Are bank loans expensive?
Well, yes! You not only pay the premium amount but also a heavy interest along with it. The arbitrage that banks earn on the difference between the interest rates for depositors (4% on Savings Account) and loan rates (>20%) is huge! The money that banks make through this process goes to operations, which are primarily capex heavy. With multiple branches across cities, infrastructure for all sites, marketing and other related costs, banks are bound to charge high for loans. So, you end up paying excess money which is a huge loss!
Get cheaper loans with P2P Lending!
P2P lending is an online model that facilitates borrowing and lending, where both the parties are in a win-win situation. Striking a deal becomes easy, with cheaper loans (<20%) and great returns on investment (>4%). Peer to peer loans are the easiest to avail with justified interest rates. P2P lending also enable investors earn a profitable returns by investing in creditworthy borrowers.
Loans with banks become expensive for borrowers as it entail high charges like processing fee, late payment charges, pre-closure charges and many more fringe costs. On P2P lending, most of the charges are minimal and justified. In order to induce a culture of good credit behaviour, no pre-closure charges are levied on borrowers. This makes the whole process of borrowing and lending a pleasing one!
Not only do you get cheap loans but also loans at a fast pace. With an impeccable verification process in place, peer to peer loans are one of the fastest ways of getting immediate cash. Not only this, you can also avail loans for lesser amounts (less than 1 lac), which is seldom allowed by banks. Borrowers also get short loan terms for 6 months and 12 months!
P2P lending is a platform that makes the whole process of borrowing and lending time and cost effective! With the whole process being online, right from registration, sending loan requests, receiving loan offers, to accepting loans, all at the convenience of your house!
Specializing in P2P lending, i-lend has been instrumental in introducing the concept of peer-to-peer loans in India. An online lending platform, i-lend allows borrowers and lenders to interact and mutually settle interest rates. From small personal loans to education loans to healthcare loans, there is a loan for every need at i-lend.