Key Fact Statement
- Home -
- Key Fact Statement
Scope of activities:
Moneymela acts as an intermediary between lender(s) and borrower(s), by providing an online platform to the participants involved in peer-to-peer lending.
As per Section 45I(bb) of the Companies Act 2013, it shall not raise deposits.
Moneymela does not provide or arrange any credit enhancement or credit guarantee for any company or individual.
Moneymela does not hold funds received form lenders for lending or funds received from received from borrowers for servicing loans.
Moneymela does not cross sell any product except for loan specific insurance products for securing the loans.
Moneymela does not permit international flow of funds.
Moneymela does not permit international flow of funds.
Borrower
Moneymela prioritizes a positive work environment where communication and grievances are fairly addressed. Our policy ensures that all complaints, requests, and queries received from customers are responded promptly as per defined timelines.
Qualifying Criteria of borrower:
At least 18 years of age or a duly registered business in India.
The individual applicant must have valid government issued ID proof such as PAN card, card, driving license or passport.
The business applicant must have any proof of business incorporation
The applicant must have a valid Indian Bank account
The applicant must have a steady monthly income for repayment of their loan.
Documents required borrowers to be uploaded while registering as a borrower:-
| # | Document Type | Accepted Documents |
|---|---|---|
| 01 | Identity Proof/Date of Birth Proof (any one of the following) |
PAN Card Aadhaar Card Voter ID Passport |
| 02 | Address Proof (Present/Permanent) (any one of the following) |
Aadhaar Card Passport Bank Statement Voter ID Electricity Bill (within last 3 months) Post-paid Mobile Bill (Last Month) |
| 03 | Photograph | Passport Size Photograph (1 Copy) |
| 04 | Bank Details |
Scan copy of Cheque or Copy of the front page of pass book for details of Account No and IFSC Code. Bank statement or pass book copy of Salary/operating account for last 6 Month. |
| 05 | Proof of Income |
Salaried – Salary Slip (Last 3 Months) Self Employed – ITR for last 2 Years. Any other document confirming income of the business of the borrower. |
What are the borrowing limits:
Registered borrower can not avail loan of more than Rs 10 lakhs from all the P2P platforms combined.
Maximum loan tenor for any loan cannot exceed 36 months.
Lender
Qualifying Criteria of Lender:
At least 18 years of age
In the case of a company, the lender applicant must be an RBI-listed finance company or a company duly registered under the Companies Act, 2013.
The individual lender applicant must have valid government-issued ID proof. In the case of an NRI, the lender applicant must have a valid Indian NRO Bank Account.
Documents required lenders to be uploaded while registering as a lender:
| # | Document Type | Accepted Documents |
|---|---|---|
| 01 | Identity Proof/Date of Birth Proof (any one of the following) |
PAN Card Aadhaar Card Voter ID Passport |
| 02 | Address Proof (Present/Permanent) (any one of the following) |
Aadhaar Card Passport Bank Statement Voter ID Electricity Bill (within last 3 months) Post-paid Mobile Bill (Last Month) |
| 03 | Photograph | Passport Size Photograph (1 Copy) |
| 04 | Bank Details |
Scan copy of Cheque or Copy of the front page of pass book for details of Account No and IFSC Code. Bank statement or pass book copy of Salary/operating account for last 6 Month. |
| 05 | Proof of Income |
Salaried – Salary Slip (Last 3 Months) Self Employed – ITR for last 2 Years. Any other document confirming income of the business of the borrower. |
What are the lending limits:
Lenders can only extend their lending up to maximum Rs 50 lakhs across all P2P platforms that such investments of the lender are consistent with their net worth.
For investing more than Rs 10 lakhs across P2P platforms, lender will have to produce a certificate from a practiced chartered accountant certifying minimum net worth of Rs 50 lakhs.
Exposure of a single lender to the same borrower across all P2P platforms should not exceed Rs. 50,000.
Fees and Charges :
| Sl No | Fees and Charges (Excluding GST) | Purpose |
|---|---|---|
| 1 | Rs. 500 | One time borrower registration fees |
| 2 | Rs. 500 | One time lender registration fees |
| 3 | 1.50% of loan sanctioned | Processing Fees |
| 4 | Rs. 1000 | Documentation charges |
| 5 | Rs. 500 per bounce | EMI bounce charges |
| 6 | Rs. 500 per part payment | Part Payment charges |
| 7 | 4% on outstanding loan | Foreclosure charges on the outstanding loan amount |
| 8 | 24% per annum | Penal interest for delay in EMI payment |
| 9 | Rs. 500 | Bank mandate registration charges |
| 10 | Complete expense to be borne by lender | Legal expenses for any arising legal dispute for non-recovery of funds. |
