A personal loan availed with an online loan process from any financial institution to provide for requirements like payment of credit card dues, payment of utility bills, planning a wedding, for a family holiday, for medical emergencies, for repair and renovation of your house or office premises, for investment in a business, for the purchase of high-end gadgets, etc. Lendbox provides a platform wherein the borrower and the investors can interact with one another and negotiate on the terms like interest rate and repayment, etc and settle for a deal that is agreeable and beneficial. The initial credit assessment is done by Lendbox through more than 300 data points without relyingsoley on the credit score by credit bureaus. You can avail an instant personal loan, credit card repayment loan, short-term loan, marriage loan, debt consolidation loan and small personal loan through Lendbox.
There are various benefits of taking a loan from Lendbox that makes it a unique platform for availing instant personal loans.
Flexible quantum: The quantum of the loan can vary from 1000/- to 10.00 lakhs depending on the type of loan availed.
Negotiable interest rate: The rate of interest is charged depending on the credit portfolio of the borrower. You will have the benefit of negotiating the interest from 11.49% to 36% p.a. If you have a high credit score and a good credit profile you can avail the loan at the lowest rate of interest.
Better approval rates:The approval rates are better when compared to traditional banking institutions. The reason being at Lendbox they are able to understand the intention, the credit profile, the necessity and the repayment capacity of the borrower. There is an in-house proprietary tool that analyses the credit profile through more than 300 data points and does not rely only on the credit score assigned by the credit bureaus.
Paperless documentation: The whole process of availing the loan is paperless. The loan is applied through an application form and soft copies of the required documents are uploaded for processing the loan. An online contract is signed between the investor and the borrower before disbursing the loan amount.
Quick turnaround time: If all the required information is provided accurately and the documents listed are uploaded the approval of the loan will be given within a few hours and in the case of short-term loans, the approval will be given within a day.
Unsecured loan: The personal loan offered is an unsecured loan and so no collateral will be required.
Wide coverage: Lendbox has its presence in over 35 cities in the country and can provide you with a loan at any corner of the country.
Lendbox offers different types of personal loans and the features of each type of loan are as listed below:
|Nature of the loan||Purpose||Quantum||Interest||Security||Repayment||Charges|
|Instant Personal Loan||The loan can be utilized for any personal requirement like a family vacation, for wedding expenses, for medical emergencies, for debt consolidation, payment of utility bills and credit card dues, etc||The loan quantum ranges from 50000/- to 10.00 lakhs||Personal loans are unsecured loans and so no security will be required||The loan can be repaid within 3 months to 60 months|
A registration fee of 500/- has to be paid to Lendbox.
On approval of the application. a processing fee varying from 2 to 6% of the loan amount has to be paid.
No prepayment charges will be collected for loan foreclosure.
|Short Term Personal Loan||The loan can be utilized for any instant cash requirements||The loan amount ranges from 1000/- to 1.00 lakh||The rate of interest is lucrative and starts from 11.49% p.a. The rate of interest depends on the credit profile of the borrower||The loan is an unsecured loan and no security will be required||The loan has to be repaid within 1 to 12 months|
|Marriage loan||The loan can be utilized for meeting marriage expenses||The loan amount ranges from 50000/- to 5.00 lakhs||The rate of interest starts at 11.49% p.a. and can go up to 36% p.a.||No security will be required for the loan||The loan has to be repaid within 3 months to 60 months|
|Debt consolidation loan||The loan can be utilized for payment of all the existing dues.||The loan amount ranges from 50000/- to 5.00 lakhs|
|Credit card repayment loan||Credit card dues can be very stressful owing to the heavy rate of interest charged on the dues. By availing the personal loan you can make the repayment of the entire credit card dues at one go and reduce the cost of the loan||Loan amount between 50000/- and 5.00 lakhs will be provided depending on your credit profile|
To apply for an instant personal loan through Lendbox you will have to access the website of
Lendbox and Register as a borrower following the procedure given below:
You should then provide the following details
Upload the documents required to complete the application process.
The documents required for Lendbox are:
Residence Proof: Aadhar Card, Voter?s ID Card, Statement of bank account
Photo ID Proof: Pan Card, Aadhar Card, Voter?s ID Card, Passport
Income Proof: Statement of bank account for the last 6 months, Income declaration, Business or Personal Income Tax Returns of the previous year.
Proof of DOB: Passport or Pan Card
Signature Proof: Passport or Pan Card or signature verified by your banker.
Proof of contact: Postpaid mobile bill (previous month) or landline bill (previous month)
Apart from the above documents. you will have to upload a recent photograph.
The following are the eligibility criteria for loans through Lendbox
Only on complying with the above requirements the applicant can be registered as a member of Lendbox.
