Antworks Money P2P (short form of Peer to Peer) Loan Services is an online market place that facilitates loans to consumers and businesses and offer Lenders an opportunity to finance the loans. Our goal is to democratize the banking and consumer finance industry to make it more transparent, easily accessible, consumer focused and cost efficient.
We intend to provide a credible alternative to traditional way of financing in India with an online marketplace that uses technology and a more efficient funding process to lower operational costs and deliver a better experience to both borrowers and lenders.
How is it beneficial for Borrowers and Lenders?
Banks in India generally lend as per their defined norms which are aimed at Borrowers having a credit history, high Credit bureaus score of more than 600, low debt levels and clean payment track record. In addition, banks as per their internal policy, restrict lending to certain clusters (on basis of industry, region or social background). This leaves a large section of people who are in need of credit however they are not in a position to get it leaving them exposed to borrowing from unorganized lenders which charge them exorbitantly high interest rates. Antworks Money’s P2P loan services facilitate interaction between Borrowers and Lenders to decide a mutually agreeable rate for their Loans. Thus, we are enabling Borrowers to get their requirements funded at viable rates and helping Lenders get the best possible return on their investment.
Since organized lending is a regulated activity in India, RBI is in process of deliberating on the appropriate guidelines governing P2P lending in India. We will be complying with the RBI norms as and when the same is finalized and put out in public domain. However, as a responsible organization, we have formed our own set of detailed rules and regulations to ensure that process is not misused by unscrupulous elements.
Who can borrow or lend on P2P market place:
Currently, the Antworks Money P2P loan services are available only to Indian residents having age of more than 18 years. Your name should not have appeared in the list of defaulters published by RBI from time to time and does not have any criminal background.
Who are typical Borrowers on Antworks Money P2P Marketplace?
- Do you have a Credit Score of less than 600?
- Yu don’t have a Credit history?
- You have not been in a Regular Job?
- You are facing a difficult time and would like to borrow in excess of limits allowed by Banks?
If you fall in any of above category, Antworks Money P2P loan services can help you in connecting with the Lenders who are more than willing to lend to you. We then moderate the discussion between Borrowers and Lenders and facilitate the entire loan process.
Borrowers on Antworks Money are people who are creditworthy but either does not fit into the lending criterion of Banks or those who do not want to pay high interest to traditional lenders; people who are smart enough to take charge of their borrowing, just as Lenders are people who want to take control of how they want to invest their idle funds.
We, at Antworks Money P2P Loan Services, seek to facilitate convenient Borrowing avenues for everyone.
For registering as a Borrower, an Individual has to fulfill following criteria:
- Be a resident of India.
- Minimum 18 years of Age
- Have a valid bank account in India.
- Have a PAN card.
- Name not appearing in RBI’s list of defaulters
- Not having any criminal background
- Provide all the documents mentioned in the checklist at time of completion of transaction.
Companies and LLPs formed under the Indian Companies Act are eligible to register themselves without any restriction except following:
- Name appearing in RBI’s list of defaulters
- Bankruptcy proceeding initiated against the Corporate by any of the Lenders under Bankruptcy Laws
A Borrower on Antworks Money can either Borrow money on unsecured basis or offer collateral to raise the funds. In case, Borrower is offering collateral, the details of collateral and tentative value needs to be mentioned at time of loan application. Collateral can be in form of hard asset like property or any other asset which has value like shares, precious commodities etc. The manner of creation of security shall be worked out mutually between Borrower and Lender and Antworks Money P2P Loan Services will provide necessary coordination and legal support to complete the documentation.
Simply click on the SIGN UP, and register through the simple step by step process as instructed