Antworks P2P Financing Private Limited is a NBFC – P2P within the meaning of Clause (vi) of Sub-Direction 1 of Direction 4 of the Master Directions – Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 issued by the Reserve Bank of India Antworks P2P Financing Private Limited owns and operates an online market place/platformandacts as an intermediaryfor the participants involved in Peer to Peer (P2P in short) lending. We facilitate loans to consumers and businesses and offer Lenders an opportunity to finance the loans. Our goal is to democratize the banking and consumer finance industry to make it more transparent, easily accessible, consumer focused and cost efficient. We intend to provide a credible alternative to traditional way of financing in India with an online marketplace that uses technology and a more efficient funding process to lower operational costs and deliver a better experience to both borrowers and lenders. Simply click on the SIGN UP, and register for Antworks P2P Financing P2P loan Services.
We conduct our business as per the Master Directions – Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 issued by the Reserve Bank of India, and
Banks in India generally lend as per their defined norms which are aimed at Borrowers having a credit history, high credit bureaus score of more than 600, low debt levels and clean payment track record. In addition, Banks as per their internal policy, restrict lending to certain clusters (on the basis of industry, region, profile or social background). This leaves a large section of people who are in need of credit however they are not in a position to get it leaving them exposed to borrowing from unorganized lenders which charge them exorbitantly high interest rates. Antworks P2P Financing's P2P loan services facilitate interaction between Borrowers and Lenders to decide a mutually agreeable rate for their Loans. Thus, we are enabling Borrowers to get their requirements funded at competitive rates and at the same time helping Lenders get the best possible return on their investment.
Currently, the Antworks P2P Financing's P2P loan services are available only to Indian residents having age of more than 18 years. Your name does not appear in the list of defaulters published by RBI and does not have any criminal background.
If you fall in any of above category, Antworks P2P Financing's P2P loan services can help you in connecting with the Lenders who are more than willing to lend to you. We then moderate the discussion between Borrowers and Lenders and facilitate the entire loan process.
Borrowers on Antworks P2P Financing are people who are creditworthy but either does not fit into the lending criteria of Banks or those who do not want to pay high interest to traditional money lenders; people who are smart enough to take charge of their borrowing, just as Lenders are people who want to take control of how they want to invest their idle funds.
We, at Antworks P2P Financing's P2P Loan Services, seek to facilitate convenient Borrowing avenues for everyone.
Antworks would introduce new product for different segment of Borrowers according to the requirements of each segment. The eligibility criteria, assessment mechanism and product parameters would vary from product to product.
For registering as a Borrower, an Individual has to fulfil following criteria:
The requirements can be altered from time to time by adding, deducting or modifying parameters.
A Borrower on Antworks P2P Financing can Borrow money only on unsecured basis.
Simply click on the SIGN UP, and register through the simple step by step process as instructed
Unorganized lending is prevalent in India for centuries. This is done by local moneylenders, traders and HNIs. Antworks P2P Financing's P2P loan services bring all these unorganized players on the marketplace and enables them to lend to credit worthy borrowers in a transparent and fair manner. Also, Antworks P2P Financing's loan services is appropriate for persons with surplus funds, wanting to deploy on fixed return investment products, intends to diversify investment options and having ability to assess borrower profile. The Antworks P2P market place provides better rates of interest than the traditional model because it removes the intermediaries and connects the lenders directly to the borrowers. Traditionally, banks collect money (through savings accounts or deposits like fixed or recurring) at low interest rates (say 6-9%) and lend it to borrowers at much higher rates. This margin goes into recovering high overheads and cost of salaries. Through the process of disintermediation, we enable lenders to lend at a higher rate of interest, while keeping the borrowing costs competitive.
Antworks P2P Financing charges feesas described in the Schedule of Fees and Chargesfor loan transacted on the Platform from Lenders, which is collected at time of transaction is done. We, at Antworks P2P Financing's P2P Loan Services, seek to facilitate convenient lending opportunities for everyone. For registering as a lender, an Individual has to fulfil following criteria:
Antworks P2P Financing's P2P loan Services have re-engineered the process of loan origination without seeking to do away with any of the steps involved in traditional way of loan origination.
