RupeeCircle

Borrower’s Eligibility

Who can become a Borrower on RupeeCircle?

A RupeeCircle borrower needs to be:

  • An Individual Indian Resident
  • At least 18 years old
  • Have a valid Govt. issued ID proof (PAN card, Aadhar card, Passport)
  • Have a valid Indian bank account
  • Salaried or Self-employed
Why RupeeCircle?

Borrowing Process

1. Registration – Create a Borrower’s Account

To apply for a personal To apply for a personal loan, the first step is to create a borrower’s account... Read More

close 1. Registration – Create a Borrower’s Account

1. Registration – Create a Borrower’s Account

To apply for a personal To apply for a personal loan, the first step is to create a borrower’s account. Eligible borrowers can create a RupeeCircle borrower account by paying a one-time registration fee of Rs 500, providing basic personal information by filling a simple online form, and uploading the documents required. Our in-house risk assessment team will then verify the information provided and validate the account.

2. Apply for Loan

2. Apply for Loan

Borrowers can apply for Approved loans by providing the necessary personal and financial information, employment details... Read More

close 2. Apply for Loan

2. Apply for Loan

Borrowers can apply for Approved loans by providing the necessary personal and financial information, employment details, education history and other relevant information, upload the documents required and fill up a simple online form regarding your loan requirements (loan amount, purpose, tenure, etc).

  • Loan Purpose For what purpose does the borrower require money?
  • Loan Amount A borrower can apply for loan from Rs 25,000/- to up to Rs 5,00,000/-. The loan amount should be in multiple of Rs 5000/-.
  • Loan Tenure Borrowers can apply loans for tenure upto 24 months.
  • Interest Rate The Interest rate for each loan is decided by RupeeCircle risk grades based on borrower’s credit profile.
3. Loan Assessment - Profile Verification
                                                + Loan Evaluation

3. Loan Assessment - Profile Verification + Loan Evaluation

Once the borrower has submitted his loan application, RupeeCircle risk assessment team will... Read More

close 3. Loan Assessment - Profile Verification
                                                    + Loan Evaluation

3. Loan Assessment - Profile Verification + Loan Evaluation

Once the borrower has submitted his loan application, RupeeCircle risk assessment team will conduct borrower credential verification to verify the details provided and ascertain the veracity of documents submitted. We may reach out to the borrower in case any clarification or additional documents are required.

RupeeCircle’s in-house underwriting team will then evaluate the loan using our proprietary credit score model and assigns a RupeeCircle risk grade (A to F) for the borrower and interest rate for the loan based on its credit risk.

4. Approval and Listing of Loan

4. Approval and Listing of Loan

Post successful loan assessment, borrower will be provided with the updated loan terms (approved loan amount, interest rate... Read More

close 4. Approval and Listing of Loan

4. Approval and Listing of Loan

Post successful loan assessment, borrower will be provided with the updated loan terms (approved loan amount, interest rate, applicable EMIs, etc). Once borrower agrees to the terms, the loan is listed on the RupeeCircle Market place for investors to commit funds. Investors then have 14 days to decide if they want to invest in your loan project.

5. Funding of Loan by Investors

5. Funding of Loan by Investors

Investors can invest as little as Rs 5000 and can commit funds to single or multiple loans on the market place to diversify risk... Read More

close 5. Funding of Loan by Investors

5. Funding of Loan by Investors

Investors can invest as little as Rs 5000 and can commit funds to single or multiple loans on the market place to diversify risk. To mitigate investment risks, a loan is funded by multiple investors. The borrower can monitor the funding status by logging into borrower’s account. Borrower has the option to ‘close’ the loan listed once 80% or more of the loan amount has been funded.

6. Physical Verification and Legal
                                                Documentation

6. Physical Verification and Legal Documentation

RupeeCircle conducts physical verification of the borrower through a reputed agency to avoid fraudulent... Read More

close 
                                                    6. Physical Verification and Legal
                                                    Documentation

6. Physical Verification and Legal Documentation

RupeeCircle conducts physical verification of the borrower through a reputed agency to avoid fraudulent and dubious practices.

This verification is carried out before listing the borrower loan in Market place. Upon successful verification, borrower and investors are require to sign a loan agreement which is a legally binding document enforceable in the court of law. The loan agreement outlines the terms and conditions of investment and repayment. 10 PDC cheques is collected from the borrowers.

7. Disbursal of Loan Amount – Receive funds

Borrower receives the funds once the loan has been 100% promised by the Investors and loan agreement... Read More

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7. Disbursal of Loan Amount – Receive funds

Borrower receives the funds once the loan has been 100% promised by the Investors and loan agreement has been signed by the borrower and the investors.

Loan amount is disbursed from the escrow account to borrower’s bank account within 2 working days. Processing Fee (upto 5% of loan amount, depending upon Risk Grade or Rs 1500 – whichever is higher) is auto deducted from the loan amount prior disbursal of funds to the borrower account.

8. Loan Repayment

8. Loan Repayment

The borrower has to repay the loan through monthly EMIs. A complete repayment schedule will be provided to the borrower... Read More

close 8. Loan Repayment

8. Loan Repayment

The borrower has to repay the loan through monthly EMIs. A complete repayment schedule will be provided to the borrower. Every month EMI amount is auto-deducted from the borrower’s bank account to Repayment Escrow Account. EMI collected from the borrower is automatically split and transferred to respective investors’ wallet who funded the loan. Any delay or default in repayment will attract severe penalty.

A borrower can make repayments to investors via direct debit, PDCs, NEFT, demand draft or any other mode of payment as mentioned in the Loan Agreement.

  • Loan Pre-payment – Borrower may also prepay the loan amount due without any pre-payment or foreclosure charges post 3 EMI’s
  • Loan Completion – Once the total loan amount has been repaid in full along with all the dues, a loan closure certificate will be issued to the borrower. The borrower then can apply for new personal loan or can even become an investor.

List of Documents Required

Photographs

  • 1 Latest Passport Size Photograph

Identity Proof

  • Aadhar Card

Signature Proof

  • PAN Card

Date Of Birth Proof

  • PAN Card
  • Aadhar Card
  • Passport
  • Driving Licence

Bank Details

  • Cancelled Cheque
  • Bank statements (Last 6 Months)

Address Proof (Any One)

  • Electricity Bill
  • Utility Bill

Contact Proof (Any One)

  • Post-paid mobile bills (last month)
  • Post-paid landline bill (last month)

Proof of Income

  • Last 3 years personal ITR or Income Tax Declaration
  • Last 3 Months salary Slips
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