Who can apply for a Peer?

Peer-to-peer (P2P) loans are generally available to individuals and businesses meeting specific eligibility criteria. Here’s a detailed breakdown:

• Must be an Indian citizen or permanent resident and provide identity proof like an Aadhaar card, PAN card, or passport.
• The applicants typically should be at least 21 years old. Different online platforms may have slightly different age limits.
• The applicant should have a steady income source, whether from a job or own business. Income proof needs to be shared, like salary slips, bank statements or income tax returns (ITRs)
• You should have a decent credit history. Those with lower scores may pay higher interest rates. Credit record helps set loan terms.
• You must state clearly why you need the loan, whether for personal costs, debt repayment, education, or business purposes. This information helps approve loans.
• Required to submit address proof, identity proof, income statements, and employment documents in most cases. Exact requirements may differ across platforms.
• You need to have a valid Indian bank account to make repayments and disburse the loan.

P2P loans are open to Indian individuals and businesses who meet the P2P lending institution's eligibility criteria, mainly around age, income, credit record, nationality, and paperwork. The loans can be used for different applicants' needs. However, applicants must check specific requirements on the platform before applying for a loan.