On Antworks P2P Financing, visitors, as per their requirement, can register as lenders or borrowers. The registration process is completely free and charges are only levied at completion of transaction. Since the loan would be disbursed into a bank account of Borrower, we assume that KYC done by bank is sufficiently reliable. Once a loan requirement is listed by the Borrower, the same is straightaway put into the bidding wherein registered Lenders can view the requirement, raise queries and if satisfied with the loan proposal, indicate their willingness to lend by bidding for the full loan amount or a part of the loan amount at interest rate within range indicated by the Borrower. The entire discussion between Borrower and Lender is moderated by Antworks P2P Financing's P2P loan services team however we don't have any role in setting of interest rates which happens through automated reverse auction process on our Market place. In addition, Antworks P2P Financing's P2P loan services provide two paid services:
Antworks P2P Financing verification process
We verify Borrower's Personal and Occupational Information like Aadhaar card , PAN card , defaulter list check, Income figures with Income tax and TDS returns , address verification and employment status . Antworks P2P Financing charges a feeas described in the Schedule of Fees and Charges for verifying the user profile and it takes 2-5 days to complete the verification process. The process of verification is done by our approved service providers and we carry out reasonable diligence that the service providers are having a credible background. In the event information provided by Borrower for availing the loan facility is wrong and Platform determines that information has been provided wrongly with the purpose of availing loan facility, the Platform may cancel the Borrower Registration and blacklist him from participation on the Platform.
Antworks P2P Financing Loan Rating Services
We provide a Rating or Score of 1-10 to Individual Borrowers only, wherein 1 indicates lowest level of Risk and 10 means highest level of Risk. The Rating is awarded basis evaluation of creditworthiness of Borrower on more than 20 different parameters. The rating is intended to be as an additional decision making criteria for lenders. Accordingly, it shall be the duty of the recipient of this service to take adequate precaution before entering into any transaction as Antworks P2P Financing Private Limited does not guarantee the repayment of the loan disbursed under any circumstances.
Antworks P2P Financing Loan Tie-up Process
Once an agreement is reached between the borrower and the lender, a formal contract is signed by them. The lender then transfers the amount to the borrower's account and the borrower makes periodic repayments via EMI (predetermined monthly instalments) over the stipulated time period. The disbursement and repayments are carried out through designated Escrow account administered by a Trustee (in compliance with the requirements of RBI guidelines in this regard). Antworks P2P Financing chargesloan tie-up fees and processing charges as provided in the Schedule of Fees and Charges from Borrowers, which can be deducted from disbursement OR can be paid by the borrower through RTGS/UPI/IMPS/NACH/NEFT/Net banking/Wallet or any other means.
Repayment can be done through any legal instrument allowed by regulators such as NEFT/RTGS/UPI/NACH/Net Banking/IMPS/ECSmandate etc. or any such electronic form and tracked by Antworks P2P Financing's P2P loan services.
Once a loan is disbursed, we help lenders with the collection and recovery of loans, the charges and fees for which are paid by Lender. Delay in repayment by borrowers draw a penalty which is advised to the Borrower by Antworks P2P Financing's P2P loan services as part of the process.
Antworks P2P Financing provides a democratic, technology-driven platform for the whole process to happen smoothly and quickly.
The fees, charges, expenses and other costs for the services of Antworks P2P Financing is provided in the Schedule of Fees and Charges. It is revised from time to time and the participants in the Antworks P2P Financing platform are advised to visit the website and review the same at regular interval.
So go on and SIGN UP now to try out Antworks P2P Financing P2P loan services
We do not guarantee fixed or minimum rate of returns to any lender and decisions to lend on Antworks P2P Financing's P2P market place are entirely at the discretion of potential lenders. We don't guarantee the principal amount and/or the interest amount protection to lenders. We merely facilitate the hand shaking between the borrowers and the lenders by providing relevant information about the borrowers and lenders to each other.
We request all borrowers and lenders to read the policy and guidelines on the website and contact us for any clarifications. For further details, please read Antworks P2P Financing Terms and Conditions
We are adopting following fund transfer mechanism in which IDBI Trusteeship Services Limitedis appointed as Trustee and IDBI Bank will be maintaining Escrow accounts
Borrowers are also required to issue Post Dated Cheques (PDCs) directly in the name of lenders, which can be deposited by Lenders in the event of delay or default in payment of instalment by the Borrower.
