For Lenders

After filing in basic information and submitting required documents an individual or institution can get registered as lender on the platform. Once the verification is complete, the lender has prefunded the Lender’s investment account with the amount he wishes to invest; he can start investing by sending proposals to borrowers.

Loan listings are visible on the lender’s dashboard along with relevant financial, credit and personal details of each borrower. Lenders can use this information to make an informed choice and send a proposal to fund the borrower. Offers are accepted on first come first serve basis. A lender can fund up to 25% of a borrower’s total loan requirement.

Loan disbursal begins only after the official loan agreement has been signed and the borrower has provided the required number of Post-Dated Cheques towards security and repayment of the first EMI. After the loan is disbursed, the Lender will receive EMIs on the particular date as on agreement (on or before the 15th of every month). If a borrower fails to pay an EMI within a stipulated time, a penalty of Nu.300 per day is levied on the borrower.

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For Borrowers

Borrowers have to follow a simple registration process, pay the registration fees and provide the required documents as mentioned on our site. As part of the verification process, the team gets in touch with the prospective borrowers. On the basis of these documents, every borrower will be identity-verified, credit-checked and risk-assessed and our automated system will provide an indication about the Borrower’s capability to efficiently repay the loan. The rate of interest can ranges from 12% to 15% and the loan tenure from 3 months to 36 months.

We strictly encourage a responsible borrowing discipline of timely repayment. At least 10 days before the EMI payment, borrowers will be sent a reminder notification via SMS, phone call, social media message and e-mail. Failure to repay on time (meaning on particular date as on agreement) will result in daily penalty of Nu.300 up to 10 days and after that the legal notice will served. Irresponsible borrower discipline on the platform will severely affect credibility of the particular borrower and henceforth will have difficulty in getting credit financing not only from the platform but from any other sources. Maintaining a responsible borrowing discipline can help you build strong credit image and the platform will honor your effort by making you our priority.

Once the loan is listed, multiple lenders can view the listing and send proposals to fund it at the given interest rate. A lender can fund up to 25% of a loan requirement. Hence, each loan will be funded by at least 4 lenders. All proposals are accepted on first come first serve basis. Loan disbursal begins only after minimum 75% of the borrower’s fund requirements have been fulfilled,

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The Agreement

Once the lender and borrower have reached a mutual agreement, Kuenruel facilitates the signing of a legally-binding agreement between the borrower and the lenders

We use a tech-enabled, paper-less and presence-less process wherein the borrower and lenders sign the legally-binding agreement online. The agreement is available online on the borrower and lender’s Kuendruel account. They login to their respective accounts, read and understand the terms and conditions mentioned, “digitally sign” by clicking on the acceptance box under the agreement and the process is complete. The agreement is then sent to both the borrowers and lenders through email for their records. The process, though legally binding just like a physical agreement, is faster and more efficient ensuring faster flow of loan amount from lender to borrower.

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