Friday, March 24, 2017

i2ifunding - UBER for a quick loan and high fixed returns!


This is a post for the savvy investors! the investors who really want to make their money work hard and enjoy the returns!! the newest financial product in the block!! and you must know about it!!

Are you a comfortable investor with diversity in mind? Have done some investments in Equity, mutual funds, and fixed deposits? You will be pleased to know that there are few more investment opportunities opening up your way with some interesting #alternate-investment options.

One such concept I came across last week and wanted do a basic research before sharing with you all. After checking online, I realised, the concept is globally recognised. The concept is peer to peer lending. Globally a well-known concept, it is slowly but steadily catching up in India, RBI has already published consultation paper on the same.    

What is peer to peer lending?
It is an easy concept of lending and borrowing, where the investor and the borrower both are individuals and not institutions like Banks or Non-banking finance companies. P2P lending in  India concept thrives on high income for investors on unsecured personal loans. #i2iFunding is one of the first movers in this space.These platform focuses on high vigilance and smooth interface.



How does it work for the investors?
Investors need to do a simple registration on https://www.i2ifunding.com/.
  1. Registration - A simple form needs to filled including personal details
  2. Register as an Investor – Upload profession details, and upload address proof and PAN Card for verification purposes
  3. Review pre-approved loan projects – #i2iFunding only reflect the loan projects which ae pre-verified by the team basis the borrower profile and requirement. The loan request of the borrowers are verified by proprietary credit-score model and recommend interest rate
  4. Wallet  - The investor can start investing from Rs. 5000 and multiple of 5000 upto Rs. 5 lakhs
  5. Physical verification and documentation Once the loan approved by the borrower, i2i funding does a physical verification followed by signing a legal contract. Investor has to provide undated cheque equal to EMI amount for each investor. #I2ifunding shares the digital copy to each investor.
  6. Transfer funds and receive payments from next month – After all the legal formalities, investor needs to transfer funds directly to borrower’s account, and repayment starts next month onwards.
  7. Building a portfolio – Investors can give multiple loans and as per his risk appetite and earn monthly returns. ‘My Account’ section helps track investment details
Benefits for the investors-

  1. Diversify portfolio with high fixed income
  2. Freedom to chose loan projects based on risk apetite and return expectations
  3. Cap on funding each borrower at 20% of the loan amount, reducing over-exposure, concentration and mitigating risk
  4. Capital protection guarantee for the investors subject to the risk profiles of the borrower's of the loan projects  (investing in loan projects of cat A borrower has highest protection)



Process for Borrowers-
Once you are registered,
  1. Create a borrower account – Register with your personal details, income detail, employment status etc
  2. Loan assessment by i2i – 40 parameters including education background, CIBIL Score
  3. Make loan live on i2i funding website – Post the assessment, make your loan live on i2i platform
  4. Get funding commitment from Investors – Registered invetors across India can see your requirement and apply
  5. Physical verification and documentation -  i2ifunding will do verification of original documents, you also have to share 3 EMI cheques for investors to hand over
  6. Loan disbursal and repayment – Once the verification done, lenders will directly transfer the money in borrower’s account and borrower need to start repaying from next month

Benefits for the borrower
  •        Low Interest rates
  •        Quick hassle free process
  •        No pre-payment penalty
  •        Funding in few days
Borrowers are categorised based on their credit profile, employment status and few other criteria. The category A-F reflects the credit profile order, A denoting the safest category and F is for the riskiest category. With increase in risk category, cost of borrowing increases which is illustrated in the table below.

Charges you need to keep in mind - 
 Charges
Investor
Borrower
Registration
Nil
Nil
Create a borrower account
N/A
Rs 100
Create an investor account
Rs 500
N/A
Increase in the wallet
- Nil up to first Rs 50,000
- 1% for additional increase
N/A
For Salaried Borrowers
Loan processing fee payable before physical verification. (Minimum processing fee is Rs 2000)
-
Risk Category
% Fees
A
3.0%
B
3.5%
C
4.0%
D
4.5%
E
5.0%
F
6.0%

For Self employed Borrowers
Loan processing fee payable before physical verification. (Minimum processing fee is Rs 2000)
Risk Category
% Fees
A
4.0%
B
4.5%
C
5.0%
D
6.0%
E
7.0%
F
8.0%

Other Charges

Investor 
Borrower
In case of prepayment
-
No Charge
In case of change in loan amount before receiving any funding commitment post listing
-
Rs 100
In case of change of bank account details
Rs 200
Rs 200

My take - It is an interesting #alternate-investment option, with stringent guidelines. However, it is new in India. Investors with moderate to high risk appetite can look at it. One may look at borrowers with high ratings like A-D for good yet safe return on investments.

