At Loan Pro India – Loan Processing Agency, your funds are handled with the utmost care and security. Despite being a new entrant in the industry, having commenced operations on June 27, 2024, our management team brings extensive experience and a commitment to integrity. We adhere to rigorous financial practices to ensure the safety of your investments and aim to build a strong track record of reliable and timely repayments.
Loan Pro India – Loan Processing Agency, established on June 27, 2024, is committed to providing exceptional service and transparency in Loan Processing management. We offer various benefits including flexible payment options such as branch payments, doorstep collection and online transactions. Borrowers also enjoy a 0.5% discount on installments paid at our branch office before the 10th of each month. Our mission is to serve our Borrowers with professionalism and dedication.
Joining a Loan Processing with Loan Pro India – Loan Processing Agency promotes disciplined saving by setting aside a portion of your income, which can be utilized for both planned and unexpected expenses. In emergencies, accessing funds through our Loan Processing is more straightforward, faster and cost-effective. Additionally, Borrowers who save until the end of the Loan period can earn higher returns through Loan dividends.
Borrowers who successfully bid early can access their Loan amount sooner and may accept a discount, which is calculated based on interest and cost of funds. This allows them to use the funds before others, with any excess amount withdrawn being repaid in installments over the Loan period.
An auction is a process where non-prized Borrowers, who have paid their installments, can bid to receive the Loan amount at the highest permissible discount. Auctions are conducted within a five-minute window, allowing participants to place their bids.
The Loan Processing company or Foreman, earns a 5% commission of the Loan value for managing the fund, including organizing Borrowers, handling payments and other administrative tasks.
A Loan dividend is calculated by subtracting the company commission (5% to 7% of the Loan value) from the auction discount. The remaining group dividend is distributed equally among all Borrowers, which reduces their future installment amounts.
Loan Pro India – Loan Processing Agency adheres to the Loan Processing Act, 1982, ensuring compliance with all regulatory requirements and maintaining industry standards.
Sureties or guarantors are necessary to protect the interests of all Borrowers. They ensure that prized Borrowers who receive advance funds will repay their future installments as agreed, safeguarding the fund’s integrity.
Borrowers who delay payments incur penalties. Non-prized Borrowers who default for three consecutive months will be removed from the group and refunded their contributions minus the company commission. Prized Borrowers who default will face a 6% monthly penalty, forfeiture of dividends and potential legal action for recovery of dues.
Withdrawal from a Financing Firm is allowed but requires finding a replacement Borrower. Until a replacement is found, the company will cover the defaulting Borrower’s obligations. The amount paid minus the company commission will be refunded at the end of the Loan period.
Payment is processed following the completion of necessary documentation.
We accept payments via cash, cheques, demand drafts, pay orders and bank transfers.
Chit durations typically range from 100 days to 50 months, including options of 25, 30, 40 and 50 months.
Joining a vacant Loan allows members to earn all dividends accrued up to the date of joining.
Registered Loan Processings are regulated by government agencies, providing security and oversight. Unregistered Loan Processings are prohibited and offer no such protections, leaving Borrowers vulnerable to potential issues.