P2p lending for PL


1 have a not so good cibil score but need a personal loan. Can i try p2p lending platform for a loan?


To be eligible as a borrower, the P2P portal seeks your details including your educational details, financial details and employer details etc. The portal will then check your credit worthiness by checking your credit reports like CIBIL etc as part of their in house verification. If your credit score is too low, the p2p platform may not allow you to list as a potential borrower.


Is P2P lending RBI approved?


As of now no but to make P2P lending safe and part of mainstream lending in India, the Reserve Bank of India is in working in collaboration with Securities Exchange Board of India (SEBI) to regulate P2P lending. The RBI Governor had announced that RBI is working on a concept note on P2P lending in April open for public feedback and comments. Based on the feedback it gets, the Reserve Bank of India will draft a final regulatory mechanism to monitor and streamline the peer to peer lending in India.


I know about LenDenClub so I’ll talk about them. They don’t consider CIBIL score as a deal breaker. You can try them out as they give out personal loans to salaried individuals with a minimum salary of Rs. 12,000. They essentially give an instant approval and disburse the funds within 3 days. I suggest you try them for your personal loan requirement.


Hi Aswani,

While we would recommend building your CIBIL score, peer-to-peer or P2P lending platforms could be an option you can look into if your Credit Score is low. These sites or platforms generally offer Personal Loans of up to Rs. 5 lakhs with tenures ranging from 12 – 36 months. Depending on your negotiation skills, you could get a loan without collateral at around 12% – 24%.

P2P lending sites still take your Credit Score into consideration though in addition to your banking and online social behaviour, current repayments, job stability etc.

Team BB