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What is i2ifunding?

I2ifunding is an NBFC P2P lending platform registered with the Reserve Bank of India. It is a peer to peer lending platform where investors who are willing to lend get an opportunity to earn good returns on their investment and the returns are risk-adjusted while the borrowers get a loan at an interest that is in accordance with their credit profile. In traditional lending where the operational costs are higher, lending is done at a schematic rate which is uniform and borrowers with good credit profiles are not benefitted. On the other hand, at i2ifunding evaluation of credit risk is done for each customer and the rate of interest is based on the risk rating. Customers with a good credit rating will have the advantage of a lower rate of interest.

I2ifunding will do a diligent verification of the customer?s credit profile by collecting the financial, professional and personal data and verifying it along with various other data sources like the credit information bureau, social media and the database of the government. The verification is done to the best possible extent in order to safeguard the interest of both the investors and the borrowers.

I2ifunding facilitates instant personal and business loans with an online application. The rate of interest is competitive and the repayment options are flexible. Individuals or self-employed individuals who are unable to procure a loan through traditional banking can be assured of a loan through i2ifunding.

What are instant online loans?

Availability of instant funds through an online loan process is an instant online loan. There are many online platforms partnering with leading financial institutions to provide loans through an online application. I2ifunding is one such platform with a difference. Here the funding is not through financial institutions but through investors who are willing to invest for the lending operations. I2ifunding connects the investors and the prospective borrowers thus providing the investors with an opportunity to earn high returns on their investments and helping the borrowers to procure a loan at a considerably lower rate of interest. The interest is set based on the risk rating of the customer. The better the risk rating the lower will be the interest.

Benefits of taking a loan from I2ifunding

The following are the benefits of availing a loan from I2ifunding:

Hassle-free loan processing: The whole process involves online loan application, online verification of credit profile with the financial, personal and credit information provided by the customer. They have an in house algorithm to analyze the creditworthiness of the customer with the credit bureau information, social media and the data with the government and the spending pattern using their AI algorithm.

Minimum turnaround time: With the whole loan process right from the stage of application to disbursement being automated, the turnaround time for procuring the funds is considerably minimized.

Unsecured loan: Both personal and business loans are collateral-free. There is no need for any collateral security. This makes the loan availing process even more hassle free.

Customized interest rates: The rate of interest is not schematic as in traditional banking. The rate of interest is as per the risk rating of individual customer. The higher the rating the better will be the interest rate. Individuals with a good rating have an advantage in respect of the costing of the loan.

Quick loan disbursal: The loan application will be listed for disbursement post the approval. Multiple investors give their commitment for each approved loan application. Further, the investors transfer the money to the Escrow Account of i2ifundin maintained for disbursement of the loan amount. Once the money is deposited in the Escrow Account it is transferred to the bank account of the borrower. A SEBI approved trustee will monitor this Escrow Account.  The systematic loan process makes it seamless and hassle-free.

No prepayment charges: Prepayment of the loans is permitted by banks and NBFCs but with a penalty. But for the loans through i2ifunding, there are no prepayment charges levied. You can prepay the account as and when you have surplus funds without any penal charges.

No hidden charges: There is no ambiguity in respect of the charges and interest rates for loans availed through i2ifunding. The interest rates and charges find a place on the website at respective sections. There will be no other charges other than the ones mentioned on the website. At i2ifunding the loan process is totally transparent.

Types and Features of Loans from I2ifundingl

I2ifunding provides instant personal loans and business loans. The features of the loans are as given below:

Personal loan

Purpose: The loan can be utilized for multiple purposes like medical emergencies, for wedding expenses, for debt consolidation, for payment of credit card dues, for a family holiday, for repairs and renovation of the house, for the purchase of high-end gadgets, for the higher education, etc

Quantum: A loan up to 10.00 lakhs will be provided.

