What is OMLP2P?

OMLP2P is a segment of OHMY Technologies Pvt Ltd that has combined credit and technology to make the borrowing and lending scenario a convenient one. OMLP2P is a contact point for the investors who intend to earn returns on their investment by safe lending and borrowers who expect loans that are affordable and available at the time of need without much waiting and follow-up. OMLP2P is concerned about the benefit of both the investors and the borrowers. A robust credit check of the borrowers is done with their proprietary algorithm by using various data points to ensure that the investments made are safe and secure. The investors can earn high returns through short-term and medium-term lending and the borrowers will be able to procure a loan at an attractive rate of interest which enables them to reduce the cost of the loan.

OMLP2P is an NBFC registered with RBI. At OMLP2P the transaction happens between like-minded investors and borrowers. The eligible amount and the rate of interest are decided as per the appraisal made by OMLP2P and the prospective borrower will be listed under the borrower?s list on the website. Both the investors and the borrowers will receive intimation about the listing. They can negotiate the terms in respect of the interest and tenure and the borrower and the investor who agree mutually on the terms can execute a legal contract prior to the disbursement. A single investor might not provide the entire eligible loan amount. Normally the funding for a single borrower will be done by more than one investor. The borrower can keep the loan application open until the desired loan amount is funded. There is an option to close the loan application even after 50% of the desired amount is funded.

What are instant online loans?

Loans that are available in real-time through an online loan application are instant online loans. OMLP2P is a platform for the investors and the borrowers to find the choicest deal. OMLP2P acts as a bridge between the investor and the borrower. Individuals/Institutions interested in

Investing funds to earn good returns can register on this platform to find borrowers as per their risk appetite. The investment made is safe and secure since OMLP2P takes the onus of diligent verification of the KYC documents and the financial background of the borrower with the information and the documents provided by the borrower along with other data points from social media with the help of their proprietary algorithm.

You can avail a loan between 25000/- to 10.00 lakhs at an interest as low as 10.99% p.a. The rate of interest is assigned as per the risk grade and the borrower graded with the lowest risk will be provided with a loan at the lowest rate of interest. Higher the risk higher will be the rate of interest. The tenure of the loan ranges from 3 months to 36 months to make the loan affordable. 

Benefits of taking a loan from OMLP2P

The benefits of availing a loan from OMLP2P are as follows:

Rate of interest linked to Risk Gradation: OMLP2P assigns the risk grade depending on the credit score, income and existing commitments of the borrower. The risk attached is the deciding factor for assigning the interest. Lower the risk, lower will be the rate of interest and vice versa.

Minimum documentation: OMLP2P requires minimum documents for processing the loan. The documents are scanned and uploaded on the website and the real-time availability of the required information and the documents makes the assessment and disbursement of the loan faster.

Credit Score: Applicants who are not able to procure a loan from financial institutions who follow the traditional method of lending and draw the credit profile based on the credit score, can also apply for a loan through OMLP2P. The creditworthiness is assessed based on various data points apart from credit score using their in-house assessment tool.

Quick approval: The paperless loan processing enables fast assessment, quick approval and disbursement of the loan.

No hidden charges: The charges collected for both the personal loans and business loans are listed on their website and no other charges are collected apart from the ones displayed. The whole lending process is transparent and there are no hidden charges. .

Types and Features of Loans from OMLP2P

At OMLP2P you can avail both personal loans and business loans. There are certain businesses that the financial institutions like public and private sector banks consider as non-feasible and do not fund such businesses. At times you will not be able to avail a business loan or a personal loan to the desired extent from other lending institutions for want of security.  At OMLP2P where there is a wide investor base from across the country, you can find an investor who will be interested in your project. Since more than one investor can fund a single borrower it will not be difficult to procure the desired amount even without security.  Finding a like-minded investor is the whole purpose of the platform provided by OMLP2P. The key features of  personal loans and business loans are as mentioned below:

Personal Loan

Purpose: The loan is versatile in terms of usage. You can use the loan for the education of your children, for wedding expenses, for planning a family holiday, for repairs and renovation of your house, for debt consolidation, to clear credit card dues, for the purchase of a vehicle, for the purchase of high-end gadgets, etc.

