Why do I need to transfer funds in Escrow account?

Why do I need to transfer funds in Escrow account?

As per RBI regulations, all money movement has to be carried out through an escrow account. Transferring money to an escrow account is easy and safe, it also enables a faster and secure transaction.
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      Availing a personal loan is quick and easy with 5paisa P2P. We take less than 24 hours to process your loan application and once approved, the loan amount is deposited in your bank account the same day.
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      You can start lending in just four simple steps. They are as follows: Upload required documents Add money in the escrow account Register online and create your lender account Select borrowers from the list as per your risk appetite and start lending
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      You need to fulfill the following eligibility criteria to become a lender PAN card Aadhaar Card ​Cancelled cheque
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      A cancelled cheque is required as a part of KYC to verify your bank account for money movement. All pay-out will be made to the account details mentioned in cancelled cheque.
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      You can take a personal loan in just four simple steps. They are as follows: Register online and create an account Upload required documents Accept loan agreement Loan gets disbursed in your bank account