Borrower to Merchant
Anybody is eligible to apply for a loan; however, each lender will have their own approval criteriasuch as age, income, existing EMIs, nature of employment, etc.
Broad eligibility criteria include being between the ages of 18 and 60, income above 13500 and havea low EMI to income ratio. Having your own residence or a higher income and a good credit scorealso increase your chances of approval.
The requirements for approval vary based on each individual lender. However, a credit score of 500or above is a good benchmark for likelihood of approval.
Currently we offer personal loans, but moving forward we intend to introduce other products.
It’s a simple process which you can easily completea.
The application process will be available to you through the SMS and email link you will receive. Youcan use these links to complete the application at a later date should you have any connectionissues, or need to compile required information to complete the application.
You will not need to carry any physical documents with you, or provide anything to the merchantdirectly. However, to expedite the process, it is recommended that you have your PAN and Aadharnumbers available for the process. Should you not have these available, you can complete theapplication at a later date through the SMS or Email code as mentioned above.
You can scan the QR code available at the merchant location or as may be shared by the merchantwith you. The QR code, when scanned will open up a form, in which you can commence your loanapplication journeyYou will receive a QR code on your registered mobile number which will lead you to a link where youcan begin the application process.
After you have verified your mobile number and completed your application form, a loan ID isgenerated and sent via SMS and email to your registered mobile number and email id. You will beable to reference this number at any time, as long as you don’t delete the SMS and emailconfirmation.
You will receive updates at every stage of the process via SMS and email to let you know when yourapplication has been received, if any further information is required, and ultimately when you areapproved or declined. If you are approved for the loan, the lender who approves your loan will reachout with further details and instructions on completing your funding. If you are declined, yourinformation will be stored in the BANXX database and we will notify you when you becomeeligible.
Loan approval (provisional) is instant and can be seen as soon as you have completed yourapplication.Final approval is after you have uploaded all required documents, such as PAN Card, Aadhar Card, abank statement, proof of address, income proof, etc. Post-approval you will be required to digitallysign loan documents and auto-debit forms.Once all necessary forms are complete, the loan will be disbursed to your bank account. The totalprocess may take anywhere from 2-7 business days depending on the process followed by thelenders. From the lender side, turnaround time is usually 24 working hours or less.
No, loans can be disbursed only if you have a bank account. Either a single account, joint account orHUF will suffice. A current account in the name of a business will also not suffice for a personal loan.
Currently BANXX has 3 lenders - Cashe, Moneyview and Upwards. We will continue to partnerwith more lenders as we continue to grow.Interest rates and instalments vary based on the individual lenders’ policies. Income, credit score,age, nature of employment, and type of residence are all examples of criteria that may affect yourinterest rate.
Rates of interest and instalments amounts vary based on income, credit score, loan amountrequested, and income data and if any of these factors change, so will the ROI and EMI.
You will be sent reminders via email, SMS and calls from the lenders for late payments. But if theyare not made or you default, your credit score would be affected and legal action may be taken bythe lenders, basis their policies and procedures. Please read the terms of the loan at the time ofdisbursal and contact the lender in case of any queries on repayment terms.
BANXX is a loan aggregator platform which allows you to see offers from multiple lenders andcomplete your loan application effortlessly.By applying through BANXX you avoid multiple applications to different lenders that would vyfor your business through emails and follow up calls. Instead, you are presented with multiple loanoptions in one place, with the same rates they offer on their own platforms. BANXX collects your information in a safe and controlled manner on behalf of our lendingpartners. We keep your personal data safe and help expedite your application process.
You can send us an email at . Alternatively, you can login at BANXX and raise aquery. The query will be answered within 24 working hours.
Pre-closure or other charges including processing fees will vary as per lender. However, they wouldbe standard as per the loan product and not vary from user to user. Lenders may have variousproducts and promotions running and the offering shown to the borrower may vary depending uponthe information provided
The initial and final rates and loan disbursal amounts may vary as the initial offer is indicative. As thelender receives more information about your profile, it enables them to make a revised offer.
Merchant to Partner
As a merchant, you will be kept updated via internal communications from the partner who receivesall of their information directly from BANXX.
The customer’s mobile number will act as their unique reference ID
The borrower can raise a query/ticket to [email ID] or by logging into BANXX and creating aprofile to post their query with. The query will be answered within 24 working hours.
Loan approval (provisional) is instant and can be seen as soon as the borrower completes theirapplication. Final approval is after the borrower has uploaded all the required documentation - suchas their PAN card, Aadhar Card, bank statements, proof of address, proof of income, etc. Postapproval, there is a process of digitally signing loan documents and auto-debit forms, followingwhich the loan will be disbursed to the bank account. The total process may take 2 - 7 business daysdepending upon borrower response time. From the lender side, the turnaround time is usually 24working hours or less.
The number of monthly payments, and the amount required to be paid each month, will bedetermined with the final loan offer. The customer will receive SMS or other notifications from thelenders themselves when monthly payments are due. If the customer cannot register with NACH,they will be expected to pay through cheques
A customer’s loan default will not affect you as the merchant. But it is important to ensure that thecustomer knows that they could face legal action, and will have a negative impact on their personalcredit score if they default.
Merchants are not asked to be loan recovery and your credit score and business will not be affectedby the customer’s behaviour
As long as your customer has a phone with the internet, they can begin the process. However, evenwithout a data plan, they can access the information from home via email.When will I get my commission? How much commission will I make? What are the incentives ofselling loans for BANXX? How will I be updated about special discounts, incentives, loan termsand conditions of the loans?
The commissions will be paid out 40 days after the end of each month. [percentage and incentives,etc. to be discussed]
To be discussed
To be discussed
You can launch queries in the same manner as customers, by emailing [email ID] or logging in to your BANXX account and creating a query there. All queries will be answered within 24 workinghours.
Get in touch
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