Quantum: You can avail a personal loan ranging from 25000/- to 10.00 lakhs depending on the purpose of the loan.

Interest: The rate of interest depends on various parameters like the income, credit score and existing commitments of the borrower and starts at 10.99% p.a. The interest rate will grade upwards depending on the risk attached to the proposal.

Security: The personal loan at OMLP2P is collateral-free and does not require any security.

Repayment: The loan can be repaid with 3 months to 36 months. There is an EMI calculator provided on the website. You can calculate the eligibility and choose the tenure accordingly within the range provided..

Processing charges: Processing charges ranging from 1% to 10% of the loan amount will be collected.

Foreclosure charges: Foreclosure of the loan is permitted by collected a penalty at 4% of the outstanding loan amount. If the foreclosure is done prior to 3 months, interest applicable for 3 months has to be paid. This condition has been stipulated in order to protect the interest of the investor.

Business Loans

Purpose: The loan can be utilized for starting a new business, for building capital assets like plant and machinery, furniture and fixture for an existing business or for taking the existing business to the next level.

Quantum: The minimum quantum provided will be 25000/- and the maximum quantum will be 10.00 lakhs.

Rate of interest: The rate of interest depends on the risk grade assigned to each borrower. The lowest risk grade will fetch a loan at the lowest interest rate and the highest risk grade will fetch a loan at a higher rate of interest.

Security: You can avail a business loan through OMLP2P without providing collateral security. This makes the whole loan availing process hassle-free.

Repayment: The loan can be repaid within 3 months to 36 months.

Processing fees: Processing fees ranging from 1% to 10% of the loan amount will be collected.

Foreclosure charges: 4% of the outstanding loan amount will be collected as a penalty for foreclosing the loan. The interest payable for a minimum of 3 months will be collected if the loan is foreclosed before completion of 3 months.

How to apply for a loan through OMLP2P and what is the process involved?

OMLP2P is a lending platform that is user-friendly. To apply for a loan through OMLP2P you will have to go through the following process:

  • Register as a borrower with Email ID and Mobile number.
  • Log in using the Email Id and registered password to complete the registration process.
  • You will have to pay a registration fee of 500/- along with GST.
  • Scan and upload the required documents.
  • A risk assessment will be done by OMLP2P with the credit score, the information provided and other data points using their proprietary risk assessment tool. Thereafter the loan amount and tenure will be offered.
  • On approval, the listing will be done on the ?borrower?s list? for the investors to do the funding,
  • Negotiations from both the lender and the borrower with regard to the rate of interest and tenure can be done and on reaching a consensus, a contract has to be signed between the investor and the borrower.
  • The investor will transfer the funds to the escrow account of OMLP2P. OMLP2P will then disburse the loan amount minus the processing fees to your bank account.

Documents required

The following are the documents to be provided to be eligible for a loan through OMLP2P

Type of document Salaried Self-employed

Address Proof

Aadhar Card, Driving License, Voter?s Id Card, Gas Bill

Photo Id Proof

Pan Card

Photograph

Passport size photograph

Income Proof

Salary slips for the last 3 months.

Latest Form 16

Bank account statement for the last 3 months showing salary credit

Audited balance sheet and profit and loss account for the last 2 years.

Income tax returns for the last 2 years

Bank account statement for the last 12 months.

Eligibility

The applicant has to comply with the following eligibility criteria to qualify for a personal loan from OMLP2P:

  • The applicant should be 18 years and above and should be capable of entering into a legal contract.
  • The applicant should be a resident Indian.
  • Should be having a valid Pan Card and Address Proof
  • Should have an Indian bank account.

Who are the lending partners for OMLP2P?

