Who We Are
LoanGini is a Lending Fintech that lends to Salaried Millennials in the Organised sector in Bangalore. It is an early stage P2P lending platform with a vision of Financial Inclusion.
What We Do
LOANGINI CREDIT RATING*
WHAT PEOPLE SAY
"It is a heartening to see RBI recognize P2P lending as a legitimate asset class. I have funded over 33 borrowers in last one year. The returns are better than many mutual fund schemes".
"Amit needed money for his father’s heart surgery. Banks refused to lend . That is when he borrowed on P2P lending platform ."
“I tried traditional investment options like recurring deposits that gave an interest of about 7 percent,” she said. Compare that with the average interest of 22 % she earns on the platform."
How It Works
Borrower provides information on amount of loan required, purpose of loan, phone number, email address, financial details like salary drawn, bank statement to register.
approval & listing
Basis e- KYC, the Borrower is approved by LoanGini. The Lender is auto- matched / manually matched to the Borrower. Post physical verification, the contract gets signed between the Borrower & Lender.
The loan gets disbursed via an Escrow account to the Borrower's account.
Per NACH instructions, the instalments of part principal and interest reaches the Lender's account.
Frequently Asked Questions
Who can borrow on LoanGini?
To borrow on LoanGini, the borrower has to be :
How does the borrower get started on the platform?
The borrower first signs up on LoanGini providing some basic information. They can then provide more detailed personal, financial and loan information, and apply for a loan. This information is verified, and post approval of the loan application, their loan gets listed on the LoanGini platform.
Can a borrower straightaway apply for a loan?
Yes. As a first step in applying for a loan, the borrower provides sign up information. Post the sign up, the borrower is required to provide more detailed information regarding personal, financial and loan details.
How long does it take for the borrower or the lender information to get verified on LoanGini?
It takes 3-5 days, on an average, for the information to be verified.
Who can be a Lender on LoanGini?
To be a Lender you must be:
What are the benefits of lending on LoanGini?
LoanGini is an alternative investment option available to investors. Here you start earning interest on your principal from the next month itself. The interest is more often than not, higher than what you can earn from fixed deposits, RDs, mutual funds, stock markets and other such plans. You are also helping another person financially in a direct manner. This is being socially responsible while managing your finances.
How will LoanGini ensure the safety of my investment?
LoanGini employs a rigorous process to identify and list the creditworthy borrowers on the platform. The borrowers are rated on multiple points via a credit rating model to arrive at a unique credit rating. All the information ranging from personal particulars, identity proof, address proof, income proof, bank account details, financial health, social media presence, digital activity is parsed and a wholistic picture of the borrower is formed. There are processes in place to deal with defaulters. Besides the internal processes, any defaults are reported to the credit bureaus as well as the RBI. Any default would lead to the borrower having a ' not -a- good' financial record, and could potentially affect their future borrowings.
What are the services provided by LoanGini?
The following Services are provided by LoanGini:
1. Verification of documents, and claims of the lender and borrower
2. Getting the duly signed contracts from the lender(s) and the borrower(s)
3. Getting a digital proof in the form of an email from the lender of the disbursal of the loan
What is LoanGini Credit Rating?
The Borrower is assigned a LoanGini Credit Rating, and a corresponding interest rate. This Credit Rating is decided by the proprietary LoanGini credit model.The borrowers are rated on multiple points via the credit rating model to arrive at a unique credit rating. All the information ranging from personal particulars, identity proof, address proof, income proof, bank account details, financial health, social media presence, digital activity is parsed, and a wholistic picture of the borrower is formed.
How does the loan matching take place on LoanGini?
The Lender selects the Borrower, to whom they want to lend . LoanGini then facilitates the contract signing between the borrower and the lender. On successful completion of execution of the contract, the Borrowers are subject to verification. Verification process includes physical verification to check on correctness of data provided for online registration by the Borrower with the proofs. Borrower should be able to provide identity proof, address proof at the time of verification.