Q: WHY BORROW THROUGH AMERISAFE BUSINESS SOLUTIONS PVT. LTD.?
A: Amerisafe Business Solutions Pvt. Ltd. offers the borrowers a lower interest rate and less hassle than traditional financing options. It offers attractive fixed rates, an easy online application, friendly service and no hidden fees.
Q: HOW DO I GET STARTED?
A: Simply click on the Sign Up Now icon and register through the simple step by step process as instructed. Once you have filled the basic information required, paid the registration fees and uploaded the documents required, Amerisafe Business Solutions Pvt. Ltd. risk assessment team will identity-verify, credit-check and risk-assess your profile. If qualified, your registration as a Borrower will be approved and you can apply for loan on Amerisafe Business Solutions Pvt. Ltd. platform.
Q: WHY DO YOU REQUIRE DOCUMENTS?
The documents are required to identity-verify, credit-check and risk-assess a borrower before registration. Apart from the CIBIL score, we use various other parameters like ability, stability, past performance and intention of the borrowers, which are evaluated basis these documents. The documents provided like salary slips, bank statements, ITR’s, balance sheets etc. help in taking a collective and transparent decision ensuring a fair field for the borrower.
Q: WHY SHOULD I PAY LISTING FEES AND THAT TOO BEFORE GETTING THE LOAN?
Amerisafe Business Solutions Pvt. Ltd. has an in-house credit team which carefully risk assess each borrower profile which involves cost, time and effort. The listing fees get adjusted towards the final processing fees if the borrower is funded through Amerisafe Business Solutions Pvt. Ltd. portal.
Q: HOW MUCH CAN I BORROW?
A: At Amerisafe Business Solutions Pvt. Ltd., loan disbursal is dependent on loan requirement. For personal requirements, loan amount can vary from Rs. 30,000/- to Rs. 5,00,000/-. For business purpose, a borrower can apply for a loan upto Rs. 10,00,000/-.
Q: OVER WHAT TIME FRAME CAN I BORROW? WHAT IS THE TENURE OF LOANS ON AMERISAFE BUSINESS SOLUTIONS PVT. LTD..COM?
A: Currently, loan tenures are fixed from minimum 6 months to maximum 36 months. Amerisafe Business Solutions Pvt. Ltd. is working on making it operationally feasible to let Borrowers borrow for longer periods.
Q: WILL I BE FUNDED BY AN INDIVIDUAL LENDER OR BY MULTIPLE LENDERS?
A: As per Amerisafe Business Solutions Pvt. Ltd. policy, no single lender can fund the entire loan requirement of a borrower. Hence, your loan will be funded by multiple lenders.
Q: CAN I PRE-PAY MY EMI? CAN I REPAY MY LOAN EARLY IF I LIKE? ARE THERE ANY CHARGES?
A: Pre-closure of loan can be done after three months from the disbursal of the loan without any additional charges. Prior to three months, to protect lender interest, pre-closure can be done after paying balance interest due to lenders for a period of three months from the date of disbursal. This is payable directly to Lenders. Amerisafe Business Solutions Pvt. Ltd. charges a one-time non-refundable pre-payment fees of Rs. 500/-.
Q: CAN I CHOOSE MY MONTHLY REPAYMENT DATE?
A: The repayment date can be decided mutually between Amerisafe Business Solutions Pvt. Ltd. team and the Borrower for any date between the 1st – 10th of every month. This is decided basis the date on which the borrower’s salary is credited.
Q: WHAT INTEREST RATES CAN I EXPECT TO PAY?
A: Interest rates are suggested to each borrower by an automated credit appraisal system that uses the personal and financial information provided by borrowers across more than 120 criteria using more than 400 data points to risk-asses the borrowers and understand the strength of their credit profile. The interest rate thus assigned ranges from 12% to 28%. However, Unrated Borrowers can be registered at higher interest rate.
Q: ON WHAT PARAMETERS DOES AMERISAFE BUSINESS SOLUTIONS PVT. LTD. VERIFY MY PROFILE AND CHECK MY CREDIT-WORTHINESS?
A: We use a highly-developed, technology-driven process of verification across more than 120 criteria using more than 400 data points basis the personal and financial information and documents provided by the borrower. Each borrower is identity-checked, credit-checked and risk-assessed by our experienced team. The intention, stability and ability of borrowers is evaluated and understood.