OMLP2P is a lending platform which serves as a contact point for the investors and the borrowers. Investors who intend to make an investment to earn good returns and the borrowers in need of funding at a competitive rate of interest have to register as investors and borrowers on the lending platform. A diligent verification of the KYC documents and risk assessment based on the credit score and other data points are made using their in-house risk assessment tool. The approved applications will be listed under the borrowers list on the website for the investors to fund the borrower of their choice. Once a deal is struck between the investors and the borrowers a contract will be signed between them and the funds will be disbursed directly into the bank account.

Things you can use the instant online loan for

The personal loan can be utilized for various purposes like debt consolidation, payment of utility bills, for regularizing credit card dues, for the purchase of a vehicle, for wedding expenses, to pursue higher education, for planning a vacation, for medical expenses, etc. The business loan can be utilized for investment in a new or existing business, for creating capital assets for the business, for expansion of the existing business, for working capital requirements like the purchase of raw material in bulk, for payment of salaries, for business administration expenses, etc.

How to repay an instant online loan?

The repayment of the loan can be done by executing a NACH or ECS mandate for auto-debit of the EMI to your bank account. Other channels like NEFT, RTGS, IMPS or payment through a cheque can also be done on or before the due date. If payment is done through a cheque it is recommended to make the payment at least 3 days in advance since the credit will be considered only after the clearance of the cheque.

FAQs

What is the role of OMLP2P in the Investing and Borrowing Process?

The following is the role of OMLP2P in the Investing and Borrowing Process

  • Exercising due diligence in verifying the KYC documents of the borrowers,
  • Assessment of the creditworthiness of the borrower through their proprietary in-house risk assessment tool.
  • Providing a platform for connecting the Investors and the Borrowers
  • Facilitating the execution of agreements and documents between the borrowers and the investors.
  • Safe custody of documents.
  • Recovery of the loans.

How are loans at low-interest rates facilitated by OMLP2P?

The rate of interest for loans availed through OMLP2P is between 10.99% to 36% p.a. The rate of interest is fixed based on the credit score of the applicant, the income, existing commitments, etc. If the parameters are satisfactory and within the benchmark levels, then the loan will be provided at lower interest rates.

What are the key benefits of applying for a loan through OMLP2P?

The following are the benefits of applying for a loan through OMLP2P

  • Rate of interest is based on parameters like income, credit score, existing commitments, etc. So, you can expect a loan at a lower interest rate if these parameters are satisfactory and within the required benchmark level.
  • Simple documentation.
  • Quick processing and fast approvals.
  • Flexible repayment tenure ranging from 3 months to 36 months.
  • EMI calculator provided to check eligibility before applying for a loan.
  • Loan available even for applicants with a low credit score or no credit history.
  • The convenience of applying for a loan from anywhere at any time.

Are students eligible for a loan through OMLP2P?

In the normal course, students are not eligible for a loan through OMLP2P. However, if the applicant is employed and intends to pursue a course for skill development or for courses that help career improvement, he or she is eligible for a personal loan. The parents of students can apply for a loan for the education of their children.

How can an investor find a borrower on OMLP2P?

The following procedure is followed by OMLP2P to connect the investors and the borrowers.

  • OMLP2P does the KYC verification and draws the credit profile of the borrower.
  • The borrower will be included under the borrower?s list available on the official website of OMLP2P.
  • The list will have the details of the eligible amount and the interest assigned.
  • Investors can choose the borrower as per their risk appetite from the borrower?s list.
  • Both the registered lender and the borrower will receive a notification about the listing.

What are the security measures taken by OMLP2P in respect of the personal details of the borrowers on the website?

The following are the security measures taken by OMLP2P with respect to the personal information of the borrower.

  • Investors can only view the credit profile of the borrower under the Approved Borrowers List
  • The investor will not be able to view the name, contact details and the address of the borrower.
  • Once the investor decides to do the funding, a loan agreement has to be executed between the investor and the borrower. While executing the legal documents the required details of the borrower will be provided.

What are the general reasons for rejecting a loan proposal?

The general reasons for rejecting a loan proposal could be the following:

  • Incomplete or inaccurate information provided.
  • Non-mentioning details of existing commitments, assets and liabilities in the loan application.
  • Not clear about the purpose of the loan.
  • Non-submission of required documents.
  • An unsatisfactory credit profile.

