Marwadihandloan Offers Hand Loans and Cash Loans – How does it work?
These days are you seeing Marwadihandloan advertisement on financial websites offering handloans or cashloans? There are a large number of investors, financers, and bankers who want to lend their money to people who are in need, but genuine parties with an intention of repayment at a slightly higher rate of interest. On the other hand, there are prospective borrowers who are in need of funds and want a unsecured loan. So, Marwadihandloan came up with a solution for both the parties. It created a platform that contains the relevant information for the intended borrowers and lenders, where they can meet online and discuss their requirements. What is Marwadihandloan all about? What loans do they offer? What is the rate of interest charged on this platform? Are there any risks in taking loans from Marwadihandloan? Should you take loan from such firms like Marwardihandloan? I would indicate pros and cons and do Marwadi Hand Loan Review in this article.
What is Marwadihandloan.com all about?
Marwadihandloan is a leading broking firm working for more than a decade. It is a private platform, which facilitates peer-to-peer private lending and borrowing. This website provides a matching platform on which registered users (borrowers or lenders) can activate their profile, search for each other, negotiate and deal with each other if the terms and conditions for both the parties are satisfied.
How Marwadi Hand Loan works exactly?
1) Marwadihandloan is a platform to list, search and connect borrowers and lenders and not a direct gateway for financial loans.
2 )First one need to do Marwadi Hand Loan activate. You should do marwardihandloan.com login first. Any prospective borrower can create his profile and activate an account on the website after paying for its activation fees. However, financers, lenders, investors, banks and its agents are exempted from the activation fees.
3) Once the account of any borrower is opened, he can list down his requirements, and the prospective lenders will contact him via phone call or email. The views, communication, and financials exchanged between the two parties is a closed group and the firm cannot be held responsible in any way for any breach of a law. It requests both the parties to contract to check the rules and regulations and laws of that city, state or country before accepting or lending any financial aid.
What loans they would offer?
Financers, lenders, investors, bankers through Marwadihandloan platform offer unsecured loans to individuals and institutions to meet their financial needs. It does not require any movable or immovable property to be placed as collateral security for availing unsecured loans.
How much amount you can borrow?
As the needs of all borrowers are different, so the amount to be borrowed is kept very flexible. It can range from as low as Rs. 10,000 to as high as Rs. 100 crore in one go. The only thing you have to do is that just pen down your requirements and any of their registered lenders may contact you subject to your profile matching his requirement. The other way is that the borrower may contact active lender from the search module after activation of their profile.
What is the tenure of the loan you borrow?
Well, the tenure, rate of interest, and terms and conditions are all mutual agreement between the two parties involved. The platform would leave them to the parties.
Are there any fees charged by them?
Yes, the website charges a one-time activation fees of Rs 1,000 (plus 18% GST) to activate ones profile. The activation fees can be paid online through debit card/credit card/ online banking. The offline facility is also available. The activation fee is non-refundable and non-transferable. The activation is valid for life-time. Once paid, your profile is visible to financers all across the world and vice-versa. However, the payment of activation fees does not the guarantee you of any calls or contacts from lenders. It solely depends upon the discretion of the financers to call a particular profile/person or not.
If you want to give loan to someone, can you register?
Yes, any interested lender, banker, financer can register himself on the website and the best part is that the website does not charge any activation fees from the lender/financer. The website does not restrict, discriminate or limit any segment of the society.
How much is Marwadi Hand Loan Interest Rate?
The website has not the decided for rate of interest. It depends from financer to financer. It is totally an agreement between the two parties. It can be discussed and negotiated with the financers directly. The expected rate of interest is available in the form filled by the financers along with other details. The expected borrowers can read those on activation of their Ids.
What is Marwadi Hand Loan Coupon code?
I could see people searching for Marwadi Handloan Coupon code for cashback on FB / Twitter (not sure from where they got this info). There is no such coupon codes distributed by them.
What are the pros of Marwadihandloan?
The process of getting registration is quite simple and hassle-free. As all the lenders and borrowers are verified, the whole process is smooth and fast. Borrowers have a wide range of loan options to choose from and thus he can take a decision as per his requirements and convenience.
What are the limitations in Marwadi Hand Loan Platform?
1) The website is just a platform for meeting both the parties. All the negotiations between the lender and borrower have to be done by themselves only. The website cannot be held responsible in any way for any disputes or non-repayment of loan. It will not stand guarantee for returns of any amount taken or given from any party through the website.
2) It is more like Peer 2 Peer Lending Platform and nothing more.
3) The website does not discriminate between good or bad borrower. It solely depends upon the discretion of the lender to decide upon the profile of the lender. He has to take the decision whether he has to do business with him or not. Moreover, both the parties have to verify the existing rules and laws for financial dealings of their country/state/ city before entering any contract.
4) If you are lender, there is no guarantee that you would get proper returns as you are providing the loans to individual based on the info provided on the platform.
Also Read: Best Investment Ideas in India for 2018
Should you opt for Marwadihandloan for taking loans?
Marwadihandloan or any other P2P Lending platform has been evolving in India would help you to identify the financier or banker who can lend you the money with lowest rates. This is a good move. However one should look at the negative factors like higher interest rates on personal loans and privacy data on such platforms. This platform does not guarantee you with any loan. You need to pay activation fees (which is ideally charged for processing fees by any banker / financier anyways). So, you are making an attempt to contact financiers or bankers for loan on this platform by providing your details. Consider these factors before you go for loans from such platforms.
Update after article published: Some of the readeres indicated Marwadihandloan is a scam. Pls read the comments section. This article is for educational purpose only and does not say Marwadihandloan is good or bad. One should carefully review before they sign-up for their services.
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Marwadihandloan Offers Hand Loans and Cash Loans – How does it work