworthy borrowers and willing investors together to transact on short to medium term personal unsecured loans.

Lendbox goes beyond conventional forms of risk analysis of the borrower in order to serve a broader user base. Banks typically look at CIBIL or other credit bureau scores to make loan decisions. Lendbox takes into account 1000s of data points to assess the creditworthiness of the borrower such as net salary, expenditure trends, locality of stay, educational qualification, utility and mobile bills, asset holding, Investments, Credit card bills and online spending behavior etc. This approach ensures that individuals with a less favourable CIBIL score are also likely to get a loan through our platform if they are credit worthy as our proprietary machine learning algorithm generates a more holistic credit profile of the borrower.

Lendbox offers borrowers with the convenience to getting loans while sitting at home without having to visit a bank numerous times to sign papers and other formalities

We ensure that the process is completely transparent with no hidden charges levied on the borrower

Lendbox offers a streamlined and efficient approach to personal finance making the process a very pleasant experience for the borrowers

We also offer borrowers a chance to send and receive proposals from prospective investors to ensure that both parties reach a mutually beneficial arrangement.

Lendbox is a platform for people with non-traditional approach to borrowing, which ultimately results in lower interest rates on the financing amount. All borrowers on Lendbox must meet the following criteria to be eligible to be listed on our platform:

You must be an Indian Resident
You must be more than 21 years old
You must have valid Indian ID proof
You must have a valid Indian bank account
You must register your details on the website http://www.Lendbox.in

Where a prospective borrower doesn't meet the standards listed above, the borrower can't be a member of Lendbox, until and unless specified by Lendbox in a written legal agreement.

Photographs	Yes
Identity Proof (any one of the following)	PAN Card, Aadhaar Card, Voter ID, Passport
Date of Birth Proof (any one of the following)	PAN Card, Passport
Signature Proof (any one of the following)	PAN Card, Signature verification from your bank, Passport
Address Proof (any one of the following)	Passport, Bank Statement, Voter ID
Contact Proof (any one of the following)	Post paid Mobile Bill (last month), Post paid Landline Bill (last month)
Bank Statements	Last 4 months
Proof of Income	Last year's Business/Personal ITR or Income Declaration

Getting a loan largely depends on your capacity to pay. At Lendbox, you can interact with lenders and put forward a clear and concise image of your creditworthiness. It is advised that you as borrowers share as much information as you deem appropriate to make your listing more effective so that more and more lenders offer you loans. No information is shared with third party agencies and limited visibility of information is restricted to registered lenders only.

Provide complete and genuine details about yourself

Provide complete and authentic information including details such as financial status, achievements, hobbies, background, work, past track record and ability to repay loan. We also advise you to verify your mobile numbers, your social media accounts. This information might not be visible to the lender but he will definitely get to know that these details are verified by Lendbox. This will help lenders make favorable decisions to lend you.

Explain purpose of loan clearly

It is important to explain the purpose of loan in the loan application. lenders take different purposes of loan in different sense and on the basis of it, propose a rate of interest. Explain in detail the financial capability to pay off EMIs and supporting information such as income, savings, expenses and credit history (credit cards and other bills' payments).

Be an active negotiator when receiving proposals from prospective lenders

You may avail a loan for a wedding, to buy a car or any other personal use. Lendbox presently does not deal in commercial or corporate finance.

Lendbox doesn't contemplate any reason to be unfit to avail a loan. We at Lendbox don't differentiate and judge the cause for which an individual is looking for a loan, other than the understandable circumstance that a person doesn't use the money for any illegal or prohibited activity. One may avail loans for several purposes such as:

For education
Credit to pay off ongoing loans
Credit to make up for the period when in between jobs
Credit for medical predicaments
For Weddings and other such significant occasions
For a Holiday
Credit to give Credit Card bills
Mortgage for initial capital required to buy for cars, bikes etc.
Credit for renovating the house

These are few of our everyday life needs and this list is not exhaustive, there can be many other valid circumstances which may require an individual to avail a personal loan.

Disbursals and repayments for a loan through Lendbox can be done through various channels. All payment modes recognized by the RBI such as Cheques, NEFT, IMPS, Bank transfers, Cash Cards, Mobile wallets etc. can be availed.

The monthly installments you pay are not inclusive of fees paid to Lendbox. Monthly installments of Borrowers are defined as per the rate of interest settled between the investors and the borrowers. The EMI is directly given to the investors and Lendbox just acts as a facilitator for the installments if the investor requests us to do so.

Lendbox's Fees

We charge a onetime non-refundable listing fee of Rs. 500 from the borrower at the time of listing.

Lendbox can act as a facilitator of EMIs. The EMI you pay does not include any payments made to us. Your EMI is decided between you and the investors, and your repayment are made directly to them.

The below mentioned processing fee structure would be applicable upon disbursement of loan request:

16% or less	2% of Loan Amount or 2000 whichever is higher
16.25% to 21%	3% of Loan Amount or 3000 whichever is higher
21.25% to 25%	4% of Loan Amount or 4000 whichever is higher
25.25% to 28%	5% of Loan Amount or 5000 whichever is higher
Above 28%	6% of Loan Amount or 6000 whichever is higher

Pre-payment of Loan

You can choose to make a prepayment of the entire loan amount without any penalty/prepayment charges, pre-closure charges etc, however this has to be agreed in advance between the borrower and their respective investors.