What is the lending procedure to be followed at OMLP2P?

To make investments through the OMLP2P platform you will have to follow the steps mentioned below:

  • Access the website of OMLP2P.
  • Register as an investor using the Email Id and mobile number
  • Log in with the Email ID and the Registered Password and sign up as an investor.
  • Provide the required personal details.
  • Scan and upload the required documents.
  • Give the extent of commitment in terms of investment.
  • You can select the borrowers from the ?Borrower?s list? who match your terms
  • Execute the documents and loan agreement with the borrower.
  • Transfer the funds to the Escrow account of OMLP2P
  • Receive returns on your investment in the form of monthly credits.

What are the eligibility criteria to be an investor on the OMLP2P platform?

The following eligibility criteria have to be complied with to qualify as an investor on the OMLP2P platform.

  • Individuals, HUF, LLPs, Societies, Company, and Banks are eligible to lend on the OMLP2P platform.
  • The age of the individual/Karta/Promoters of LLPs/Societies/Company should be above 18 years and they should be resident Indians.
  • A valid bank account of the individual/Company/LLP/Society/Bank should be available.
  • Pan card of the individual and Pan Card of the LLP/Society/Bank/Company should be available.
  • Partnership Deed, Certificate of Incorporation, Board Resolution, etc as per the constitution of the business should be available.
  • KYC documents of the individuals/Karta/Promoters should be available.
  • Valid registration documents of the business should be available.

How are grades allotted for personal loans and business loans at OMLP2P and what is the definition of risk gradation?

OMLP2P does the risk assessment based on the information provided by the borrowers and uses a standard method for credit appraisal. The risk grades are segregated into 7 bands depending on the risk attached. The range of the grade is from P1 to P7 i.e., from the lowest risk to the highest risk for personal loans and from B1 to B7 for business loans as mentioned below:

Personal Loans 

Risk Grade Definition

P1

Prime

P2

Very Low Risk

P3

Low Risk

P4

Medium Risk

P5

Medium to High Risk

P6

High Risk

P7

Very High Risk

Business Loans

Risk Grade Definition

B1

Prime

B2

Very Low-Risk

B3

Low risk

B4

Medium Risk

B5

Medium to High Risk

B6

High Risk

B7

Very High Risk

How do the investors benefit from the OMLP2P platform

The following are the benefits for the investors from the OMLP2P platform

  • They get a return as high as 36% for their investments.
  • A robust credit check of the borrowers will be done by OMLP2P. A diligent verification of the KYC documents will be done. The risk assessment using their proprietary assessment tool will be done. They ensure that the lending is done to creditworthy borrowers so that the investment is safe and secure.
  • The process of investment and lending is transparent and the data provided is kept secure and safe by implementing safe and secure standards.
  • They exercise due diligence to select low-risk and high-quality borrowers.
  • The repayments are made in Equated Monthly Instalments and the returns will also be on a monthly basis.

What are the charges applicable for the borrowers and the investors at OMLP2P?

The charges applicable to the borrowers and the investors at OMLP2P are as given below:

For Borrowers:

  • Processing charges:1% to 10% of the loan amount.
  • Registration charges: 500/- plus GST
  • Amendment of Bank Account Details: 1000/-
  • Amendment in Email ID and Mobile Number: 100/-
  • EMI amendment: 500/-
  • Prepayment charges: 4% of the loan amount.
  • Change in loan terms after post the commitment: 1000/-
  • Documentation charges: 1000/-

Cheque dishonor charges:  500/- 3% on the delayed amount for the delayed period or 250/- whichever is higher will be charged. OMLP2P will charge an additional 1000/- for the delay.

For Investors:

  • Registration Fee: 500/- plus GST
  • Processing charges: 1.50% for the investment commitment up to 5000/- and 1% for the investment commitment above 5000/-
  • Amendment of bank details: 100/-
  • Amendment of contact details: 100/-
  • Cancelling the deal after commitment: 2000/-

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