Borrower Faq Lender Faq

Borrower Faq

Q: Why Borrow through PaisaDukan?
PaisaDukan brings the state – of – art, robust market place to match Investor and Borrower together. Transparency and Quick turnaround time for processing is the key benefit which an Investor or Borrower can achieve at our Market place. We offer low interest rate loans online easily and quickly. As per your need we are providing multiple loans like Education loan, Auto/Vehicle loan, Real Estate loan, Pilgrimage loan, Vacation loan, Healthcare loan, Marriage loan, Home Improvement loan, Small Business loan, Senior Citizen loan, Divyang loan and Consumer Credit loan.
Q: How do I become a Borrower?
Sign Up on PaisaDukan and follow the simple instructions for getting yourself registered. When you get registered as a borrower you get the access of your personalized dashboard. All desired documents will be provided by the borrower for the purposes of KYC and as proof of income. The same will be verified by PaisaDukan. If your document is qualified, your details will be displayed on the Active borrowing Dashboard. Lenders can then see your listing and offer funding to you depending on their lending criteria. All lender offers can be seen in the borrowers listing page. A Borrower may receive offers from multiple lenders.
Q: Is my identity protected?
Yes, your identity (Email ID, Mobile Number, Photograph, Etc.) is completely protected and not visible in any other portal. Your name will be shared only with those lenders, who will be funding your requirement only at the time of signing of Agreement and not before that.
Q: How does a Borrower request get rejected?
If a Borrower’s profile is not suitable as per credit criteria risk policy then his/her application will be rejected.
Q: What is the interest rate at which I can borrow?
The interest rate varies from person to person based on their profile and credit score. This may range from 18% to 30%. PaisaDukan uses an automated credit decision engine to generate a rate of interest at which the Borrower can borrow.
Q: What is Repayment Date?
Repayment date is on 5th of every month.
Q: What is the minimum and maximum amount that I can borrow?
You can post a request up to a minimum of Rs. 5,000/- (Rupees Five Thousand Only) and a maximum of Rs. 10,00,000/- (Rupees Ten Lakh Only). However, as per RBI guidelines a maximum Of Rs. 50,000/- (Rupees Fifty Thousand Only) can be funded by an Individual Investor/Lender to an Individual Borrower.
Q: Will I be funded by an individual lender?
In case of loan amount less than Rs. 50,000/- there is a possibility of the loan to be funded by a single lender. In all the cases where loan amount is more than Rs. 50,000/- it has to be funded by multiple lenders. As per RBI guidelines, an individual lender can fund an individual Borrower for not more than Rs. 50,000/-
Q: Are there any hidden charges?
There are no hidden charges. You have to pay only registration fees of Rs. 500/- +GST. Everything is transparently explained on our website and you will duly receive statements of all your transactions. Your transaction record will also be available on your Dashboard. Additionally we will charge service fee in the range of 3-5% + GST on the principal amount funded through our Platform. The actual service charge will vary based on principal amount and tenure of Loan.
Q: How will my repayment transactions be processed?
As per our policy repayment for first 2 months must be paid by cheque. The remaining transactions are automatically collected by account on particular dates through NACH mode (Automated Clearing House). For this an ACH mandate has to be signed by the Borrower before disbursement. We will enter into transaction only with those borrowers whose bank supports ACH facility.
Q: How long can be the loan tenure?
  • Minimum loan tenure – 6 Months (and in multiple of 6 Months)
  • Maximum loan tenure – 36 Months
Q: Does my occupation and income matter?
Yes, your occupation and income are primary criteria to decide your credit eligibility.
Q: Do I have to pay a penalty on pre-payment of loan?
No, as per PaisaDukan policy you can pre close your loan after 3 Months without any prepayment charges. It has to be noted that partial prepayment of loans allows borrower to reduce the loan tenure but not the EMI amount.
Q: How my Repayment is calculated?
Your Repayment is calculated on reducing balance method as per tenure selected by you. The monthly installments or the EMIs remain same throughout the tenure.
Q: How will my EMI get scheduled?
EMI schedule will handover as follows:

