Borrowing or Lending Money Process on P2P Platform

Antworks Money P2P loan Services have reengineered the Process of loan Origination without seeking to do away with any of the steps involved in traditional way of loan origination.

On Antworks Money, visitors, as per their requirement, can register as lenders or borrowers. The registration process is completely free and charges are only levied at completion of transaction. Since the loan would be disbursed into a bank account of Borrower, we assume that KYC done by bank is sufficiently reliable. Once a loan requirement is listed by the Borrower, the same is straightaway put into the bidding wherein registered Lenders can view the requirement, raise queries and if satisfied with the loan proposal, indicate their willingness to lend by bidding for the full loan amount or a part of the loan amount at interest rate within range indicated by the Borrower. The entire discussion between Borrower and Lender is moderated by Antworks Money P2P loan services team however we don’t have any role in setting of interest rates which happens through automated reverse auction process on our Market place. In addition, Antworks Money P2P loan services provide two paid services:

  1. Antworks Money verification services

 

We verify Borrower’s Personal and Occupational Information like Aadhaar card (online), PAN card (online), defaulter list check (online), Income figures with Income tax and TDS returns (offline), address verification (offline) and employment status (offline). A Borrower can choose to get these services as it will increase the chances of getting the interest from lenders. Presently, we charge INR 1500 plus service tax for verifying the user profile and it takes 24-48 hours to complete the verification process. The process of verification is done by our approved service providers and we ensure that these service providers are having a credible background. Any person obtaining the Antworks Money verification services shall be presumed to known and understood that these services are being offered by  AntwroksMoney as a facilitator and AntworksMoney thus does not assume any liability for the outcome of any Verification as these are dependent on third party and no guarantee can be given for the correctness of the Verification and it shall be the duty of the recipient of this service to take adequate precaution before entering into any transaction as AntworksMoney does not guarantee the repayment of the loan disbursed under any circumstances. Moreover, taking this services does not guarantee the consummation of any intended transaction as each transaction will be concluded based on its usual parameters.

 

  1. Antworks Money Loan Rating Services

We provide a Rating of 1-10 to Individual Borrowers only, wherein 1 indicates lowest level of Risk and 10 means highest level of Risk. The Rating is awarded basis evaluation of creditworthiness of Borrower on more than 20 different parameters. The Rating can be initiated at the request of Borrower and Lender and it takes 24-48 hours to complete the rating process. Presently, we charge INR 2500 plus service tax for providing a loan rating to a proposal.  Please note that Personal and Occupational Information is also verified in the process of Rating a loan proposal and therefore a rated profile provides dual comfort to prospective lender viz. Comfort of user profile meeting our Verification norms and Rating of profile on our proprietary rating model. Any person obtaining the or Antworks Money Loan Rating Services shall be presumed to known and understood that these services are being offered by  AntwroksMoney as a facilitator based on the internal rating mechanism of AntworksMoney and does not claim to be approved by any governmental agency. The rating is intended to be as an additional decision making criteria for lenders. Accordingly, it shall be the duty of the recipient of this service to take adequate precaution before entering into any transaction as AntworksMoney does not guarantee the repayment of the loan disbursed under any circumstances. Moreover, taking this services does not guarantee the consummation of any intended transaction as each transaction will be concluded based on its usual parameters.

Once an agreement is reached between the borrower and the lender, a formal contract is signed by them. The lender then transfers the amount to the borrower’s account and the borrower makes periodic repayments via EMI over the stipulated time period. We charge a onetime administrative fees of 2%-4% (refer Administrative fee table) of loan amount on completion of transaction from Borrowers, which is deducted from disbursement OR can be paid through cheques/NEFT/Net banking/Wallet

Repayment can be done through any legal instrument allowed by regulators such as cheques/NEFT etc. and tracked by Antworks Money P2P loan services.

Once a loan is disbursed, we help lenders with the collection and recovery of loans, the charges for which are reimbursed by Lenders on actual basis. Delay in repayment by borrowers draw a penalty which is advised to the Borrower by Antworks Money P2P loan services as part of the process.

Antworks Money provides a democratic, technology-driven platform for the whole process to happen smoothly and quickly.

So go on and SIGN UP now to try out Antworks Money P2P loan services

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