Got questions about P2P lending Platform?
Sweet! we’ve got answers.
From Borrower’s side:
Loan Disbursement Process
1) We evaluate your application and give you a loan limit.
2) If you agree, you have to pay a one-time processing fee mentioned in the email you get. (This is just a one-time payment, your future loans will be free)
3) We disburse the amount within 24 hours of fee payment. All loans are disbursed only via UPI.
What happens in case of delayed or non-payment of EMI?
Z2P is a legal entity under Zaitech Technologies Private Limited.
We respect our users and would encourage timely repayment of loans and have till now not witnessed any case where a user has refused to repay back.
We are however flexible in extending the date of repayment(for a max of 20 days) if the reason is genuine: there will, however, be extension charges ranging from Rs50 to Rs300 per day.
In the case of non-repayment of loans or delayed repayment without prior notice:
While applying for a loan, you accept our terms & conditions which make you legally bind to us, which means:
1) We will call and message all your phonebook contacts
2) We will use all legal methods for recovery of funds and also initiate legal proceedings if required.
3) We might proceed towards changing your Cibil score, which will make it very difficult for you & your connected family members to avail financial services from banks in future (like loans, savings account, etc.
4) For students, we might contact their dean/placement officer which might pose problems during your placements.
5) For employees, we might approach your Company Head/Manager & inform him of the default which might result in you getting black-listed.
How do I apply for a loan?
After registering, go to the “Update Profile” Section and update all the fields. You will then see your loan limit after that and can apply for a loan. Once applied, our team will contact you soon and tell you the status of your loan. In case you don’t hear from us within 24hours after applying, please write us a mail at contact@z2p.today.
How do I increase my loan limit?
The more your profile is updated, the more loan you can take. Also, the loan limit increases upon timely repayments.
Can I re-pay my loan before the due date?
Yes, you can. It highly increases your chances for a higher next loan limit.
Can I be both, a Lender and a Borrower?
Yes, you can be. But first you have to clear all your pending loans.
Are all my documents and data I am providing you safe?
Absolutely! We use state-of-the-art technology and your data is shared with no one. We use bank-grade security of the highest level.
Why should I register on UPI?
All the fund transfers will take place through UPI as it is much faster, secure and efficient than other methods.
From Lender’s side:
How do I become an investor on Z2P?
You need to sign up on the app and update your basic profile info. Go to the lend amount section and “pledge” the amount you want to lend. You will then receive an email to explain you the process and connect you to our lenders’ team.
No Upfront fee or charges are taken by our company.
What happens If the borrowers repay late?
In the case of late repayment,
1) We keep following up with the borrower and initiate recovery actions.
2) Whenever a loan is repaid, you will get the interest for the late days* as well (late days –(2–4)days depending on banking delays)
3) loan is considered defaulted after 3-months, after which, we will initiate the process of Lender Protection Fund refund.
Also, once you become a lender, you will get access to a Lender’s Dashboard where you can keep track of all your loans and the Z2P company statistics like: loan defaults, disbursals, etc.
How does the Lender Protection Fund works?
Out of the 5% returns you receive, 4% of it will be transferred to your bank account. The remaining 1% from you and all other lenders will be used to create a Lender Protection Fund (LPF) which is used to refund certain portions of your invested amount when a loan is defaulted.
The refund criteria is as follows:
Running loan amount(in active loans) at the time of loan default
Percentage Principal Refund
INR 0 — INR 1 Lac
50%
INR 1Lac — INR 3Lac
60%
INR 3Lac — INR 5Lac
70%
INR 5Lac — INR 8Lac
80%
INR 8Lac — INR 10La
90%
The first column implies that if at the time of your loan default, your running loan amount (in active loans) on our platform falls in the above mentioned category, you will get the corresponding percentage principal refund.
Conditions for Principal Refund:1) The LPF will be transparent and visible to all the lenders on their lender dashboard.2) The refunds are subjected only upon the availability of funds in the LPF at the time of declaration of the loan as “defaulted”3) According to RBI, a loan can be considered as defaulted only after 3 months from the date of loan disbursement. After this, we carry our recovery procedure which takes 1–90 days. If the loan is still unpaid, we then categorise it as defaulted. However, if it is known that a loan is certainly going to be defaulted even before the 3 month period, the same will be classified as defaulted.
How much money can I lend?
As per RBI, the maximum that you can lend across all P2P platforms is INR 10Lac.
Do I have to put money upfront into my Z2P account?
No, you will first need to just pledge the amount. Based on the pledged amount, we will send you loan requests. On accepting the requests, you will need to transfer the money.
Is my interest income through Z2P taxable?
All repayments you receive from Borrowers on Z2P will be without any tax deduction. We’ll provide an annual income statement to you to download from your dashboard. Earnings will be taxable as per the income tax rules that apply to you. Paying the applicable tax on income earned is your responsibility and Z2P is not liable for any default on the same.
Can a non-individual lend through Z2P? Can I invest through my company?
Yes, we encourage that. You can contact us at contact@zup.today to discuss this further.
Repayment:
Repayment Bank Details
Mode of Payment: UPI or IMPS only (NEFT/Cash Deposits/Cheque deposits will not be accepted)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Shujat Technologies Private Limited
Account number: 004005016952
IFSC: ICIC0000040
Branch: ISB CAMPUS, GACHIBOWLI, HYDERABAD
After completing the payment, kindly update this link: http://bit.ly/z2prepayment