Non-Payment

In case you do not pay the EMI by the due date, Rs. 250 bounce charge and additional penal interest of 2% p.m. will be applied to the due amount for the duration of delay which you will be liable to pay to your Investor(s). In addition to that, Lendbox will charge a processing charge of Rs. 500.

It is advised to not change the bank account details from which you intend to make the repayment. However, we do not prevent you from doing so but only charge a nominal Rs.500 for any such account swap during an ongoing loan repayment process.

Rate of Interest

The better deal you are able to strike with the investors the lower will be your interest rate.

Since, you will be receiving a loan from multiple investors, your interest rate will be a weighted average of the individual loan parts.

Frequently Asked Questions

Lendbox is a P2P Lending marketplace for people with idle cash in their accounts and people with financial needs. It enables a loan between these borrowers and investors.

Lendbox is an RBI Registered NBFC-P2P lending platform and operates adhering to RBI's guidelines for peer to peer lending.

You can borrow between Rs. 5000 and Rs. 5,00,000

You can borrow minimum for 6 months and maximum for 36 months.

Yes, and there is no prepayment penalty while at the same time, banks charge 2-4%

Interest rates depend on the credentials of Borrowers and the ongoing demand of Investors in the Lendbox marketplace. They can only be finalized once the concerned Borrower and Investor agree mutually on a particular rate.

Lendbox conducts a strict verification process of the data and documents provided by Borrowers. In addition we appraise each request to ensure the credit worthiness of Borrowers meets with the market standards. However, individual Investor is the ultimate judge.

This may have happened if the verification process for your application failed.

In case the EMI is not paid by the due date, additional penal interest of 2% p.m. will be applied to the amount due for the duration of delay which Borrowers will be liable to pay their Investor(s) + collection charges of Rs. 500 will be charged to the Borrower by Lendbox. In the worst case scenario Lendbox will facilitate the collections through empaneled agencies. These are reputed collection agencies that are empaneled by any bank and financial institutions. This also includes legal process for recovery of funds if required.

No, unfortunately Lendbox will not approve of your listing if you do not meet with our credit and verification standards. However, you can work on improving your credit history by repaying your debt back and making future payments to your creditors on time and then try again once, your credit is good enough.

Repayments are equated monthly installments calculated using the reducing balance method. Your installment per month will remain the same throughout the tenure of your loan. The first installment may be different depending on the date of disbursal.

Once your listing has been approved by Lendbox, your entire public profile can be viewed by all registered Investors. However, we plan not to share private information but would like to verify them on the behalf of Investors. Your financial information is shown to the Investor by default as this helps you get a loan faster. However, you have the option to block this information. You can interact with investors over messages. Financial information on your profile will not be visible to general visitors.

No. Everything is transparently explained on the website and you will receive the Statement of Account that will show the details. We pride ourselves on our system's transparency.

Yes, with no penalty.

No, as the rate and the amount was agreed in the Lendbox marketplace. To increase the loan amount, you can create a fresh loan request for the difference

Yes, if at any stage the information furnished by you or the verifcation(s) initiated by us are found to be incomplete, fraudulent or unverifiable then funding request is terminated and consequently, the invest button on the profile would be de-activated. The registration amount excluding the listing fee would be returned accordingly.

In the event of Lendbox closing, all loans that have originated through Lendbox still hold good. This is because; the agreements are still legal and are signed directly between the borrowers and investors. Our backend team will continue to collect the money from the borrowers and give it to the investors. Legal action is possible against borrower defaults.

Please write to [email protected] requesting cancellation of your registration as Borrower. Loan cancellation can only happen prior to disbursal of funds.

Please write to [email protected] stating your old bank details and the new ones that should replace the old details. Swapping charges of Rs. 500 per swap will be applied to your account.

Please share all the relevant and authentic information. If any information is missed or entered incorrectly it may lead to lower ranking for the borrower.

No. At this time, you can be either Investor or Borrower. Lendbox is working on the operational feasibility of such a scenario.

Lendbox verifies the financial documents submitted by the borrower(s) which is considerably time consuming and thereby delays the borrower's request being listed live on the marketplace for funding. An automated aggregation of bank feeds from an extensive range of financial institutions enables us to serve you better and help in getting you funded faster. We have partnered with the world leader in bank feed aggregator, Yodlee. Yodlee currently serves Over 40 million consumers worldwide, 600 global financial institutions, and 8 of the top 10 U.S. banks in addition to top Indian banks to deliver bank feed aggregation.

Lendbox facilitates secure transfer of funds electronically through an integrated payment system between Investors and Borrowers.

Your account credentials are strongly protected with stringent security measures, regular security and compliance measures. Our partner, Yodlee undergoes examinations by U.S. Banking regulators including the Federal Financial Institutions Council and the Office of the Controller of the Currency. They are certified as a Payment Cards Industry (PCI) Level 1 Service Provider and have EU Privacy Safe Harbor certification. For what it is worth, we believe that Yodlee's Bank Aggregation service is a safe and convenient way to access your bank transactions, which is why we've chosen them as our partner. Ultimately though, it is your call. We advocate complete freedom to our users to make their decisions.

This is an important concern, as some people may feel that using this service may be in violation of the Terms and Conditions of some banks against revealing their username and password but Lendbox cannot read, leave alone store any of your bank information. However, each bank will have its own stance stances on the use of bank aggregation, so you should make an informed decision about whether bank feeds are right for you.

Have more questions? Get in touch