InvestorQ : Is there any eligibility criteria for peer-to-peer or P2P loans?
Radhika Arya made post

Is there any eligibility criteria for peer-to-peer or P2P loans?

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Manisha Mehta answered.
3 years ago
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A peer-to-peer (P2P) lending platform connects those individuals who are seeking money with lenders who are willing to lend it to them, while multiplying their surplus wealth.
Different companies have different eligibility criteria to lend to borrowers, but some of the most common ones are:
- Applicant’s age should be between 21 and 60 years
- The borrower must be a salaried individual with minimum income of Rs. 20,000. Please note, the salary bracket would depend on the city the borrower resides in, as well as the company he/she works for. Let’s say the borrower stays in a metro city, then his/her salary requirement will be higher than if he/she were staying in a non-metro. Additionally, if you are working in a top MNC, then the salary requirement would be lower than one working with a start-up company.
- The applicant must be staying in the city for at least a year
- The applicant must have at least two years of work experience
- Applicant would be required to furnish basic documentation such as address proof, identity proof, latest bank statements, etc.
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