Key Fact Statement

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  • Key Fact Statement
  • Scope of activities
    • Moneymela will act as an intermediary between lender(s) and borrower(s), by providing an online platform to the participants involved in peer-to-peer lending.
    • As per Section 45I(bb) of the Companies Act 2013, it shall not raise deposits.
    • Moneymela will not lend on its own.
    • Moneymela will not provide or arrange any credit enhancement or credit guarantee for any company or individual.
    • Moneymela will not hold funds received form lenders for lending or funds received from received from borrowers for servicing loans.
    • Moneymela will not cross sell any product except for loan specific insurance products for securing the loans.
    • Moneymela will not permit international flow of funds.
    • Moneymela will store and process all data relating to its activities and participants on the hardware located within India.
  • Borrower

    Qualifying Criteria of borrower:

    • At least 18 years of age or a duly registered business in India.
    • The individual applicant must have valid government issued ID proof such as PAN card, card, driving license or passport.
    • The business applicant must have any proof of business incorporation
    • The applicant must have a valid Indian Bank account
    • The applicant must have a steady monthly income for repayment of their loan.

  • Documents required borrowers to be uploaded while registering as a borrower:

    1 Identity Proof/Date of Birth Proof (any one of the following) PAN Card
    Adhaar Card
    Voter ID
    Passport
    2 Address Proof (Present/Permanent) (any one of the following) Adhaar Card
    Passport
    Bank Statement
    Voter ID
    Electricity Bill (within last 3 months)
    Post-paid Mobile Bill (Last Month)
    3 Signature Proof (any one of the following) PAN Card
    Signature verification from your bank
    Passport
    4 Photograph Passport size photograph (1 Copy)
    5 Bank Details Scan copy of Cheque or Copy of the front page of pass book for details of Account No and IFSC Code.
    Bank statement or pass book copy of Salary/operating account for last 6 Month.
    6 Proof of Income Salaried – Salary Slip for Last 3 months
    Self Employed – ITR for last 2 Years.
    Any other document confirming income of the business of the borrower.

  • What are the borrowing limits:

    • Registered borrower can not avail loan of more than Rs 10 lakhs from all the P2P platforms combined.
    • Maximum loan tenor for any loan cannot exceed 36 months.
  • Lender

    Qualifying Criteria of Lender:

    • At least 18 years of age
    • In the case of a company, the lender applicant must be an RBI-listed finance company or a company duly registered under the Companies Act, 2013.
    • The individual lender applicant must have valid government-issued ID proof. In the case of an NRI, the lender applicant must have a valid Indian NRO Bank Account.

  • Documents required lenders to be uploaded while registering as a lender:

    1 Identity Proof/Date of Birth Proof (any one of the following) PAN Card
    Adhaar Card
    Voter ID
    Passport
    2 Address Proof (Present/Permanent) (any one of the following) Adhaar Card
    Passport
    Bank Statement
    Voter ID
    Electricity Bill (within last 3 months)
    Post-paid Mobile Bill (Last Month)
    3 Signature Proof (any one of the following) PAN Card
    Signature verification from your bank
    Passport
    4 Photograph Passport size photograph (1 Copy)
    5 Bank Details Scan copy of Cheque or Copy of the front page of pass book for details of Account No and IFSC Code.
    Bank statement or pass book copy of Salary/operating account for last 6 Month.
    6 Proof of Income Salaried – Salary Slip for Last 3 months
    Self Employed – ITR for last 2 Years.
    Any other document confirming income of the business of the borrower.

  • What are the lending limits:

    • Lenders can only extend their lending up to maximum Rs 50 lakhs across all P2P platforms that such investments of the lender are consistent with their net worth.
    • For investing more than Rs 10 lakhs across P2P platforms, lender will have to produce a certificate from a practiced chartered accountant certifying minimum net worth of Rs 50 lakhs.
    • Exposure of a single lender to the same borrower across all P2P platforms should not exceed Rs. 50,000
  • Fees and Charges :
    Sl No Fees and Charges (Excluding GST) Purpose
    1 Rs. 500 One time borrower registration fees
    2 Rs. 500 One time lender registration fees
    3 1.50% of loan sanctioned Processing Fees
    4 Rs. 1000 Documentation charges
    5 Rs. 500 per bounce EMI bounce charges
    6 Rs. 500 per part payment Part Payment charges
    7 4% on outstanding loan Foreclosure charges on the outstanding loan amount
    8 24% per annum Penal interest for delay in EMI payment
    9 Rs. 500 Bank mandate registration charges
    10 Complete expense to be borne by lender Legal expenses for any arising legal dispute for non-recovery of funds.