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Do I need to register with OxyLoans.com?

Yes, OxyLoans encourages you to complete the registration process. Upon 60% of completion of your profile, you are eligible to lend money.

Do I need to share my personal, professional data and upload documents?

Yes, we seek basic information and request you to upload govt. documents as proofs as you will be doing monetary transactions.

What is the minimum amount I can lend?

INR 5000/USD 1000 is the minimum amount to start lending. We suggest you lend small amounts to many people so that the risk is minimized.

What is the maximum time frame for a loan?

You can lend for a minimum period of 1 month and a maximum period of 48 months. Term of the loan can be negotiated with borrower

How can I ask for repayment date to be 5th of every month?

Yes, lender and borrower can negotiate and fix the repayment date.

What is the rate of interest that I can ask for?

We suggest you lend to more people and charge the rate of interest based on their profile strength. We suggest you to charge starting from 12% per year to 36% per year and maintain 24% average returns across loans.

How safe is my money?

Your money is safe! Although lending is subject to risk, we suggest you review the borrower’s personal and social media profile, have a chat with him through our platform, take the help of OxyLoans credit scoring of the borrower and lend when you are completely satisfied.We encourage secured lending. Lenders Principal Amount is guaranteed, if the borrower pledges a property as a collateral, in such case platform gives 100% principal guarantee to the lender. Happy lending.

What if borrower absconds after paying few months of interest or EMIs?

Soft scare: OxyLoans Team will take the help of social media to publish his/her non-payment or default of payment to his/her peer world. We also degrade his/her rating if the borrower doesn’t pay on-time and block his account for 3-consecutive delayed payments. We are expecting the borrower to re-pay on time or face the social embarrassment. In the worst case, OxyLoans will buy back the loan application for 50% of the principal amount which means your 50% of principal is always safe.

How do I achieve 100% of Profile completeness?

Each section in your ‘My Profile’ segment has been assigned a unique weightage. Once you have filled-in the required details in a particular section & go ahead to ‘Save’ it, the profile completion percentage will automatically increase based on the assigned weightage. Once all the sections are filled correctly, 100% of the profile is completed. The following is the weightage structure for available Profile sections:

User Profile section Weightage in %
Personal details 10
Contact details 20
Professional details 20
Financial info 20
PAN card 10
2nd document 10
Photo 10
Total 100

Does OxyLoans validate my details ?

Yes, we follow the same strict procedure in processing the KYC with respect to both borrowers and lenders.

What is the method used for repayments calculation?

We suggest the following types of repayment methods: Pay Interest monthly & Principal Later: Lender and borrower agree on monthly interest only an d principal to be paid as a whole/half amount. In such case interest calculations are simple. Example: If a user borrowed INR 1 Lakh @ 2% interest per month, Borrower needs to pay INR 2,000 every month and clear off principal as full or part. In case if the borrower pays off INR 50,000 in the middle of the loan term then Interest to be paid is only INR 1,000 per month till INR 50,000 paid. Flat EMI Method: Borrower needs to pay an EMI every month until the end of the loan term. In this method, both principal and interest need to be paid on monthly basis to the agreed loan term Reduced Balance Method:Borrower needs to pay an EMI every month but the EMI will keep reducing every month. In this method also, both Principal and Interest are paid on monthly basis to the agreed loan term. In such case, it will be monthly reducing balance method

How do I transfer funds?

Once the agreement is signed based on the agreed terms, the lender will be given access to the account details and personal details of the borrower so that they can transact directly.

Can I collect fee for delayed or non-payment of EMI?

In the case of an EMI not paid on-time there will be a ripple effect. The lender will have a negative impact on his financial commitments too. So lender will decide how much fee the borrower should pay in case of not paying the EMI on time. We encourage lenders and borrowers to negotiate their terms and conditions for the same.

Can I know my borrowers?

Yes, OxyLoans will enable you to know both personal and professional details of the borrower.

Can I lend multiple times?

Yes, we suggest you allocate certain budget and make it 10 portions and lend it to different borrowers so that risk is distributed and you will have an income stream all around the month.

How many borrowers profiles I can view and How long it takes?

You can view multiple borrowers’ profiles and lend to whom you feel most trusted. You are free to take your decision and you are completely responsible for it. It hardly takes 5 minutes to review each borrower’s profile.