Q: Why borrow through Easyinterest?
A: Easyinterest offers the borrowers a lower interest rate and less hassle than traditional financing options. It offers attractive fixed rates, an easy online application, friendly service and no hidden fees.
Q: How do I get started?
A: Simply click on the Loan icon and register through the simple step by step process as instructed. Once you have filled the basic information required, paid the registration fees and uploaded the documents required, Easyinterest risk assessment team will identity-verify, credit-check and risk-assess your profile. If qualified, your registration as a Borrower will be approved and you can apply for loan on the Easyinterest platform.
Q: Why do you require documents?
The documents are required to identity-verify, we use various other parameters like ability, stability, past performance and intention of the borrowers, which are evaluated basis these documents. The documents provided like salary slips, bank statements, ITR’s, balance sheets etc. help in taking a collective and transparent decision ensuring a fair field for the borrower.
Q: Why should I pay listing fees and that too before getting the loan?
The listing fees is towards the considerable time, effort and resources spent by our fully-automated credit evaluation mechanism to carefully assesses each borrower profile. The listing fees gets adjusted towards the loan processing fees, if the borrower is funded through the Easyinterestt portal.
Q: How much can I borrow?
A: At Easyinterest, loan disbursal is dependent on loan requirement. For personal requirements, loan amount can vary from Rs. 100/- to Rs. 5,00,000/-. For business purpose, a borrower can apply for a loan upto Rs. 10,00,000/-.
Q: Over what time frame can I borrow? What is the tenure of loans on Easyinterest?
A: Currently, loan tenures are fixed from minimum 7 days to maximum 36 months. Easyinterest is working on making it operationally feasible to let Borrowers borrow for longer periods.
Q: Will I be funded by an individual lender or by multiple lenders?
A: As per Easyinterest policy,Single lender can fund the entire loan requirement of a borrower. OR your loan will be funded by multiple lenders.
Q: Can I pre-pay my EMI? Can I repay my loan early if I like? Are there any charges?
A: Pre-closure of loan can be done only for long term loans such as >= 100000
Q: Can I choose my monthly repayment date?
A: The repayment date can be decided mutually between the Easyinterest team and the Borrower for any date . This is decided basis the date on which the borrower’s salary is credited.
Q: What interest rates can I expect to pay?
A: Interest rates are suggested to each borrower by an automated credit appraisal system that uses the personal and financial information provided by borrowers across more than 120 criteria using more than 400 data points to risk-asses the borrowers and understand the strength of their credit profile. The interest rate thus assigned ranges from 12% to 28%. However, Unrated Borrowers can be registered at higher interest rate.
Q: On what parameters does Easyinterest verify my profile and check my credit-worthiness?
A: We use a highly-developed, technology-driven process of verification across more than 120 criteria using more than 400 data points basis the personal and financial information and documents provided by the borrower. Each borrower is identity-checked, credit-checked and risk-assessed by our experienced team. The intention, stability and ability of borrowers is evaluated and understood.
Q: Does Easyinterest undertake physical verification?
A: Yes, Physical verification at both residential and official address is undertaken after prior appointment. This is undertaken to verify the identity of the Borrower.
Q: Does Easyinterest require references?
A: Yes, as part of the verification process, we require 4 references from your professional or personal contacts who should be able to verify your identity, intention, ability and stability to take and repay a loan.
Q: How much time does it generally take before a loan is listed?
A. Once a borrower Signs Up, provides basic information, pays the registration fees and uploads the required documents, the risk assessment team takes 48-72 (office) hours to evaluate and verify the borrower; basis which the credit appraisal mechanism sets the parameters for the loan –loan amount, rate of interest and loan tenure. Once the borrower accepts the same, the profile is made live on the portal. Thus, your loan requirement will be available on the website for lenders to fund between 48-72 hours from your first log-in on the website.
Q: How much time does it take to find a lender? How long can my loan request be available for lenders to fund?
A: All loans are listed on the platform are listed below 1 hour to 15 days which may, under special circumstances, be extended to a maximum of 30 days. This is known as listing period. However, the funding of the loan cannot be predicted or controlled as it is dependent upon attracting sufficient lenders. Credit-worthy borrowers can get funded within minutes and some borrowers assigned high rate of interest can take a few days. You can monitor lenders interest anytime by logging into your account.
Q: Why was my application declined?
A: Easyinterest holds the right to decline a listing in certain cases such as:
- The Borrower is unable to provide complete documentation or the same cannot be authenticated.
- These documents are required to evaluate the borrower’s credit-worthiness and intention/stability and ability to take and repay loan. Any deficiency on these parameters or in terms of past loan-performance of the borrower will lead to cancellation of listing of the borrower.
- Physical verification report is negative. It is established that the Borrower does not reside or work at the address submitted by the borrower.
- Borrower has not paid the registration fees.
- If at any stage of loan application, Easyinterestfinds that misleading information was deliberately provided by the borrower with intentions to cheat and hurt the Easyinterest system, its Lenders, founders, stake holders, partners or employees or to infringe or steal the intellectual property of Easyinterest.
Q: What happens in case of delayed or non-payment of EMI?
A: Borrowers are morally and legally obliged to pay all dues in a timely manner. In case the EMI is not paid on the scheduled time, a penal interest is payable as per Faircent policy for each instance of delayed repayment. These charges are paid to lenders. Faircent will also charge a non-refundable collection penalty per delayed payment. So, Faircent encourages all borrowers to make timely payments to avoid penalty charges.
In the worst-case scenario, if Faircent has to issue a legal notice to a defaulting borrower on behalf of the lenders then a non-refundable charge of Rs. 500/- per legal notice will be payable by the borrower to Faircent.
Q: How are repayments calculated?
A: Repayments are equated monthly installments calculated using the reducing balance method. Your installment per month will remain the same throughout the tenure of your loan. The first installment may be different depending on the date of disbursal.
Q: What information can be viewed about me?
Q: Will my address and phone number be available online on the website?
Q: Can I change the loan amount I want to borrow after applying?
A: No, to avoid confusions and maintain lender interest, we do not make changes to a listing after it has been made live on the website. To increase the loan amount, you can create a fresh loan request for the difference.
Q: Can my loan request be terminated or reviewed at any stage?
A: Yes, if at any stage the information furnished by you or the verification(s) initiated by us are found to be incomplete, fraudulent or unverifiable then funding request is terminated and consequently, the invest button on the profile would be de-activated. No registration fees refund will be applicable.
Q: How do I cancel my loan application?
A: Please write to support@Easyinterest.in requesting cancellation of your registration as Borrower. Loan cancellation can only happen prior to disbursal of funds.
Q: How do I change my bank details or set up a new direct debit?
A: Please write to support@Easyinterest.in stating both your old and new bank details. Swapping charges of Rs. 500/- per swap will be applicable and payable to Easyinterest
Q: Can I be both, a Lender and a Borrower?
A: YES. You can either be a Lender or a Borrower at a given time.