Lender FAQs

Q. What is the eligibility criterion for a lender?

A. An investor/lender should be/have:

  • A resident of India;
  • Above 21 years of age;
  • A valid bank account and PAN number;
  • Valid KYC documents for ID and address proof (Aadhaar/Voter ID card/Passport/Driving Licence).
Q. What is the minimum and maximum amount I can invest/lend?

A. The minimum and maximum amount you can invest is Rs. 20,000 and Rs. 3,00,000 respectively.

Note: We reserve the right to increase or decrease the maximum investment amount.

Q. Is there a minimum and maximum duration period for my investment?

A. You can invest for a minimum duration of 6 months and maximum tenor of 36 months.

Q. Can I lend to more than one borrower?

A. Yes, you are required to lend your money to more than one borrower. Minimum number of borrowers to whom you can lend your money is 2 and there is no limit to maximum number of borrowers. This will enable you to diversify the risk and gain maximum returns on your investment.

Q. Can I simultaneously be a borrower and a lender?

A. No, you can either be a borrower or a lender at any given time.

Q. Is my interest income from TachyLoans taxable?

A. Yes, your interest income is considered to be a part of your regular income. Hence, you are liable to pay tax on such income. We provide you with comprehensive interest income statements at monthly and annual intervals to ease your tax filing process.

Q. What is the minimum and maximum amount I can lend to a single borrower?

A. Minimum and maximum amount that you can lend to a single borrower is Rs. 1,200 and Rs. 1,50,000 respectively.

Q. When will the loan amount get transferred to the borrower account?

A. Once the loan is approved by the borrower and an agreement is signed between lender and borrower, you are required to transfer the agreed loan amount in to Lender Escrow account. Subsequently, the same will be transferred to borrower account on the same day/next working day.

Q. What is an Escrow account?

A. Escrow account is an account in which the lenders are required to transfer the amount that they intend to invest/lend. Money transferred by the lenders in Escrow account will be under the custody of an independent Third Party Administrator (TPA) who will verify the transactions and authorize the bank to transfer funds to designated borrowers.

Q. Who is a Third Party Administrator (TPA)?

A. Third Party Administrator (TPA) is an independent entity who will be the sole custodian of funds transferred by lenders & borrowers (repayments) in Escrow accounts. On successful verification of lender and borrower details, TPA will instruct the bank to transfer money to borrower bank account. Subsequently, TPA will also be responsible for ensuring that money repaid by the borrower goes to the right lender.
Note: TachyLoans will not have any access to the lender and borrower money at all.

Q. When will I start getting the repayments?

A. Once the loan is disbursed to the borrower, repayments will start from the following calendar month. Loan repayment (EMI collection) date is 10th of every month.

Q. Will I have access to the contact details of the borrower?

A. You will not have access to the contact details of the borrower. However the platform will display all other details of the borrowers as in the city of residence, company where they are working, salary, average balance etc., which will help you make an objective decision to lend to a respective borrower. Our bidding board also helps you to give proposals, accept, reject and negotiate on the same to get the best of the loan proposals.

Q. Is it possible to view borrower’s documents?

A. The documents submitted by the borrower are scrutinized and evaluated by the platform and are stored securely on the platform. You will have access to the same only after the loan is disbursed.

Q. What are the fees and charges?

A. There is one time registration fee of Rs. 400 (for Aadhar based registration) and Rs. 600 (for non-Aadhar based registration). A nominal fee of 2% is charged as the service fee on loan disbursement. The same is not charged upfront and is deducted from every repayment (EMI) that happens on the loan.

Note: Registration fee is non-refundable.

Q. What happens in case of default by the borrower?

A. Our platform has proprietary borrower tracking mechanisms using which we identify early warning signals of defaulting borrowers and would like to work proactively to arrest a default. However in case of default, though unlikely, we will connect you to our empanelled advocates to initiate legal proceedings against the defaulting borrower and provide all details of such borrower.

Note: While we provide you with all necessary information related to the borrower, the platform itself will not be a party to any such legal proceedings.