Once the loan agreement is closed and amount disbursed, an administrative fee on an annual basis is charged from the lender as provided in the Schedule of Fees and Charges, which can be deducted from EMIOR can be paid by the lender through RTGS/UPI/IMPS/NACH/NEFT/Net banking/Wallet or any other means.
The Borrower is required to obtain Insurance (including personal life, permanent disability, loss of livelihood/ employment etc.) for the loan with the Lender (or the Trustee) as the Los Payee. The insurance requirement would be communicated by Antworks to the Borrower. The Borrower is required to pay the premium for the insurance.
A borrower can choose to pre-pay the entire loan amount without any penalty after six months from the due date of 1st EMI. Prior to six months, pre-closure can be done after paying prepayment penalty @5% to the Lender in addition to interest due till the date of payment to lender. The Borrower shall pay a usage service charge of Rs. 500/- for foreclosure to Antworks.
We encourage all Borrowers to make timely payments to avoid penalty charges. In case the due EMI is not paid, a penal interest (by whatever name called) over and above the regular rate of interest of the loan is applied. The penal interest is charged on the overdue amount in case the delay is in payment of one EMI. In case more than one EMI is overdue, the Penal Interest would be calculated on the total outstanding loan amount.
In case, a Borrower fails to repay to the Lender any two consecutive instalments (EMI) of the loan amount on the due dates i.e. designated dates on which they are due for payment, Lender will be at liberty to initiate legal proceedings against the Borrower which would include inter alia the following:
The cost of any legal action incurred by Lender shall be reimbursable by Borrower.
The Lender can also approach Antworks P2P Financing for initiating legal action on the Borrower on behalf of Lender. We have on our panel a list of legal advisors for initiating legal action against the defaulting Borrowers whose services can be hired upon payment of designated fees and charges as given in the Schedule of Fees and Charges.
The interest rate on the loan is calculated dynamically based on the agreed rate of interest between Lender(s) and the Borrower. The EMI for each loan would be different basis the interest rate agreed between Lender and Borrower.
Multiple lenders can bid to provide loan to the borrower within interest range indicated by the Borrower. Since the Borrower is looking for minimum rate of interest, he would obviously prefer the lowest bidder and the lender has more chances to win the bid if he bids close to the lowest range indicated by the Borrower. We keep this fully transparent so that Borrowers and Lenders can take decision basis as much information available.
Following is stage wise process for deciding rate of interest:
Step1: Borrower completes the Personal and Occupational Information and fills up the Loan Request form. A Peer Loan Request No (PLRN) is generated on filing up of Loan Request form. A Borrower can only request for one loan at the same time and a separate PLRN is generated each time. The proposal is immediately visible to thousands of lenders on our site on the Loan listing page.
Step 2: After proposal is listed on the site, Borrower has the option to take it to bidding any time of his choice by clicking Start bidding button available on his profile page (biding section). When the Borrower clicks on the start bidding option, the proposal will start appearing in the Active bid listings. In case a Lender is interested in participating in the Bid, he can do so by clicking bid button on the active bids page.
Step 3 : When a lender bids, the bid is registered provided conditions A and B below are fulfilled
A. He is an active Registered Lender
B. His bid is meeting the criteria relating to amount. His bid is in the range provided by Borrower, lowest being lower range provided by borrower, then going up by 0.25%
Step 4- Bid is deactivated on happening of any of two events: A. Bid registered for more than adequate of loan amount and B. Expiry of 336 hours from the time bid starts
Step 5: A lender has option to view both the Loan Listing pages and Active bids Page on the site and search listing on basis of different criterion.
Step 6 - if bid is deactivated on getting necessary response, bid will be declared successful and if bid is deactivated as it failed to get full support, the bid is declared unsuccessful
Step 7: The system will automatically chose the bids which were received at the lowest Rate of Interest as per bidding rules. The bidding rules are subject to changes from time to time. The rules of bidding are listed on the portal.
Step 8 :The system automatically selects the winning bidder and the Borrower and the lender is informed through a message on his Antworks P2P Financing's Profile Page and through SMS on the registered phone number. When both parties give the go-ahead, the process of signing the formal loan agreement is initiated.
