Steps To Get A P2P Loan Approved

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Getting a personal P2P loan from a P2P lending company such as RupeeCircle is simple and quick but a prospective loan applicant still has to jump a few hurdles (albeit small ones) to reach their final goal – to get money disbursed into their account. Every company has to follow a set of processes and regulatory guidelines before it can disburse the loan amount.

So, as a loan applicant what are the hurdles one has to cross on the RupeeCircle platform?

RupeeCircle Loan Process

Eligibility of loan applicant

Before applying for a loan it is better to check whether you are eligible for the loan process.

A RupeeCircle loan applicants need to be:

  • An Individual
  • An Indian Resident
  • At least 18 years old
  • Have a valid Govt. issued ID proof (PAN card, Aadhar card, Passport)
  • Have a valid Indian bank account
  • Monthly regular income to ensure the repayment of the loan

Anyone who is applying for a personal P2P loan has to register as a borrower on the RupeeCircle platform. The registration process is easy and can be completed quickly by filling out all the requisites. You can opt to pay a registration fee of Rs500 or download the RupeeCircle app and get waive off. Documents can be directly uploaded on the platform to complete the registration process.


Once the registration process is complete the RupeeCircle team will verify the authenticity of the documents, and credit-check and risk-assess the user’s profile. The credit underwriting team will assess the loan repayment capacity of the loan applicant and assign a risk category to the loan applicant (from A to F; A being the least likely to default). The rate of interest is computed based on the risk category assigned to a loan applicant.

Marketplace listing

If a loan applicant is qualified for a loan after the verification process, RupeeCircle will intimate the loan amount and interest rate to them. If the loan applicant accepts the loan offer the loan will be listed in the RupeeCircle Marketplace. Once listed, the loan will take approximately 7-10 days to get fully funded. The loan applicant can keep a track of the loan status by logging into the RupeeCircle account.


Once the loan is listed in the marketplace RupeeCircle investors can view it and choose to fund it based on the interest rate. To safeguard investor wealth a loan applicant’s loan is funded by several investors. It is important to understand that not all listings are converted into loans largely due to investor interest in the funding.

Agreement and Disbursal

Once the entire loan amount has been funded in the marketplace the loan applicant will be intimated and asked to sign a legally binding agreement with the lenders after which the loan amount will be credited to the loan applicant’s bank account. RupeeCircle charges a one-time processing fee of 1.5%-5% of the loan amount or Rs. 1,500 (whichever is higher) along with applicable taxes which will be directly deducted from the loan amount.


Loan applicants have the option to choose their loan repayment dates on the 1st, 5th, 10th or 15th day of every month. The interest accrues from the date the loan is disbursed.

Although the process may seem lengthy it’s only a matter of days before your loan gets approved with all the work being done by the RupeeCircle team. Now that you are aware of the process it time to register and apply for a personal loan from Rupeecircle.

Sumeet is the lead content writer at RupeeCircle, where he articulates with innovative storytelling. When he's not writing or editing content for RupeeCircle's blog, he's a stand up comedian and a full time entertainer. Connect with him on Facebook and Instagram!

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