|Founded 📆||Dec 2016|
|Founder 👔||Surendra Kumar Jalan (CEO and Founder)|
Pramod Kumar Akhramka (MD and Founder)
|Headquarters 🏙️||Mumbai, India|
Area served 🗺️
|Products 🎛️ 🧴||Peer-to-peer lending|
Number of employees
|Parent||OHMY Technologies Pvt. Ltd.|
OMLP2P is peer-to-peer lending platform based in Mumbai that enables individuals to borrow from investors who are willing to lend. It was the second peer-to-peer lending platform to register its offering with Reserve Bank of India (RBI), and to offer loan in its platform. OMLP2P enables borrowers to borrow unsecured personal and business loans between Rs. 25,000 to Rs. 10,00,000. The loan is available between 3 to 36 months.
Investor can browse through the loans listed on OMLP2P website and select the loan account that they want to invest in based on the information provided about the borrower, amount of loan, purpose and their CIBIL score. Investors earn interest from the money they lend to the borrowers. OMLP2P acts as a platform to facilitate transactions and carries on the back-end process.
OMLP2P was established in December 2016 as a peer-to-peer lending platform. OMLP2P is the trading name of OMHY Technologies Private Limited and was founded by Mr. Surendra Kumar Jalan and Mr. Pramod Kumar Akhramka.
OMLP2P enables borrowers to create loan listings on its website by supplying details about themselves and the loans that they would like to request. All loans are unsecured personal loans and can be between Rs. 25,000 to Rs 10,00,000. On the basis of several parameters such as borrower’s credit score, credit history, desired loan amount and the borrower’s debt-to-income ratio, determines whether the borrower is credit worthy and assigns its approved loans. The loans can be repaid at any time without a foreclosure charge.
Investors can search and browse the loan listings on OMLP2P website and select loans that they want to invest in based on the information provided about the borrower, amount of loan, OML grade, and loan purpose. The loans can only be chosen at the interest rates assigned by OMLP2P but investors can decide how much to fund each borrower, with the maximum investment amount of Rs. 50,000 per borrower as per the RBI guidelines.
Investors make money from interest. Depending on the OML grade assigned to the loan request, interest rates varies. The grades assigned to these requests range from P1 to P5 for personal loans and B1 to B5 for business loans, with P1 being the highest-grade, lowest-interest loan. OMLP2P makes money by charging borrowers a loan processing fee and investors a disbursement processing fee. The size of the loan processing fee depends on the OML grade and ranges to be 1%-10% of the loan amount. The company facilitates interest rates that are better for lenders and borrowers than they would receive from most banks.
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