What is Peer to Peer Management System?
Peer to Peer Management system is a system that involves lending of money directly to Individuals or businesses without any mediation. It’s a system to obtain finances for your business. Peer to Peer system offers ease of access and flexibility to Financiers and Borrowers. It’s basically an online platform which offers lending between Lenders and potential borrowers.
Jainam Software as a P2P Management System
Jainam Software as a P2P management system allows lenders to offer both secured and unsecured loans. P2P Management System carried out through Jainam software is a very easy and straightforward process as it is based on the crowd-funding model.
P2P Model of Jainam Software used by Borrowers
1: The borrower interested in obtaining a loan completes the Loan application form in jainam software by registering on the Lenders website.
2: Jainam Software assesses the application, verifies the e-kyc documents and pulls the credit report to determine the risk and credit rating of the applicant.
3: Depending upon the document verification and Credit score report the lender approves/rejects the application.
4: Also depending upon the documents the loan amount is decided and approved. If Additional information is required by the lender then the lender requests for that information through Jainam Software.
5: Once the Borrower submits all the additional information requested by the lender then the lender approves the loan and disburses it to the Borrower.
6: The applicant is responsible for paying the interest payments on a periodic basis and repaying the principal amount at maturity.
7: Jainam software charges a yearly subscription fee to the lender for the services that it provides.
Jainam Software as a P2P Management System is a very useful tool as it provides higher returns to the investors and lower interest rates to the borrower. It’s also very easy to use, flexible and convenient for both the Lender and the Borrower.