billionloans is a Peer – to – Peer money lending platform that is completely online. By enabling a wide pool of borrowers and lenders to directly transact with one another, we aim to increase competition and reduce transaction costs resulting in lower interest rates for borrowers. MicroGraam ensures that there is complete transparency in the lending and borrowing processes.
At billionloans, borrowers can register themselves on our website and get verified and assessed through our e-KYC and credit appraisal processes. Similarly, we verify lenders (using e-KYC) before they register with us. Lenders can use our website and search through our database of verified borrowers and choose to lend directly to the borrowers of their choice. billionloans will assists the borrowers and lenders in executing the required loan documentation and enabling (using approved payment mechanisms) fund transfers directly between the bank accounts of the borrower and lender.
Sign up through the simple step by step process as instructed. Once you have filled the basic information required and we have completed the e-KYC process, you will be asked for more detailed information that will allow us to better match your requirements with available lenders. We will also ask you to upload some documents to support the details provided by you. The billionloans risk assessment team will then review your details and decide whether your profile can be included in our borrower database. Once your profile is approved in the risk review process, it will be listed on the borrower database of our marketplace and you will become eligible for lenders to fund you.
The documents are required to verify your identity and asses your credit-worthiness before registration. Apart from the CIBIL score, we use various other parameters like ability to pay, income stability, past performance and intention of the borrowers, which are evaluated on the basis of these documents.
At billionloans, loan disbursal is dependent on the type of loan requirement as well as other parameters like income and credit strength. The maximum loan amount permitted is Rs 5,00,000/-. Please note that the final amount you may be eligible for could be lower than the maximum allowed and will be decided based on MicroGraam’s credit assessment of your profile.
Currently, you can borrow for up to 24 months. billionloans is working on making it operationally feasible to let Borrowers borrow for longer periods. Please note that the loan tenure that you may be eligible for could be lower than the maximum allowed and that it will be decided based on MicroGraam’s credit assessment of your profile.
You could either be funded by a single lender or by multiple lenders depending on choices made by lenders on our website. You can visit your dashboard (after you log in) that will detail out the lender(s) who have funded you.
No, billionloans will facilitate the meeting with lender only on request.
There is no a pre-payment charge or penalty for pre-paying EMI. Pre-closure of loan can be done after three months from the disbursal of the loan without any additional charges. Prior to three months, in order to protect lender interest, pre-closure can be done after paying balance interest due to lenders for a period of three months from the date of disbursal. This is payable directly to Lenders. billionloans does not charge any pre-payment fees.
No, repayment dates are fixed based on actual dates of disbursal.
Interest rates are assigned to each borrower using our proprietary credit assessment methodology that uses the personal and financial information provided by borrowers across multiple criteria to risk-asses the borrowers and understand the strength of their credit profile.
We use a highly-developed, technology-driven process of verification across various criteria based on the personal and financial information and documents provided by the borrower. Each borrower’s identity is verified against government databases and credit risk assessed using a methodology designed by our experienced team. The ability to repay, income stability and intention of borrowers is evaluated.
Yes, Physical verification at both residential and official address is undertaken after prior appointment. This is undertaken to verify the identity of the Borrower.
Yes, as part of the verification process, we require 2 references from your professional or personal contacts who should be able to verify your identity, intention and stability to take and repay a loan.
Once a borrower registers provides basic information and uploads the required documents, we will take between 1 to 48 hours to evaluate the maximum permissible loan amount, loan tenure and the interest rate to be charged. After the borrower accepts these loan parameters, the loan will get listed on our Marketplace.
We will list loans on our Marketplace for 45 days. However, the funding of any loan cannot be predicted as it depends upon attracting investors who are interested in the loan. Depending on your credit worthiness and the terms of the loan, it can take a few hours to a few weeks.
The disbursal process starts only after the borrower has completed the loan documentation. Lenders generally transfer funds to the borrower within 1-2 days. We follow up with the lender to ensure that disbursal is completed as soon as possible.
billionloans can decline to list a borrower’s application on its Marketplace if the borrower and/or application does not meet its internal credit worthiness criteria. This decision is based on the evaluation of multiple criteria and is not linked to any one parameter. In addition, the borrower’s application will be declined if KYC cannot be verified, documentation is incomplete or cannot be authenticated, physical verification of the borrower’s address is negative or if the borrower is found to have provided incorrect, incomplete or misleading information with the intent to cheat billionloans, its employees, directors, its customers, users of its platform or any other entity associated with it.