Q: DOES AMERISAFE BUSINESS SOLUTIONS PVT. LTD..COM UNDERTAKE PHYSICAL VERIFICATION?
A: Yes, Physical verification at both residential and official address is undertaken after prior appointment. This is undertaken to verify the identity of the Borrower.
Q: DOES AMERISAFE BUSINESS SOLUTIONS PVT. LTD. REQUIRE REFERENCES?
A: Yes, as part of the verification process, we require 4 references from your professional or personal contacts who should be able to verify your identity, intention, ability and stability to take and repay a loan.
Q: HOW MUCH TIME DOES IT GENERALLY TAKE BEFORE A LOAN IS LISTED?
A. Once a borrower Signs Up, provides basic information, pays the registration fees and uploads the required documents, the risk assessment team takes 48-72 (office) hours to evaluate and verify the borrower; basis which the credit appraisal mechanism sets the parameters for the loan –loan amount, rate of interest and loan tenure. Once the borrower accepts the same, the profile is made live on the portal. Thus, your loan requirement will be available on the website for lenders to fund between 48-72 hours from your first log-in on the website.
Q: HOW MUCH TIME DOES IT TAKE TO FIND A LENDER? HOW LONG CAN MY LOAN REQUEST BE AVAILABLE FOR LENDERS TO FUND?
A: All loans are listed on the platform for 15 days which may, under special circumstances, be extended to a maximum of 30 days. This is known as listing period. However, the funding of the loan cannot be predicted or controlled as it is dependent upon attracting sufficient lenders. Credit-worthy borrowers can get funded within minutes and some borrowers assigned high rate of interest can take a few days. You can monitor lenders interest anytime by logging into your account.
Q: HOW LONG IS THE DISBURSAL PROCESS?
A: The disbursal process starts only after the borrower has paid the processing fees, signed the loan agreement and provided the PDCs, NACH Mandate and any other documents required. This process is driven by borrower interest. By using technology-driven facilities available only on Amerisafe Business Solutions Pvt. Ltd. you can reduce this time to less than 24 hours. Post this process funds are transferred from lender’s escrow account to the borrower’s bank account within 12-24 hours. Thus, the entire disbursal process takes 24-48 hours. It is transparent and driven by borrower and lender interest with Amerisafe Business Solutions Pvt. Ltd. acting only as a facilitator.
Q: WHY WAS MY APPLICATION DECLINED?
A: Amerisafe Business Solutions Pvt. Ltd. holds the right to decline a listing in certain cases such as:
- The Borrower is unable to provide complete documentation or the same cannot be authenticated.
- These documents are required to evaluate the borrower’s credit-worthiness and intention/stability and ability to take and repay loan. Any deficiency on these parameters or in terms of past loan-performance of the borrower will lead to cancellation of listing of the borrower.
- Physical verification report is negative. It is established that the Borrower does not reside or work at the address submitted by the borrower.
- Borrower has not paid the registration fees.
- If at any stage of loan application, Amerisafe Business Solutions Pvt. Ltd. finds that misleading information was deliberately provided by the borrower with intentions to cheat and hurt Amerisafe Business Solutions Pvt. Ltd. system, its Lenders, founders, stake holders, partners or employees or to infringe or steal the intellectual property of Amerisafe Business Solutions Pvt. Ltd..
Q: ARE LOANS SECURED? WHAT COLLATERAL DO LOANS REQUIRE?
A: A borrower can avail both, unsecured loans as well as collateral-based loans against gold through Amerisafe Business Solutions Pvt. Ltd.. Amerisafe Business Solutions Pvt. Ltd. has tied-up with Baxi, India’s first bike-taxi operators to introduce a new collateral-based product offering. Drivers keen to work as Baxi-operators and require auto-loans to buy bikes can register on the platform as borrowers. It’s an income generating asset for the borrowers and an asset-based investment for the lenders. Click here to know more about this product.
Q: WHAT HAPPENS IN CASE OF DELAYED OR NON-PAYMENT OF EMI?
A: Borrowers are morally and legally obliged to pay all dues in a timely manner. In case the EMI is not paid on the scheduled time, a penal interest of Rs. 100/- per Lender for delays upto 10 days and Rs. 250/- per Lender for delays of more than 10 days will be charged. These charges are applicable for each instance of delayed repayment. These charges are payable to lenders. Amerisafe Business Solutions Pvt. Ltd. will also charge a non-refundable collection penalty of Rs. 500/- per delayed payment. So, Amerisafe Business Solutions Pvt. Ltd. encourages all borrowers to make timely payments to avoid penalty charges.