Checkout the website https://www.i2ifunding.com/ for partnership program too!!

Saturday, March 18, 2017

Shout out to HR Teams - Save some tax for your employees with Zeta Optima



Looks like a dream come true offer for the employees! The days of punching the bunch of colleterals while submitting the reimbursements seem over! I found this info and sharing as is, as it looks very interesting but only HR personnel would be rightly placed to evaluate and take it ahead.

HR TEAM needs to look at this - 

These offers can help save tax and resources for both employees and employers.

(Information sourced from ZETA - Information included as is)

The Zeta payment suite gives users access to over 11 lakh outlets and can be used to make online payments as well.

Zeta Optima is fully compliant with the Income-tax act and RBI guidelines. It's the only solution that has been certified compliant through a written opinion by every one of the big 4 Accounting firms: KPMG, Ernst & Young, PriceWaterHouseCoopers and Deloitte.

Optima is used by over 70,000 users, across 600 organisations that:
       have eliminated paper while managing employee benefits
       send grants instantly to employees
       outsource claim verifications
       customise the programme and set usage rules
       generate on-demand digital reports
     receive audit-ready statements

The Optima suite of smart benefits includes:

Optima Meal Vouchers
An electronic meal voucher programme that replaces non-compliant paper vouchers and meal cards, with a 100% compliant, fully digitised solution. Optima Meal Vouchers can be spent via the Zeta app and the Super Card at 3 lakh+ outlets and can help your employees save up to Rs 11,880 every year. Optima Meal Vouchers can also be spent at office cafeterias with the Zeta Super Tag.

Optima Medical Reimbursements
The first fully digitised medical reimbursements programme in India, Optima Medical Reimbursements lets employees file claims on-the-go via the Zeta app. Through Optima Medical Reimbursements, employees can save up to Rs 4,500 in taxes, every year. Optima Medical Reimbursements grants can be spent via the Zeta app and the Super Card.

Optima Fuel & Travel Card
A digitised solution to manage fuel and transport expenses, employees receive grants from their organisations on their Optima Fuel & Travel Card. The balance in this virtual card can be spent at any fuel or vehicle maintenance station via the Super Card. Employees also have the option to upload bills via the Zeta app and file for fuel or transportation reimbursements. Employees can also use the Fuel & Travel Card to file claims against costs incurred during their commute to work. On the whole, employees can save up to Rs 11,880 in a year.

Optima Communications Card
The Optima Communications Card is a digital solution that helps users save up to 30% in taxes on communications bills. Employees receive their communications grants on their Optima Communications Card, which they can use to pay mobile, landline, data card and internet bills via the Zeta app.

Optima Gadget Card
The Optima Gadget Card not only allows employees to save up to 30% in taxes on the purchase of gadgets, it also helps organisations save tax on the gadget’s depreciation. Employees receive grants to purchase gadgets in their Optima Gadget Card, which they can either claim on a monthly basis or accumulate to purchase a gadget at the end of the year with the Super Card or via the Zeta app.

Optima LTA Card
Definitely the most compliant LTA programme out there, the solution is the first digitised LTA claims platform in India. Optima LTA Card ensures your claims are in line with all compliance guidelines and gives organisations the flexibility to outsource verifications of travel documents to Optima. Employees can upload relevant documents via the Optima LTA Card on the Zeta app and receive reimbursements. They can save up to 30% in taxes with the Optima LTA Card.

Optima Gift Card
With the Optima Gift Card, employees can receive tax-free electronic gift vouchers of up to Rs 5000 in value from their employer. These gift vouchers can be spent at over 11 lakh outlets and online through the Zeta Super Card or the Zeta app.

Optima Books & Periodicals Card
Designed to encourage, sharpen and develop new skills, the Optima Gift Card is a digital solution to claim reimbursements on journals, reading materials, books and more. Employees receive grants in their Optima Books & Periodicals Card, which they can spend using the Zeta Super Card. Through the Optima Books & Periodicals Card, employees can save up to 30% in taxes.

Optima is built to be comprehensive, it can be tailored to include any tax perquisite that a company may wish to offer. It is also flexible, allowing organisations to customise how each programme is implemented.

This table will give you a break-up of how employees under different tax brackets can save maximum amount of tax: