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, Consumer Credit loan.
Q: How do I become a Borrower?
Sign Up on PaisaDukan and register through the simple step by step process as instructed. When you as a borrower are successfully registered, your loan listing page appears on the borrower listing page. All desired documents will be provided by the borrower for KYC and Income proof and the same will be verified by PaisaDukan. If your document is qualified, your details will be displayed in the Active borrowing Dashboard. Lenders can then see your listing and make offers to you depending on their lending criteria. All lender offers can be seen in the borrowers listing page. A Borrower may receive offers from many lenders.
Q: Is my identity protected?
Yes, your identity is completely protected and not visible in any other portal (Email ID, Mobile Number, Photo Etc.) Your name will be shared with the lenders funding your requirement at the time of signing of Agreement and not before that.
Q: How does a Borrower request get rejected?
If Borrower profile is not suitable as per credit criteria risk policy then 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 12% to 24%. PaisaDukan uses an automated tool 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: 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 guideline, an individual lender can fund an individual Borrower for not more than 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% on the principle amount funded through our Platform. The actual service charge will vary based on principle amount and tenure of Loan
Q: How will my repayment transactions be processed?
As per our policy first 2 months repayment 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. The Bank should support the ACH facility and in case not then we will take PDC and SI instruction of the Borrower Bank.
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. Earning a stable income is mandatory.
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.
Q: How my Repayment is calculated?
Your Repayment is calculated by reducing balance method as per tenure selected by you. The monthly instalments or the EMIs remain same throughout the tenure.
Q: Why should we pay registration fees?
Registration fees are used to complete all your documentation formalities including E-KYC, digital signature cost, Banking checks 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, additional penal interest of 2% p.m. will be applied on the amount. Rs.200/- per cheque bounce / mandate rejection will be charged in addition. 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.
Q: How long does it take for my profile to become live and for my loan to be listed?
Post registering, the verification of your profile and documents requires 4-24 hours. 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, principle amount paid as well as yet to be paid, interest rate, details of next EMIs, number of EMIs left and balance principle 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 disbursement Escrow account.
Q: Can a borrower also be a lender?
No, a borrower cannot be a lender. In case a Borrower is found to be borrowing for lending, his/her profile will be terminated.
Q: Can I cancel my loan application?
You can delete your profile as a borrower at PaisaDukan anytime, without being refunded. However, you cannot cancel a loan application once the agreement has been signed.
Q: Where can I send the grievances?
You can call us on our PaisaDukan Help Desk number to address your grievances. You can also mail us your grievances at helpdesk@paisadukan.com. 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 18001024929. You can also mail us on helpdesk@paisadukan.com. 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. 112/113, 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 12 hours, Assistant Manager-Operations for the next 12 hours, the Chief Operations Manager for the next 24 hours and lastly, the Managing Director for the next 48 hours. You can refer to the given escalation matrix for a better understanding.