Why is my Loan Application rejected?
There can be multiple reasons for rejection. It may be one of the following:
- You may not be eligible as per our platform criteria.
- You may have failed to furnish all valid supporting documents.
- You are not satisfied with the loan offer (Not clear)
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How is my loan eligibility decided?
At 5paisa P2P, we use a very robust credit evaluation model which takes into account different parameters such as credit score, open loans, repayment history, income in hand, among others, to decide your creditworthiness and loan eligibility.
What are the fees and charges applicable for personal loan?
The only fee applicable is a processing fee in the range of 2.5% to 4.5% on the approved loan amount on 5paisa P2P platform
What is the interest rate for personal loan?
The interest rate is decided as per your loan eligibility and credit evaluation. The interest rate starts from 12% and can go all the way up to 36%
Can a lender take loan and lend at the same time?
No, you can either take a loan or lend at any given point of time.
What amount of personal loan can I take and what will be the tenure?
You can avail loan starting from Rs 30,000 to Rs 10,00,000 depending on your eligibility. Loan tenure starts from 6 months and can go up to 36 months.