Currently, billionloans provides loans that are unsecured obligations and do not require collateral.
In case a borrower does not pay the EMI by the due date, penal interest of 24% p.a. will be applied to the amount due for the duration of delay. Additionally, collection charges of Rs. 1000/- will be charged by billionloans. billionloans will support our lenders in exploring all available legal methods for recovery of their funds including the initiation of legal proceeding where required.
Repayments are equated monthly installments calculated using the reducing balance method.
No, there are no hidden charges. billionloans has a simple, transparent fee structure. We charge the borrower a fee of 2% of the loan amount sanctioned Apart from this, there are no other charges as long as your repayments remain regular. In case of default, a penal interest is charged over and above your agreed rate and collection charges of Rs 1000/- are charged by billionloans.
No, you cannot make changes to details of a loan once you have applied. Any changes, including a reduction in loan amount, that are required to comply with billionloans’s policies will be communicated to you and made by us after your agreement.
Please write to email@example.com requesting cancellation of your registration as Borrower. Loan cancellation can only happen prior to disbursal of funds.
Please write to firstname.lastname@example.org stating both your old and new bank details and we will inform you of the documents required to make the change.
No. At any point of time, you can be either a Lender or a Borrower.
billionloans verifies the financial documents submitted by the borrower(s) which takes a lot of time and can delay the listing of a loan request. Accordingly, where available, we use automatic feeds from financial institutions to speed up the verification and assessment process to help fund loan application faster.
An individual borrower on billionloans has to:
Borrowers will typically be required to provide billionloans with following documentation before loan disbursal (apart from the loan documentation that will need to be signed).
Date of Birth Proof
Signature verification from your bank
Electricity Bill (within last 3 months)
Post paid Telephone Bill
Post paid Mobile Bill (last month)
Post paid Landline Bill (last month)
Last 6 months
Proof of Income
Last 3 months of Salary Slip (For Salaried Professional)
Last year’s Business/Personal ITR and Take home salary (For Business Professional)
Post Dated Cheque
As security to cover the entire principle and interest amount payable over the life of the loan
Information provided by you will be used strictly for official purposes, and billionloans safeguards client confidentiality. For further information, please read the billionloans Policy and Terms and Conditions
At billionloans loans can be taken from multiple lenders who use the platform to reach out to borrowers and provide them with loans at an economical rate of interest and in the process earn a higher interest rate than what they would if they kept their money idle. This process is mutually beneficial and is a win-win situation for both parties.
The lenders on billionloans.com are wealthy individuals, family trust offices, financial institutions or any other entity that is legally allowed to make loans in India. billionloans ensures that only verified lenders use our website by authenticating their identity prior to allowing them to register.
The registration process is quick and easy. A Borrower enters identity details, financial and income information and loan details and uploads the documents required.
Based on these details, every borrower is KYC checked followed by a credit worthiness analysis. Our credit assessment process determines the maximum loan amount, loan tenure and interest rate for which the borrower is eligible. After this, the borrower’s loan application will be listed on the billionloans Marketplace. Any reductions made to the borrower’s loan amount will be confirmed with the borrower before listing.
Lenders registered on the website will be able to access the loan application and make decisions on funding all or part of the loan. The borrower can track the funding status of the loan i.e what percentage of the amount required has been committed by lenders.
Loan disbursal begins only after:
billionloans facilitates the signing of a legally-binding agreement between the Borrower and the Lender(s).
The borrower physically signs the hard copy of the agreement. Our representative meets the borrower, gets the legal agreement signed and collects other documents that may be required e.g. pro-forma invoice of the item to be purchased with the loan. Once the documents are verified, the lender can transfer the loan amount to the borrower.
Borrowers can repay through multiple electronic means available on our website like debit card and net banking as well as through NEFT. Further, the option of auto debit from bank accounts is also available. As a part of loan documentation, the borrower will also have to provide 1 post-dated cheque as security against default covering the entire principle and interest payable over the term of the loan.
Please note that billionloans does not deal in cash.
At billionloans, we encourage loans for productive purposes like improving livelihood prospects, improving living conditions, reducing cost of existing debt and running and expanding small businesses. Loans for consumption are also available but we encourage our borrowers to be responsible and aware of their own repayment capabilities and avoid over burdening themselves with debt. Loan requests can be made for many purposes like:
The list is not exhaustive and loans are available for other purposes for which borrowers may have a need.