Rate of interest: The rate of interest will be in accordance with the credit rating of the customer. As per the rating, the borrower will be categorized as A, B, C, D, E, F, G and X.

The rate of interest will be customized as given below:

CategoryRate of interest
A12% to 14.99% p.a.
B15% to 17.49% p.a.
C17.50% to 19.99% p.a.
D20% to 22.49% p.a.
E22.50% to 24.99% p.a.
F25% to 36% p.a.
G21% to 25% p.a.
X21% p.a.

Security: The loan is collateral-free and hence no security is required.

Repayment: The repayment period ranges from 3 months to 36 months.

Processing fees: The borrowers are categorized as per the risk rating and the processing charges are also fixed as per the category.

The categories are A, B, C, D, E, and F. The processing charges are as given below:

CategorySalariedSelf employed
A3%  of the loan amount4% of the loan amount
B3.5% of the loan amount4.5% of the loan amount
C4% of the loan amount5% of the loan amount
D4.5% of the loan amount6% of the loan amount
E5% of the loan amount7% of the loan amount
F6% of the loan amount8% of the loan amount

GST is applicable on all the charges. A percentage of the loan amount as per the category and the employment status will be collected with a minimum of Rs 2000/-. On approval, Rs 1000/-has to be remitted before the loan is listed on the website. This will later be adjusted with the processing fees.

Registration fees: A registration fees of Rs 100/- plus applicable taxes has to be paid to complete the loan application process. This one-time registration fee is not refundable.

Prepayment charges: No prepayment charges are applicable for the loan. You can make prepayments to the loan as many times as desired whenever you have surplus funds without any penal charges.

Business Loan

Purpose: The loan can be utilized for business expansion, for hiring staff, for creating assets like plant and machinery, furniture and fixtures etc. It can be utilized for any business-related expenses.

Quantum: A loan up to Rs 10 lakhs will be provided.

Interest: The rate of interest will be based on the risk rating category which will be from A to G and X. The rate of interest starts at 12% p.a. and will go up to 36% p.a. The highest credit rating will be provided with the loan at the lowest rate of interest. The rate of interest will be a fixed rate.

Security: A business loan will be an unsecured loan and so there will be no need for security.

Repayment: The tenure for the loan will be between 3 months and 36 months.

Processing fee:  The processing fee will also be in accordance with the credit rating. The rating will be from A to F. A will the highest rating and F will be the lowest rating. The processing charges will be between 3% of the loan amount to 8% of the loan amount depending on the credit rating and the employment status with a minimum of 2000/-.

Registration fee: A non-refundable registration charge at 100/- plus applicable taxes will be collected before completion of the loan application process.

Prepayment charges: Nil

How to apply for a loan through I2ifunding and what is the process involved?

To apply for a loan through I2ifunding you will have to access the website of I2ifundingfollow a few simple steps:

  • You will have to fill up an online application form. You should then upload self-attested copies of required documents. Before completing the application process you will have to pay a registration fee of 100/-plus applicable taxes. You can apply for a loan ranging from Rs 25000/- to Rs 3 lakhs. The loan amount should be in multiples of Rs 5000/-
  • Post the completion of the application process,  profile verification will be done with the information and the documents provided. If additional documents are required to complete the verification, representatives of i2ifunding will contact you.
  • The creditworthiness of the customer is assessed using the in house model of i2ifunding for credit evaluation. Various parameters like the repayment capacity, intent to repay, the behavioural pattern, the credit score, location, etc. are considered for the evaluation. The customers are categorized from A to G and X based on the credit rating. A will the highest rating and G will be the lowest credit rating.
  • After the loan is approved, you will be intimated vide email along with the rate of interest and the EMI to be paid. You will then have to log in to the website and post your application to be listed in the 'Active Borrower's' list. You can pitch for interest equal to the interest rate assigned by i2ifunding or for a rate higher than the assigned rate. A fee of Rs 1000/- has to be paid before posting the loan application. You can also decide on the number of days the loan application has to be kept open for funding. If the application continues to be listed for a longer time, the chances of procuring funding for the desired amount will be higher.
  • Once the loan application is listed in the 'Active Borrower's list' you can access several investors across the country.  The investors who are interested in funding you will communicate with you.  You can log in to 'My Account Section' to check the status of funding. To hasten the process, direct communication to active lenders is enabled. You will have the option to close the application when it reaches 50% of the required funding.
  • On the closure of the loan application, physical verification of the documents with the original will be done. Any discrepancy noticed during the verification can disqualify your loan application.
  • After the physical verification process, you will have to sign a "Loan Agreement" along with the investor. The agreement will contain various terms and conditions that define the responsibilities of the investor as well as the borrower. A NACH mandate for auto-debit of EMI on the due date has to be signed by the borrower. The borrower also has to deposit 3 cheques with i2ifunding which will be utilized in case of delay or default in the repayment.
  • After the execution of the loan documents and physical verification of the documents, the investors will transfer the amount to Escrow Account of i2ifunding which will then be transferred to the borrower's bank account on the subsequent working day. The whole process if fully automated and seamless. Trustees appointed by SEBI will monitor the whole loan process.

Documents Required For i2ifunding

The following are the documents required for the various loans through I2ifunding.

Type of documentSalariedSelf-employed
Proof of nationalityPan Card
Proof of Permanent AddressProperty tax receipt, utility bills, Property title deeds
Proof of current addressVoter's ID, Aadhar Card, Telephone bill (mobile post-paid bill or landline bill), Broadband bill, valid driving licence, valid rental agreement
Income Proof
  • Latest salary slip for the last 3 months
  • Bank account statement for the last 6 months
  • GST Registration certificate
  • IT Returns for the last 2 years
Employment proof for salaried individuals and business establishment proof for the self-employed
  • Appointment letter
  • ID Card issued by the Company
  • Increment letter (latest), if any
  • Partnership deed
  • Articles of Association/Memorandum of Association
  • Certificate of Registration under the Shop Establishment Act
  • GST Registration Certificate
Other documents to improve the credit profile
  • Credit Card Statement
  • Qualification Proof
  • Pan Card, Bank Account Statement and Proof of property ownership of guarantor wherever applicable

Eligibility Criteria For  i2ifunding

The eligibility criteria for the different types of loans through I2ifunding are as follows:

  • The applicant should be a resident Indian.
  • The age of the applicant should be between 18 years and 60 years.
  • The minimum income required is 20000/- per month.
  • The applicant should have an operating account in India.
  • The applicant should hold a valid Aadhar Card and Pan Card.

Who are the lending partners for I2ifunding?

I2ifunding is a platform that connects the investor and the borrower. I2i funding provides an opportunity for interested investors to earn returns on their investments by lending to qualifying applicants who are in need of financial assistance either for personal requirements or for business requirements.

Every approved loan application will be listed under the 'Active Borrower's List' on the website and interested investors can come forward for funding the borrower of their choice. The interested investors will transfer the funds to the Escrow Account of i2ifunding which will then be transferred to the borrower's account directly. The whole lending process will be monitored by trustees appointed by SEBI.

Things you can use the instant online loan for

Instant personal loans can be used for multiple purposes like debt consolidation, for wedding expenses, to clear credit card dues, for travel expenses, for higher education, for medical expenses, for the purchase of gadgets, for remodeling of the existing property, etc.

Instant business loans can be utilized for operational expenses, for hiring staff, for creating assets like plant and machinery, furniture and fixtures, etc., for extension of office premises, for expansion of business, and any other business-related expenses.

How to repay an instant online loan?

Along with the loan agreement, the borrowers have to execute a NACH mandate for auto-debit of EMI from their bank account on the due date. 3 PDCs also have to be deposited with i2ifunding which will be utilized in case of default or delay in repayment.

