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Prohibited Activities of NBFC-P2P Platforms – A Lender shall not lend in excess of Rs. – A borrower shall not borrow more than Rs. c. Sharing Information with Credit Information Companies(CICs): A NBFC-P2P shall become member of all CICs and will share the credit information of borrowers on its platform on monthly basis or at regular intervals as agreed upon with CICs.

Peer-to-peer lending is an online platform that links lenders to borrowers. An NBFC- P2P is actually a registered non-banking organization which is recognized by the RBI. 2] The investor is happier as he has diversification and more places available to invest his capital and earn more.

Notify me of follow-up comments by email. It provides other ancillary services like services of loan recovery services, credit assessment services, profile verification and other related services. Investments by Some FPIs may Attract Retro Tax. – It shall not facilitate the cash transaction. GST Portal News: E-way Bill generation facility to be blocked for large taxpayers on non-filing of GSTR-3B. It should facilitate availability of information and documents between lenders and borrowers and also to protect their rights and information. Essential Documents For Non-Banking Financial Company Registration, Prudential Norms and Operational Guidelines of NBFC – P2P, Applicability of Insolvency and Bankruptcy code, 2016, PLANNING & SETTING UP OF MICRO-FINANCE BUSINESS.

The Peer to peer lending companies are being regulated through Reserve Bank of India [RBI]and therefore reserve bank of India reserves  power for providing lending license to the applicant. The various benefits of being an NBFC-Peer-to-Peer are as follows-. e. Maintenance of Separate Account for Loan disbursements and Collection: All flow of funds originated through the P2P Platforms need to be done through separate Bank account (escrow account) maintained and operated by a Bank promoted trustee. The RBI verifies the other conditions of registration i.e. 3] The applicant company shall have technological , managerial , 4] A pure motive to serve the public and its interest, 6] The board of directors shall fulfill all terms and conditions of RBI, Any company being registered as private or public limited company can apply for the license with the reserve bank of India.They need to fulfill the conditions below –. It is to moderate the interactions between lenders and borrowers. Under this lending ,the applicant borrows loan for purchase of property ,commercial ,refurbishing of house etc . This is an effective way to get loans and financial help from others directly without involving any middlemen or financial intermediaries. Limitations on Transactions through NBFC-P2P platforms 5] The hard copy of the application together with required documents to be submitted to the office of the reserve bank of india. – Leverage Ratio explaining the nominator and denominator, b). (i) comply with any Direction issued by the Bank; or (ii) maintain accounts, publish and disclose its financial position in accordance with the requirements of any law or any Direction or order issued by the Bank; or (iii) submit or offer for inspection its books of account or other relevant documents when so demanded by the Bank. #7. – The maturity period of Loan linked to platform shall not exceed 36 months. Within one month from the date of changes – It should obtain a certificate of Registration (CoR) from the Reserve Bank of India to carry on   the Business of Peer to Peer Lending Platform.

This method is actually ideal for the under-banked population (i.e. (iii) Principle approval :-The Bank may, after being satisfied that the conditions specifiedare fulfilled, grant in-principle approval for setting up of a Peer to Peer Lending Platform, subject to such conditions which it may consider fit to impose. The loans provided to small businesses for various purposes such as asset finance , working capital , business to be extended etc . Saturday & Sunday: 11:00AM–3:00PM, BIAT Consultant is online portal for BIS Registration , Company Registration , Business Finance , Legal Advisory Services And more …. One can easily get his returns multiplied in a short period of time if his returns are re-invested. ceases to carry on the business of Peer to Peer Lending Platform in India; or, has failed to comply with any condition subject to which the CoR has been issued to it; or, is no longer eligible to hold the CoR; or, at any time fails to fulfill any of the conditions referred to in paragraphs 5(2)(ii) and 5(2)(v); or. – Undertaking Credit assessment and risk profiling of the borrowers and disclosing the same to their respective lenders. 1] There is high use of information technology and there is a lack of security as documents can be leaked or information can be wrongly utilized.

– Any Change in Management of NBFC-P2P which would result in change in more than 30 per cent of the Directors. – Change in Authorized signatory on behalf of NBFC-P2P.

How MUDS Management Helps in Registration of New Asset Financing Firms? Hours But this concept is comparatively new as its inception ranges back in the year 2005. BIATConsultant is leading consultancy company in India providing different kind of registration services , IPR services , Financial and Business  Loan , Legal Advisory and more since 2004 . In India the business of Peer to Peer lending has evolved with the advent of technology.

2] The documentation is very simple and easy as compared to documents required while taking loan from financial institutions, 3] The fees and other charges required are low as compared to banking institutions. – Providing assistance in disbursement and repayment of loan Amount. – International Flow of fund is prohibited. Subhash Chowk , Laxmi Nagar The best p2p lending rates you can expect for international peer to peer lending sites are around 8% to 12%‎. They use algorithms to help lenders decide on a borrower's credit worthiness and ensure quick loan disbursal with reasonable interest rates.

– Any Change in Shareholding that would result in right to appoint a director. (vii)Application:- Companies that are undertaking the business of Peer to Peer Lending Platform, as on the date of effect of these directionsdated 4th Oct, 2017, shall apply for registration as an NBFC-P2P to the Bank within 3 months from that date. – Any allotment of Shares which will take the total holding of Individual or group to 26% or more of the paid up capital of NBFC-P2P. The borrower should keep in mind that at any given point in time, his borrowed amount should not exceed rupees 10,00,000 lakhs across all available Peer-to-Peer lending platforms. Related Topics: Scope of Activities of an NBFC-P2P, Reserve Bank Notification. Startups will get time to do all the necessary filings and obtain NBFC Registration. The Peer to Peer lending can be defined as a mode of business where a platform in digital form is provided to an individual or an entity for raising loans or fund at certain interest rates and is needed to be paid back as per the specified terms and conditions.The interest rates are either set by the lending organization or after mutual discussion between the borrower and lender etc. This form of lending money is getting very famous among investors as they get a higher rate of return through the Peer to Peer[ P2P] lending business.

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