i-Lend

i-lend.in is a peer to peer lending platform through which borrowers can apply for small loans between Rs.25k - Rs.5L. The interest rates vary between 18% - 24% Borrowers can register with i-lend and put up their loan requirement on the site. Each borrower will have a page where they will provide information such as the purpose of the loan, why lenders should lend to them, financial status, education qualification, employers, hobbies, interests etc. that help lenders know more about borrowers followed by a stringent verification process of their details. i-lend also minimizes the lender risk by allowing a lender to lend only a part of a borrower’s loan requirement and involve multiple lenders. Borrowers are charged a one-time, non-refundable fee of Rs. 500. Also charges 3% of the disbursed loan amount as processing fee. As of June 2016, the company is operational in Hyderabad, Chennai, and Chandigarh. As of May 2017, the company has over disbursed 600 loans.