Q. What action can I take on my investment proposal?

A. You can take any of the below four actions whenever you receive a loan invitation/request on your investment proposal:

  • Accept

  • Reject

  • Negotiate- This is a unique feature of tachyloans.com where you can negotiate with the borrower on the interest rate, amount to be lent and the duration of the loan. This helps you gain control over not just whom you are lending but also on terms of lending.

  • Hold- If you like the borrower and the terms but are not very sure and would like to hold the proposal, you are allowed to do so for 24 hours. If you don’t act on the same in 24 hours, the proposal will be cancelled.

Q. What is an auto invest option?

A. Auto invest is a smart feature that allows you to make investments without having to login to your account every time you wish to invest. All you are required to do is register for auto-invest through your account and submit your investment criteria.

Once registered, we will e-mail you a list of borrowers for auto-investment based on the investment criteria set by you.

If you want to remove a borrower from the list, you need to click on the ‘Reject’ button available in the mail for that borrower. If you do not reject the borrower within 24 hours from the receipt of the e-mail, our system will auto-allocate the funds to the recommended borrowers in the list.

Q. Is there any Insurance Cover available?

A. Yes, your investment amount is covered under Borrower Insurance. In the unfortunate event of any borrower’s demise during the currency of your loan, this insurance cover protects your investment.

Q. Can I choose borrowers as per my requirement?

A. Yes, you can choose whom to lend your money, from the list of borrowers on your Dashboard as per your lending criteria.

Q. Can I negotiate on the interest rate with the borrower?

A. Every borrower gets an interest rate band assigned based on his credit risk score. You can negotiate the interest rate with the borrower to the extent of (+/-) 1% p.a. of the assigned rate.

Q. Are the borrowers listed on your platform creditworthy?

A. Yes, all the borrowers listed on our platform are creditworthy. Our proprietary credit decision model verifies the borrower information using the KYC (Know Your Customer) documents provided by the borrower, their credit score, past credit history, employment, income details, and various other parameters. In addition, physical verification is carried out that includes meeting the borrower at residence and verifying original documents.

Note: TachyLoans does not guarantee loans to borrowers or repayments to lenders. Lenders need to show their discretion in selecting a borrower to lend money at their own risk. We shall not be held accountable in case of any loan default.

Q. Is it possible for a non-Individual to invest?

A. Yes, non-Individuals can invest through TachyLoans platform.

Q. Can I change the bank account details for the loan repayment purpose?

A. No, you cannot change the bank account details. However, only under exceptional circumstances this can be permitted. In such a scenario, you will have to write to us at hello@tachyloans.com or call/WhatsApp at +91-9108900900.

Q. Can I withdraw my investment proposal?

A.It is not possible to withdraw your investment proposal.

Q. Can I change my investment amount after accepting a proposal from the borrower?

A.You cannot change the investment amount once you have accepted the proposal from the borrower.

Q. What are the documents do I need to upload during registration?

A. You are required to upload the following documents during registration:

  • PAN Card  (Mandatory)
  • Aadhaar card  (Mandatory to sign loan agreement electronically)

Note:

Your current address should match the address mentioned in Aadhaar. Also, as per government norms your mobile number should be linked to your Aadhaar. In case your mobile number is not linked to Aadhaar, please contact your nearest Aadhaar enrolment center to link your mobile number to Aadhaar.

In case your current address does not match the address mentioned in Aadhaar, please upload any of the following document(s) which has the address same as your current address:

  • Voter ID
  • Passport
  • Driving Licence

Note: One of the address proof documents is mandatory.

Q. Is it mandatory to mention my office email address?

A. Yes, office email address is mandatory if you are a salaried employee. Please ensure that you enter the correct office email address as you will receive an OTP on the same for verification.

Q. What do I need to do if I don’t have an office email address?

A. In case you don’t have an office email address, you can mention your manager/HR’s office email address.

Q. Is it mandatory to upload my Aadhaar as an address proof?

A. No. However, it is mandatory to upload your Aadhaar to sign the loan agreement electronically.

Q. Is it mandatory to have my mobile number linked to Aadhaar?

A. Yes, it is mandatory to have your mobile number linked to Aadhaar as per the government norms. Please note; you will receive an OTP on your mobile to sign the loan agreement electronically.

In case your mobile number is not linked to Aadhaar, please contact your nearest Aadhaar enrolment center to link your mobile number to Aadhaar.