Two Best p2p Lender in India to Get an Instant Personal Loan

When it comes to getting an instant personal loan, there are many ways to do it. You could approach a bank that offers instant loans. You could go to NBFCs to apply for the loan. However,  they take time to process the loan, which is one disadvantage if you use it at a bank or NBFC. 

To speed up the process, you should check out the new type of lender in the market. It offers fast, efficient, and transparent services. It is called a p2p lender, which provides a persona loan. The entire process, from applying for the loan to disburse the loan amount, is completed within 48 hours. 

However, not many of the borrowers are aware of these lenders. Thus, today we wanted to introduce two best p2p lenders in the Indian finance market. They are Lendbox personal loans and Faircent personal loans. We will give every detail about them. How to get a personal loan instantly by using these apps. We will also tell you the loan details, the required documents, and other essential things. 

Lendbox personal loan 

Lendbox is an online peer to peer ( p2p) offering an instant personal loan. It has tied up with central banks and NBFCs across the country to help borrowers live in a remote village or a metro city.  In over a year, Lendbox has a lander loan to more than 50,000 borrowers. 

• Lendbox offers a personal loan from Rs 25,000 to Rs 5 lakhs. 

• The rate of interest ranges from 16% to 28%. 

• The loan repayment tenure ranges from 6 months to 36 months. 

• There is no pre-payment charge. 

• The penal interest is 2% per month. 

Why you should choose Lendbox Personal loan? 

• Lendbox does not seek collateral or security to offer the loan. 

• Lendbox services are available online, meaning they could get the loan from anywhere. 

• The application process is easy, requiring minimal documents. 

• After you have applied for the loan, you could track the application's status in the Lendbox app. 

• Since Lendbox has tie-up with several bank and NFBCs, a borrower get vast choices. 

The eligibility criteria for Lendbox personal loan? 

• The borrower must be an Indian citizen. 

• The borrower must be a salaried individual or self-employed professional or a business person. 

• The borrower's minimum salary should be at least Rs 20,000 per month. 

• The borrower should have a minimum of 2 years of work experience. 

• The business should be in profit for a minimum of 1 year. 

• The borrower should have a savings account. 

Documents required for Lendbox personal loan online apply.

1. For Salaried Individual 

• Proof of Identity ( Aadhar Card, PAN card, Passport) 

• Address proof ( Bank statement, Post Paid Mobile bill) 

• Bank statement for the last 6 months

• ITR for the last 1 year

2. For self-employed professional 

• Identity proof ( Aadhar Card, PAN Card) 

• Proof of office address ( Utility bill, rent agreement) 

• Office ownership proof ( Property documents, Maintenance bill) 

• Income proof ( Income tax proof, profit and loss account, auditor report) 

• Proof of existence ( Company registration certificate, Tax registration certificate) 

• Bank statement 

Lendbox personal loan online apply

• First, download the Lendbox app, register yourself. 

• Submit the KYC documents. 

• Lendbox will do the verification. 

• Once the verification is done, the loan options are presented. 

• Choose the loan; it will get disbursed. 

Lendbox loan amount is somewhat higher to face any emergency a borrower might have. Now, let’s move on to Faircent personal loan. 

Faircent personal loan 

Faircent personal loan is another top p2p platform in India to offer personal loans.  It provides quick loan disbursal, has a lower rate of interest with flexible repayment tenure. 

• Faircent offer instant loan from  Rs 10,000 to Rs 5,00,000. 

• The rate of interest is from 14% to 28%. 

• The loan repayment tenure is from 6 months to 36 months. 

• The processing fee is from 2.50% to 8.50% of the loan amount. 

The eligibility criteria 

• The borrower’s age should be above 18 years. 

• The borrower should be an Indian citizen. 

• The borrower's minimum annual income should be at least Rs 2 lacs. 

Documents required for loan 

• Identity proof ( PAN Card, Aadhar Card, Passport, Driving license) 

• Address proof ( Rent agreement, electricity bill) 

• Passport size photograph

• Salary slip and bank statement for the last 6 months 

How to get a personal loan instantly?  

• Download the Faircent app from the Google play store. 

• Sign up in the app, fill out the necessary details. 

• Pay the registration fee. 

• Upload the documents. The verification process will begin. 

• Once the verification is done, the loan amount will be listed on the app. 

So, these are the 2 best p2p lenders to get an instant personal loan. You could check them out one by one to see which one will work best for your requirements. In case you need help, feel free to contact us. 

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shruti keshre Joined: January 20th, 2020