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I2ifunding Personal Loans FAQs

What are the types of instant online loans available through I2ifunding?

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I2ifunding provides instant personal loans and business loans

What is the loan amount provided for Personal Loan?

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A loan up to 10.00 lakhs can be availed through i2ifunding. The minimum loan to be applied will be 25000/- and in multiples of 5000/- thereafter.

What is the tenure option available for Personal Loan?

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The tenure option available for Personal loan is between 3 months and 36 months.

What are the parameters considered for credit evaluation at i2ifunding?

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Repayment capacity, demographics, income, credit score and the behavioral pattern are the parameters considered for credit evaluation at i2ifunding.

What is the procedure to become a channel partner at i2ifunding?

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To become a channel partner at i2ifunding you will have to sign up for i2ifunding partnership program. You can give reference of investors or borrowers and earn a commission on either the investment or the borrowing. A dashboard is provided to monitor the investment/borrowings of your clients.

How does i2ifunding benefit the investors?

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The investors at i2ifunding have the following benefits.

  • A commission up to 30% on the investment can be earned.
  • The investment made is not concentrated in a single borrower but will be distributed among multiple borrowers.
  • The investor starts earning protected returns from the subsequent month onwards.
  • A contract will be executed between the investor and the borrower that will be enforceable legally. PDCs are obtained from each borrower to ensure recovery.
  • Strict credit analysis that includes CIBIL check as well as physical verification of documents.

How are the borrowers benefitted by availing a loan through i2ifunding?

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Availing a loan through i2ifunding will provide you with the following benefits:

  • Attractive rate of interest that is charged in accordance with the credit profile of the borrower. The borrowers are categorized as A to G and X as per the risk rating. A is the highest rating and G is the lowest rating. The borrower with the highest rating i.e., A will be charged with the most competitive rate of interest.
  • Funding at the click of a button. The turnaround time for the funding is the quickest owing to a totally digital loan procedure.
  • You can avoid multiple visits to the loan provider as all the process right from filing the application to the disbursement of the loan is done online. The process is hassle-free and seamless.
  • Flexible repayment period ranging from 3 months to 36 months.
  • No pre-payment penalty and as such you can make prepayments as many times as required.
  • No collaterals required for the loan.

What are the charges collected for the loans through i2ifunding?

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The following are the charges collected for the loans through i2ifunding.

Processing charges: The processing charges are collected in accordance with the risk rating category. The charges range from 3% to 8% depending on the risk classification which is A to G and X. The highest risk rating will be charged the lowest processing charge. The minimum processing charge will be 2000/- out of which 1000/- has to be deposited before closing the loan application.

Who can apply for a loan through i2ifunding?

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Applicants complying with the following eligibility criteria can apply for the loan.

  • Resident Indian.
  • Within the age group of 18 years to 60 years.
  • Having a minimum monthly income of 20,000/-
  • Having an operative bank account in India.
  • Holding a valid Aadhar Card and Pan Card

What are the documents required for a loan through i2ifunding?

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The following documents are required for a loan through i2ifunding.

Common documents for salaried individuals and the self-employed

Permanent Address Proof: Property document, Tax paid receipt, latest utility bills, etc

Current Address Proof: Aadhar Card, Voter's Id Card, Rent Agreement, Driving Licence, etc.

Nationality Proof: Pan Card

Documents related to Guarantor: Bank Account Statement for the last 6 months, Proof ownership of property, and Pan Card.

Other documents for salaried individuals

Income Proof: Salary slips for the last 3 months, Bank account statement for the last 6      months of salary account.

Employment Proof: ID Card issued by the Employer, Employment letter.

Other documents for the self-employed

Income Proof: IT Returns for the last 2 years, Bank Account Statement for the last 6 months.

Business Proof: GST Registration Certificate, Partnership Deed or Certificate of Registration under Shop and Establishment Act or Letter of Incorporation depending on the constitution of the business.

Other documents: Qualification Proof.