Lendbox is a contact place for the borrowers and investors. Individual and institutional investors can invest in multiple loans and get good returns in the form of monthly payment. The borrowers and investors register as members of Lendbox. The borrowers place an online request through the website of Lendbox giving full information regarding their personal details, investment details, credit score, income details, etc. Lendbox does an extensive assessment with over 300 data points using their in-house assessment tool. Once the application is approved the applicant will be included under the borrower list on the website. The investor can choose the borrower to whom they intend to lend citing their terms with regard to interest and repayment period. The borrower can also negotiate on the terms and on mutual acceptance the borrower and the investor will sign an online contract. Post the execution of the contract the amount will be disbursed to the borrower?s bank account through Lendbox.
The quantum of loan available through Lendbox is 1000/- to 10.00 lakhs depending on the nature and purpose of the loan. The loan can be utilized for meeting the wedding expenses, for consolidation of debts, for payment of credit card dues, for payment of utility bills, insurance premiums, etc. The loan can also be utilized for repairs and renovation of office or residential property, for the purchase of consumer durables, high-value gadgets, etc.
The repayments can be made through regular modes like NEFT, Post Dated Cheques or auto-debit by executing an online mandate i.e, NACH or a manual mandate i.e., ECS. You will have to provide the EMI amount, the due date and the loan details while executing the mandate. Make sure to maintain sufficient balance on the due date to avoid dishonor of auto-debit. Dishonour of auto-debits will attract penalty and will also bring down your credit score.
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Peer to Peer lending is a method of lending wherein direct contact between the investor and the borrower is established and the transaction is done on a mutual agreement of terms and conditions. Both the investor and the borrower can negotiate on terms until they arrive at compatible terms. P2P lending is a hassle-free transaction without the involvement of any financial institution.
The borrower has to provide the details regarding the credit history, income, investment portfolio, the existing savings, etc and also has to give a convincing justification regarding the repayment capacity of the EMI agreed upon. With all this information in place, the investor will be able to make a calculated assessment of the risk involved. By doing so, the risk of default by the borrower can be mitigated to some extent.
Both the investor and the borrower have to register themselves as members of Lendbox through the website of Lendbox. Thereafter they can send proposals to each other regarding their requirement. The borrower has to provide some mandatory details like the loan amount required, the rate of interest preferred, the tenure preferred, the purpose for which the loan is required, the existing commitments. The investor who receives the proposal can either accept or reject the application. Alternatively, the investor can send a counter-proposal with his/her terms regarding the loan amount that can be provided, the rate of interest, the tenure, etc. On mutual acceptance of the proposal, a contract will be signed between the investor and the borrower and thereafter the disbursement will be done.
A single loan proposal will have funding from 4 to 5 investors. It is unlikely that a single proposal will have funding from a single investor. Similarly, a single investor can invest in multiple loans, thereby reducing the risk of the investment. Lendbox will not be involved in any of these transactions. Lendbox is just a platform or a market place for the investors and the borrowers to find their match. A fee will be charged for the services offered by Lendbox.
The types of personal loans available on Lendbox are instant personal loans, small personal loans, loans for debt consolidation, loans for payment of credit card dues, marriage loans, etc.
The following are the benefits for the investors
The eligibility criteria to become an investor at Lendbox are as follows:
An intensive verification of the details and the documents submitted will be done by Lendbox. Also, they will do the credit assessment of each applicant by analyzing over 300 data points and will also verify if the creditworthiness of the borrower matches the market standards. But the final assessment is done by individual investors before they agree to invest in a particular borrower.
Private information about the borrower will not be available for the investor. Lendbox will do the verification of the private information. Investors will get a display of the public profile and the financial information about the borrower. The financial information is available for investors to enable a quick decision. However, if the borrower intends, this information can be blocked and the financial information can be exchanged directly with the investor through messages. The financial information will not be visible for the general visitors on the site.
|Rate of interest||Processing fees|
|Up to 16%||2% of the loan amount with a minimum of 2000/-|
|16.25% to 21%||3% of the loan amount with a minimum of 3000/-|
|21.25% to 25%||4% of the loan amount with a minimum of 4000/-|
|25.25% to 28%||5% of the loan amount with a minimum of 5000/-|
|Above 28%||6% of the loan amount with a minimum of , 6000/-|
Lendbox reserves the rights to choose the eligibility of borrowers to be listed on the website. The risk assessment team of Lendbox will do a thorough verification to draw the credit profile of the borrower. The intent and the repayment capacity are the major criteria to be eligible for the listing as a borrower on the website of Lendbox. For some reason, if the loan application is not accepted for listing, Lendbox will refund the fee partially and will terminate the application.
If the loan application is rejected before listing, then, Lendbox will refund 1000/- and will provide an opportunity for registration on the website and will provide a detailed credit report with reasons for the rejection of the application.
If any EMI is delayed, a penalty at 2% of the overdue amount for the overdue period payable by the borrower to the investor. In addition to this, a collection fee of 500/- will be charged by Lendbox to the borrower. If the default persists, the recovery will be entrusted to empanelled recovery agents. These recovery agents are reputed agencies empanelled by leading financial institutions. The recovery process also involves legal action wherever necessary.
The following are the factors that affect the creditworthiness of a borrower.
The following are the advantages of lending through Lendbox