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IndiaMoneyMart (IMM) is a P2P lending and borrowing platform where its registered lenders offer affordable unsecured loan to its registered borrowers/loan applicants. Loans start at 12% per annum and lenders can earn returns exceeding 25% per annum.

IndiaMoneyMart (IMM) is a P2P lending platform at the intersection of finance, technology and social media to make credit accessible and affordable. The uniqueness lies in offering a transparent and autonomous platform to lenders and borrowers to independently arrive at mutually acceptable terms of loan.

From registration to disbursement, the entire process has been automated and digitalized with minimal human intervention.

How to lend money on IMM:

1.Create Lender Account
2.Pay the Registration Fee (Non-Refundable) – INR 1000+GST
3.Upload your documents (eg. PAN Card)
4.Browse borrowers and assess their eligibility before lending
5.Send loan proposals and enter into agreement
6.Receive Equated-Monthly-Installment payments

How to apply for loan on IMM:

1.Create Borrower Account
2.Pay the Registration Fee (Non-Refundable) – INR 500+GST
3.Upload relevant documents - PAN Card, Aadhar Card, Bank statements, Credit card statements, Salary Slips (if applicable)
4.Loan Eligibility Assessment and listing or rejection of loan
5.Accept or Reject Loan Proposals. Receive your loan once you are funded by 70% or more
6.Repay EMIs on time and re-apply next time you need a loan

Charges:

The minimum repayment period is 12 months to 36 months. Pre-payment of loan is allowed after six months.
Maximum Interest Rate is 25% per year on reducing balance, one time 5% loan processing charges+GST, Insurance charges (INR 45+GST per lac), and One Time Banking Charges – INR 250+GST.
Example: If Loan is 100,000 and loan is taken for one year then the total cost of loan will be 114,053+5000*1.18+45*1.18+250*1.18 =120,301
Below is breakup for a loan of INR 100,000
Principal - INR 100,000
Total Principal +Interest - INR 114,053
Loan Fee - INR 5,900
Insurance Fee - INR 53
Banking Charges - INR 295
Total - INR 120,301

There are no hidden charges except the ones mentioned here. The fee includes document verification, identity verification and loan assessment charges.
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