3. How does the borrowing process work?

When you as a borrower are successfully registered, your loan listing page appears on the borrower listing page. Lenders can then see your listing and make offers to you depending on their lending criteria. All lender offers can be seen in the borrowers’ listing page. A borrower may receive offers from many lenders.

Similarly, borrowers can reach out to particular lenders to request loans from them. A lender may either accept this or reject. This information can be viewed by the borrower under borrower’s “My Account–> My Loan Listing” section.

Borrowers can choose mulitple offers that are most suited to thier requirement. Borrower can accept loan by selecting mutliple offers, the sum of which is equal to or less than the loan amount requested by the borrower. The final interest rate of the borrower is determined by the weighted average of the offers selected.

Once a borrower accepts the loan amount, the listing is closed for further offers. i-lend then, collects all necessary documents, executes the required agreements and collects cheques from lenders and deposits in the borrower accounts.