Once there is a primary understanding between the Borrower and Lender, the legal documentation process needs to be completed. The legal documentation has been standardized by Antworks P2P Financing and shall have to be complied fully to complete the transaction. Unless the documentation is completed in all respect the lender shall not transfer and the borrower shall not receive the loan.
The Loan Documentation consists of the Following Documents
1. A tripartite Loan Agreement where Antworks P2P Financing will be the confirming party.
2. An IOU/ Demand Promissory Note
3. Undertakings by the borrower
4. Indemnity by the borrower
5. Any other documents as Antworks P2P Financing may deem fit and necessary as per the then prevailing legal requirement and / or to ensure the sanctity of the transaction/s.
In addition the Borrower would provide 6 Cheques (PDCs) for the loanie. 1 PDC for the amount of Loan of the Lender and 5 PDCs for 5 EMIs.
Antworks P2P Financing provides standardized loan agreement for execution by the parties. Lender and Borrower are required to review the terms of the agreement before execution and adhere to the same diligently.
There would be general and specific instructions to complete the documentations.
1. The Entire Set of draft Loan Documentation is available on www.antworksmoney.com.
2. For every proposed transaction there will be generated a Unique Loan Number ("ULN") for that transaction which shall be used for future transactions.
3. Simultaneous with the generation of the ULN, the Executable Loan Documentation ("ELD") containing the ULN specific information ("the ELD"), will be generated at the portal accessible by the Borrower
4. Thereupon the Borrower shall download the ELD and execute it at his end and physically courier the ELD to the Lender along with such number of PDCs as may be decided by Antworks P2P Financing from time to time.
5. Immediately upon receipt of the ELD, the lender shall complete his part of execution and send the executed ELD physically trough courier to AntworksP2P Financing and pay necessary fee to Antworks P2P Financing.
6. Once AntworksP2P Financing receives the money it shall put its signature on the original document and give a "go ahead" to the Lender to transfer the Loan amount to the Borrower.
Documents required at time of listing of loan request:
|2||Identity Proof (all of the following)||
|3||Date of Birth Proof (any one of the following)||
|4||Signature Proof (any one of the following)||
|5||Address Proof (any one of the following)
Proof of Current Address (any one of the following of recent date not more than 3 months)
|6||Contact Proof (any one of the following)||
|7||Bank Statements||Last 24 months in respect of all accounts. This needs to be provided in form of PDF format.|
|8||Proof of Income||Last 3 years Business/Personal ITR|
|9||Information/ document as required for credit evaluation||Documents to support credentials and information/ supporting documents in reply to specific queries including proof of employment, educational qualification, vocational training, net worth/ asset ownership records, information of existing/ past loans viz.
|10||Post Dated Cheques||Issued by Borrower in favour of Lender. Will be deposited by Lender in case of delay or default in payment by Borrower|
All EMIs received by Lender from Borrowers will be without any tax deduction. The interest portion of EMIs will be taxable as per the income tax rules that apply to you and Lender will have to pay Applicable taxes on or before timelines provided under the Act. Please review with your tax consultant for treatment of income/ expenses.
Borrower Assistance Fees
|Sl.||Particulars||Fees and Charges|
|2||Loan processing charges||Rs. 1500/- per Borrower payable either at time of Registration or after Loan is Tied up (before Disbursement of Loan).|
|3||Loan Tie-up Fees||3.0% of Loan Amount for first Loan of the Borrower
2.5% of Loan Amount for second Loan onwards
|4||Usage Service Charge in case of Prepayment/ Foreclosure||Rs. 500/- per Loan Prepaid|
|5||Payment delay charges||Rs. 500/- for every instance of failure to pay EMI on due date.|
Lender Assistance Fees
|Sl.||Particulars||Fees and Charges|
|1||Lender Enrolment||Rs. 2500|
|2||Loan Administration Charges||Loan Administration Charges (calculated for each loan separately) is payable by the Lender on an annual basis as a percentage of the principal loan amount (subject to a minimum of Rs. 1000/- per annum per Lender) according to the following schedule. Loan Administration Charges is payable before disbursement of the Loan and at annual interval (in advance) thereafter. Loan Administration Charge is payable for the full year even if the Loan is fully repaid mid of the year.|
|3||Loan Recovery Charges||Reimbursement of expenses and other charges as communicated by Antworks P2P Financing and 5.0% of the Recovery Amount|