Lender Faq's

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Moneymela is a peer to peer digital lending platform operating in India, facilitating connections between individuals looking to borrow money and those willing to lend money. The platform performs a comprehensive analysis of Borrower’s credit profile to evaluate their creditworthiness. After the analysis, Moneymela presents selected borrower profiles to potential investors for lending opportunities. This process ensures that borrowers are thoroughly assessed and matched with suitable lenders, creating a secure and trustworthy lending ecosystem for all participants involved.

Moneymela facilitates hassle-free online lending platform, by providing an opportunity to earn attractive returns ranging from 12% to 28%. It is important to note that Moneymela does not provide any guarantees of fixed returns on investments made by lenders. However, due care for the principal protection of the lender has been offered by diversifying default risks through rigorous credit evaluation and stringent borrower selection criteria. Moneymela takes care of the entire loan lifecycle, from loan origination to recovery, ensuring a seamless experience for the lenders.

Moneymela allows various entities to participate as lenders, including individuals, groups of individuals, HUFs, firms, societies, companies, financial institutions and other artificial bodies.

To get started, lender can visit the Moneymela platform and click on the Sign-Up button. It will be redirected to a registration form to provide the necessary details. Additionally, a one-time registration fee is required to complete the onboarding process. Once the registration is verified & approved, the lender can start lending to the listed approved borrowers, which will be reflected to their log in portal.

Moneymela levies a nominal one-time registration fee of Rs 500/- to attract committed lenders who are dedicated to participate on the platform. Furthermore, the registration fee is adjusted while fund addition to moneymela wallet, which is typically 1% of the amount of fund added. As a result, registered lenders do not need to pay any charges for fund addition and lending up to Rs. 50,000/-.

  • 1. Should be a resident of India and above 18 years of age
  • 2. Should have a valid bank account in India
  • 3. Should possess a PAN Card issued by Income Tax department in India
  • 4. Should not be a Money Lender as per law
  • 5. Should agree to abide by the terms and conditions, risk disclosures, and other the policies set forth by Moneymela.

1 Identity Proof/ Date of Birth Proof (any one of the following) PAN Card, Adhaar Card, Voter ID , Passport
2 Address Proof (Present/Permanent) (any one of the following) Adhaar Card Passport Bank Statement Voter ID Electricity Bill (within last 3 months) Post-paid Mobile Bill (Last Month)
3 Signature Proof (any one of the following) PAN Card Signature verification from your bank Passport
4 Photograph Passport size photograph (1 Copy)
5 Bank Details Scan copy of Cheque or Copy of the front page of pass book for details of Account No and IFSC Code.
6 Proof of Income Last year form 16/ ITR or any other documents confirming income or income declaration.

Moneymela assures the lender interest with a strong focus on thorough credit assessments of the borrowers and effective collection mechanisms. The lending platform is also customized with high level of data security with robust security protocols to protect the sensitive information of lenders and borrowers. However, it is important for the lenders to go through the terms & conditions to understand the lender’s rights, responsibilities & obligations.

Moneymela has opened a Lenders Escrow account with RBL Bank, which is operated under trusteeship. When a lender adds funds to their Moneymela wallet through the payment gateway, those funds are parked in the Lenders Escrow account. With this arrangement, Moneymela ensures that lenders' funds are protected and only disbursed to the designated borrowers as per the lending agreements.

Lenders can lend up to Rs. 10 lakhs across all P2P platforms combined. However, if a lender intends to lend more than Rs. 10 lakhs, they can extend their lending up to a maximum of Rs. 50 lakhs across all P2P platforms. In such cases, lender is required to provide a net worth certificate issued by a practicing chartered accountant. Furthermore, it's important to note that the exposure of a single lender to the same borrower across all P2P platforms should not exceed Rs. 50,000. This restriction has been maintained to protect the interests of the lenders to have a diversified portfolio in the P2P Lending space.

Registered Lenders of Moneymela will have the flexibility to lend to multiple borrowers listed in their log in portal. It allows the lender to create a diversified portfolio of loans, reducing the impact of any potential defaults or any kind of adverse events associated with a single borrower. This diversification strategy increases the chances of earning attractive returns on the overall lending portfolio.

Registered lenders on Moneymela are required to select borrowers from the list of sanctioned borrowers available in their login portal. Lenders will have access to borrower details, including their risk category and the rate of interest sanctioned to them. The interest rate applicable to each borrower is determined by their risk category, as assessed by Moneymela's evaluation criteria.

If a borrower fails to pay the EMI by the due date, bounce charges and additional penal interest will be charged to the outstanding amount for the duration of the delay. As an NBFC-P2P, Moneymela reports any defaults by borrowers to the credit bureau. In the unfortunate event of a default, Moneymela will facilitate the collection by an in-house collection mechanism to recover the due amount from the borrower. Additionally, in worst scenario, Moneymela will send a legal notice to the borrower on behalf of the lender. Expenses incurred for sending legal notices, engaging a recovery agency or undertaking of legal proceedings to be borne by the lender.

Lenders on Moneymela can conveniently access and monitor the health of their investment portfolio through their login portal. Within the portal, lenders have visibility into the status of their extended borrowings, repayment history and outstanding balance of each borrower.

When a lender adds funds to their wallet on Moneymela, those funds are deposited into the lender escrow account maintained with bank. The lender escrow account is an interest-free account, meaning that the money held in this account does not accrue any interest. It is important for lenders to be aware that, the funds available in their wallet should be for the purpose of facilitating transactions and not for earning interest or investment returns.

After the borrower repays the loan through EMI, Moneymela applies a portfolio management charge of 1.50% to the total amount repaid as a fee for the services in managing and facilitating the lending process. It covers various aspects such as loan administration, borrower communication, risk assessment, and other operational activities involved in maintaining a smooth functioning platform. The remaining amount is credited to the wallet of the lenders. Lenders can have preference to utilize the balance in their wallet for further lending or choose to withdraw the funds.

If a lender wishes to change their bank account details, they need to follow the necessary procedures as guided by the customer support team of Moneymela. To update the bank account information, one cancel cheque need to be provided for the newly registered bank account. Moneymela charges a convenience fee of Rs. 500/- for processing such swapping of bank mandate.

Once a Lender has made a consent to fund a borrower, it is expected that they will honor their commitment and proceed with the lending transaction. However, they will have the option to cancel their commitment in the event of misrepresentation or fraud committed by a borrower and can be allowed prior to disbursal of fund. If a Lender chooses to cancel their commitment without any valid grounds, Moneymela reserves the right to take commitment charges and may bar the lender from conducting any new transactions.