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OMLP2P

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OMLP2P
Private Company
IndustryFinancial services
FoundedDec 2016
FounderSurendra Kumar Jalan (CEO and Founder)
Pramod Kumar Akhramka (MD and Founder)
HeadquartersMumbai, India
ProductsPeer-to-peer lending
Number of employees
35
ParentOHMY Technologies Pvt. Ltd.
Websitehttps://www.omlp2p.com/

OMLP2P is peer-to-peer lending platform based in Mumbai that enables individuals to borrow from investors who are willing to lend.[1][2][3][4][5] 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.[6][7][8][9] 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.[10][11]

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.[12][13] OMLP2P acts as a platform to facilitate transactions and carries on the back-end process.

History[edit | edit source]

OMLP2P was established in December 2016 as a peer-to-peer lending platform.[14][15] OMLP2P is the trading name of OMHY Technologies Private Limited and was founded by Mr. Surendra Kumar Jalan and Mr. Pramod Kumar Akhramka.

Business[edit | edit source]

OMLP2P enables borrowers to create loan listings on its website by supplying details about themselves and the loans that they would like to request.[16] All loans are unsecured personal loans and can be between Rs. 25,000 to Rs 10,00,000.[17] 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.[18][19][20][11] 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.[21][22][23][24]

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.

Recognition[edit | edit source]

They has received its Certificate of Registration (CoR) from the Reserve Bank of India (RBI)[7][8][25]

Mr. Pramod Kumar Akhramka, Founder of OMLP2P, become the association’s President of NBFC-P2P Association, which is formed by NBFC-P2P lending industry.[26][27][28]

References[edit | edit source]

  1. ANI (2018-08-16). "5 digital platforms providing unbelievable loan products". Business Standard India. Retrieved 2019-06-28.
  2. "All you need to know about peer-to-peer lending platforms". Moneycontrol. Retrieved 2019-06-28.
  3. "Upping The Lending Game With Digital". DATAQUEST. 2019-02-26. Retrieved 2019-07-06.
  4. ANI (2018-01-27). "Fintech platforms to consider for hassle-free borrowing". Business Standard India. Retrieved 2019-07-06.
  5. Kalam, M. (2017-12-29). "Good or bad in 2017, there is lot of hope for Indian startups in 2018". Tech Observer. Retrieved 2019-07-06.
  6. Network, Knn India-Knowledge & News. "OML P2P receives "NBFC-P2P" Certification from Reserve Bank of India (RBI)". knnindia.co.in. Retrieved 2019-06-28.
  7. 7.0 7.1 Bhargava, Latika (2018-06-20). "OMLP2P receives Certificate of Registration from RBI". Newsbarons. Retrieved 2019-06-28.
  8. 8.0 8.1 "Lending platform OMLP2P gets NBFC-P2P certification from RBI". MediaNama. 2018-06-19. Retrieved 2019-06-28.
  9. Bureau, BW Online. "RBI Benevolent on P2P Startups After Faircent Now OML Technologies Receives Its Certificate of Registration". BW Disrupt. Retrieved 2019-06-28.
  10. Verma, Pallavi Arun (2019-02-06). "How P2P platforms create credit profile of borrowers". The Economic Times. Retrieved 2019-06-28.
  11. 11.0 11.1 ANI (2017-12-16). "Sort your loan application issues with these fintech apps". Business Standard India. Retrieved 2019-07-06.
  12. "Plan to save in 2018? Refer to these new age investment options". The Siasat Daily. 2018-01-06. Retrieved 2019-06-28.
  13. ANI (2018-01-06). "Plan to save in 2018? Refer to these new age investment options". Business Standard India. Retrieved 2019-07-06.
  14. Bhargava, Latika (2019-01-01). "NewsBarons.com Editorial Team brings to you a list of 19 disruptive startups for 2019 | NewsBarons.com". Newsbarons. Retrieved 2019-06-28.
  15. "Insurance consortium partners Cognizant for data-sharing blockchain". Techcircle. 2018-04-16. Retrieved 2019-06-28.
  16. ANI (2018-01-14). "Just one click is all it takes to get hassle-free online loans". Business Standard India. Retrieved 2019-07-06.
  17. Verma, Pallavi Arun (2019-02-14). "RBI may change Rs 10 lakh lending cap on P2P platforms, say P2P players". The Economic Times. Retrieved 2019-06-28.
  18. "How digital lending is helping bridge the credit gap in India". Qrius. 2018-08-28. Retrieved 2019-06-28.
  19. "Creditable show". The Week. Retrieved 2019-06-28.
  20. Joshi, Manish (2019-06-14). "We have developed our own algorithm to validate borrowers credit worthiness: Pramod Kumar Akhramka, OMLP2P". Newsbarons. Retrieved 2019-06-28.
  21. Verma, Pallavi Arun (2018-08-21). "Five things you should know before lending on P2P platform". The Economic Times. Retrieved 2019-06-28.
  22. "Master Directions - Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 (Updated as on February 23, 2018)".
  23. "P2P lending and India's credit woes: How the RBI has simplified access to finance for the country's masses through the recognition of the P2P lending model". Inc42 Media. 2018-07-31. Retrieved 2019-07-06.
  24. www.ETBFSI.com. "Awareness & High Investment Cap to boost P2P lending: Surendra Jalan, Founder & CEO, OMLP2P - ET BFSI". ETBFSI.com. Retrieved 2019-07-17.
  25. Verma, Pallavi Arun (2018-12-24). "With 2018 hiccups gone, P2P companies look at 2019 with high hopes". The Economic Times. Retrieved 2019-06-28.
  26. Bureau, Our. "NBFC-P2P lending industry forms association". @businessline. Retrieved 2019-06-28.
  27. inventiva (2018-10-24). "Indian P2P Lending Operators forms Association to Make P2P Industry More Credible". Inventiva. Retrieved 2019-06-28.
  28. Bhargava, Latika (2018-10-31). "Pramod Akhramka elected President of the association of NBFC P2P Platforms". Newsbarons. Retrieved 2019-06-28.

External links[edit | edit source]


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Category:Companies based in Mumbai Category:Peer-to-peer lending companies Category:Companies of India


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