  • If loan is disbursed before 20th day of the month of application for loan by borrower, total disbursed amount will be equivalent to loan amount funded less transaction charges and first EMI will start from 5th of next month immediately after receipt of the said amount
  • If loan is disbursed on or after 20th of the month, total disbursed amount will be equivalent to loan amount approved and EMI will start on the 5th of the second month from the date of disbursement (i.e. if loan is disbursed on 26th of September then, EMI will start from 5th of November)
Q: Why should we pay registration fees?
Registration fees are used to complete all your documentation formalities including E-KYC, digital signature cost and credit risk assessment cost.
Q: Is there any penalty on delayed or non-payment of EMI?
  • Yes, In case EMI is not paid on due date, a penal interest of Rs. 100/- (Rupees One Hundred Only) per Investor for delays up to 10 days and Rs. 250/- (Rupees Two Hundred and Fifty Only) per Investor for delays of more than 10 days will be charged. These charges are exclusive of Goods and Services Tax and are applicable for each instance of delayed repayment. These charges are charged on behalf of Investor. This will be payable for each default directly to the Investor.
  • In case of cheque bounce, the bank charges related to default instance shall be paid by the Borrower in addition to Rs.250/- (Rupees Two Hundred Fifty Only) exclusive of Goods and Services Tax. In the worst case scenario we have to facilitate the collections through empanelled agencies. This also includes legal process for recovery of funds if required.
  • The cost of such legal process including litigation shall be borne by the Borrower only.
Q: How long does it take for my profile to become live and for my loan to be listed?
  • Post registration, the online verification of your profile and documents will be completed in 24 working hours.
  • Those Borrowers whose online registration is completed should submit the documents sought for verification by PaisaDukan during the visit of PaisaDukan personnel to the Borrower or upload online as the case may be. This will be completed within 3-5 working days from the date of borrower’s registration on the site. Once that is complete your profile is made live and the loan is listed for the lenders to bid.
Q: Why Should I submit 5 cheques?
As per PaisaDukan policy Borrower’s first 2 cheques will be used to repay the first 2 EMI’s and another 3 cheques are security cheques.
Q: Can I track my loan portfolio?
Yes, Borrower will be able to see the portfolio of loan, amount been repaid, amount to be paid, principal amount paid as well as yet to be paid, interest rate, details of next EMIs, number of EMIs left and balance principal outstanding amount.
Q: What is the Disbursement process and how it works?
Borrower will be listed for t+10 days on the PaisaDukan platform. At least 60% of Borrower’s requested loan should be funded by Investor/Investors in order to disburse the loan to the Borrower. Once the borrower decides to withdraw the fund, he/she needs to submit 5 cheques. Agreement will be signed when PaisaDukan receives the details. The money hence agreed to be funded will be disbursed through the Lender Funding Escrow account.
Q: Is there any additional listing period?
  • Yes, your additional listing period of 7 (seven) continuous days (including holidays) gets activated after the said listing period of 10 days which can be granted to you if you have received not less than 50 percent of the amount of loan as requested on the platform. This is applicable to listed borrowers only.
  • If the amount funded is less than 50% of the loan requested in the initial listing period of 10 days, then you will not be eligible for additional listing period.
Q: Can a borrower also be a lender?
- Yes, A registered borrower can also register as a Lender/Investor on the PaisaDukan portal provided

  • The borrower has cleared all the dues as borrower on the platform
  • The borrower will have to apply under respective category as desired and all the formalities including registration will be redone for that category
Q: Can I modify my loan listing?
No, a listing once posted cannot be modified. However registered Borrower is allowed to withdraw his/her loan application any time before disbursement irrespective of the amount funded to him/her. This applies for additional listing period as well.
Q: Can I cancel my loan application?
  • You cannot cancel a loan application once the loan agreement has been signed
  • You can delete your profile as a borrower at PaisaDukan anytime after your loan application is closed.
Q: Can I close my borrower account?
  • No Tripartite Loan Agreements in force
  • No outstanding dues in your Borrower Account
  • No active loans up for bidding by Lenders/Investors.
Q: Can I post a new loan request?
If you are a listed borrower, and you want to request a new loan then you are allowed to request the new loan after 3 months. The re-verification charges of Rs. 250/- (Two hundred and fifty only) exclusive of Goods and Services Tax will be applicable as a part of re-verification process.
Q: Where can I send the grievances? can I send the grievance
You can call us on our PaisaDukan Help Desk number 8657425479 to address your grievances. You can also mail us your grievances at This email address is being protected from spambots. You need JavaScript enabled to view it.. Our team ensures that all customers are treated fairly and without bias at all times, all issues raised by customers are dealt with courtesy and resolved on time and customers are made completely aware of their rights so that they can opt for alternative remedies if they are not fully satisfied with our response or resolution to their complaint.
Q: How do I lodge the grievance?
The grievance can be lodged by calling us on our PaisaDukan Help Desk number 8657425479. You can also mail us on This email address is being protected from spambots. You need JavaScript enabled to view it.. In cases where internet facility is not available or even otherwise, you are free to send your grievance by post. There is no prescribed format. The grievance may be written on any plain sheet of paper or on a Postcard and posted to the below mentioned address. 113, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai- 400063
Q: What happens when I lodge the grievance?
The grievance is acknowledged by our Tier 1 Help Desk personnel. A unique registration number is given to each grievance. Immediately after receiving the issue, a mail addressing the acknowledgement of your grievance is sent to you from our Help Desk email and solution is mailed thereafter within 2 hours. However, if the solution does not meet the customer expectations, the issue gets escalated to the Tier 2 Help Desk personnel, the customer service manager, for the next 24 hours, Manager-Operations for the next 7 days, the Chief Operations Manager for the next 15 days and lastly, the Chairman cum Managing Director for the next 20 days. You can refer to the given escalation matrix for a better understanding