In the worst-case scenario, if Amerisafe Business Solutions Pvt. Ltd. has to issue a legal notice to a defaulting borrower on behalf of the lenders then a non-refundable charge of Rs. 500/- per legal notice will be payable by the borrower to Amerisafe Business Solutions Pvt. Ltd..
Q: I HAVE DEFAULTED ON LOAN PAYMENTS BEFORE OR BANKS/FINANCIAL INSTITUTIONS HAVE REJECTED MY LOAN APPLICATION. CAN I BORROW ON AMERISAFE BUSINESS SOLUTIONS PVT. LTD.?
A: Amerisafe Business Solutions Pvt. Ltd. will not approve of a listing if it does not meet with our credit and verification standards. However, we encourage applicants to work on improving their credit history by repaying their debt in a timely manner and then try again after six months.
Q: HOW ARE REPAYMENTS CALCULATED?
A: Repayments are equated monthly installments calculated using the reducing balance method. Your installment per month will remain the same throughout the tenure of your loan. The first installment may be different depending on the date of disbursal.
Q: WILL AMERISAFE BUSINESS SOLUTIONS PVT. LTD. PROVIDE ME WITH MY CREDIT SCORE?
A: Amerisafe Business Solutions Pvt. Ltd. does not provide you with your credit score.
Q: WHAT INFORMATION CAN BE VIEWED ABOUT ME?
Q: WILL MY ADDRESS AND PHONE NUMBER BE AVAILABLE ONLINE ON THE WEBSITE?
Q: CAN I CHANGE THE LOAN AMOUNT I WANT TO BORROW AFTER APPLYING?
A: Yes, if at any stage the information furnished by you or the verification(s) initiated by us are found to be incomplete, fraudulent or unverifiable then funding request is terminated and consequently, the invest button on the profile would be de-activated. No registration fees refund will be applicable.
Q: CAN MY LOAN REQUEST BE TERMINATED OR REVIEWED AT ANY STAGE?
Q: HOW DO I CANCEL MY LOAN APPLICATION
A: Please write to firstname.lastname@example.org requesting cancellation of your registration as Borrower. Loan cancellation can only happen prior to disbursal of funds.
Q: HOW DO I CHANGE MY BANK DETAILS OR SET UP A NEW DIRECT DEBIT
A: Please write to email@example.com stating both your old and new bank details. Swapping charges of Rs. 500/- per swap will be applicable and payable to Amerisafe Business Solutions Pvt. Ltd..
Q: CAN I BE BOTH, A LENDER AND A BORROWER
A: No. You can either be a Lender or a Borrower at a given time.
Q. WHY IS AMERISAFE BUSINESS SOLUTIONS PVT. LTD. ASKING ME TO LINK MY BANK ACCOUNT
A: Amerisafe Business Solutions Pvt. Ltd. verifies the financial documents submitted by the borrower(s) which is considerably time consuming and thereby delays the borrower’s request being listed live on the marketplace for funding. Having explored many options, we realized that an automated aggregation of bank feeds from an extensive range of financial institutions would enable us to serve you better and help in getting you funded faster.
We have partnered with Yodlee, the world leader in bank feed aggregator. Yodlee currently serves over 40 million consumers worldwide, 600 global financial institutions, and 8 of the top 10 U.S. banks in addition to top Indian banks to deliver bank feed aggregation.
Q: IS MY ACCOUNT LINKAGE SECURE
A: Your account credentials are strongly protected with stringent security measures, regular security and compliance measures. Our partner, Yodlee undergoes examinations by U.S. Banking regulators including the Federal Financial Institutions Council and the Office of the Controller of the Currency. They are certified as a Payment Cards Industry (PCI) Level 1 Service Provider and have EU Privacy Safe Harbor certification. For what it’s worth, we believe that Yodlee’s Bank Aggregation service is a safe and convenient way to access your bank transactions, which is why we’ve chosen them as our partner. Ultimately though, it’s your call. We advocate complete freedom to our users to make their decisions.
Q: HOW ARE MY LOGIN DETAILS USED
A: Your Login details are securely stored and used for only one purpose: to retrieve transactions from your banking site for the last 6 months, nothing more. This is a purely “read only data”. There is no transaction possible by sharing the details, not even by you.
Q: SHOULD I SHARE MY BANK'S CREDENTIALS