Frequently Asked Questions
How much can I borrow?
You can borrow from Rs 4,000 to Rs 10,00,000 on our platform subject to maximum cap of Rs 10,00,000 across all P2P platforms as per RBI guidelines.
What will be the loan tenure?
The maximum loan tenure will be 36 months.
How much can I invest?
You can invest upto Rs 50,00,000 on our platform subject to maximum cap of Rs 50,00,000 across all P2P platforms as per RBI guidelines.
How much can I invest in a single loan?
One cannot invest more than Rs 50,000 in a single loan.
Can I pre-pay my loan? Are there any charges?
Yes, you can prepay your loan at any time. Financepeer do not charge any prepayment penalties. However, the borrower need to pay the interest for entire month in which prepayment happens. For example, if borrower prepays the loan on 16th of the month then the he/she has to pay the interest for remaining 14 days also at the time of loan closing.
Do you require any collateral?
These are unsecured loans and do not require any collateral.
What happens if borrower delays the EMI payment?
If the borrower delays the EMI then he/she should communicate the same to Financepeer as soon as possible. Late charge equivalent to 1 month interest (subject to min of Rs 100 per lender and maximum of Rs 500 per lender) for each month of delayed payment will be levied for late payments.
Will I get my credit score?
Financepeer will provide the bureau as well as Financepeer score.
Can I invest and borrow at the same time?
No, you cannot invest and borrow at the same time.
Is interest income taxable?
Yes, interest income is taxable at the hands of investor. Financepeer do not deduct any TDS on interest income and it is investor’s responsibility to pay the applicable tax. Financepeer is not liable to pay tax on interest income on behalf of the investor.