Lendplus

Lendplus is a technology-driven financial services platform that provides simplified access to short-term personal loans. It operates in India under the legal entity Aventus Technology India Private Limited (U72900KA2021FTC164720).

The platform functions as a digital facilitator, connecting borrowers with registered lending institutions. It offers unsecured personal loans ranging from ₹500 to ₹30,000, available to both salaried and self-employed individuals. The specific loan terms, including the interest rate, are determined by a risk-based pricing model. This model assesses each applicant's financial and credit profile to tailor the offer.

Lendplus adheres to the Fair Practice Code established by the Reserve Bank of India (RBI). It is important to note that Lendplus is not a direct lender; instead, it provides the technological platform that enables lending by its registered partner, Navin Brothers (P) Ltd, which holds RBI license number B.05.06181.

Key Financial Terms:

Loan Tenure: Loans are offered for a short period, with a minimum of 62 days (2 months) and a maximum of 90 days (3 months).

Cost Structure: The total cost is expressed as an Annual Percentage Rate (APR) ranging from 12% to 132%. This comprises an interest rate and a service fee. For applicants with excellent credit, the interest rate may start at 3% per month. A service fee of 3% per month, plus applicable GST, is also charged, though both rates can vary based on credit risk assessment.

Late Payment Policy: A brief 2-day grace period is offered after the due date without incurring a late fee. After this period, a late payment fee may be applied for up to 30 days. Importantly, no additional interest or service fee accrues on the overdue amount itself.

Representative Example:
For a loan of ₹10,000 over a 90-day tenure:

Interest: ₹300

Service Fee: ₹900

GST on Service Fee: ₹162

Total Repayment Amount: ₹11,362

This results in an APR of 48%.

Eligibility Criteria:
Applicants must be:

Indian citizens aged 21 years or above.

Have a verifiable source of income.

Currently residing in Delhi NCR or Bengaluru.

Required Documentation:
The digital application process requires submission of:

PAN Card

License or Voter ID

Recent Bank Statement

Latest Photograph/Selfie

Address Proof (Aadhaar Card or Driving License)

Application Process:

Install the Lendplus mobile app.

Complete the registration.

Fill out the digital loan application.

Submit KYC details and upload the required documents, including your bank statement.

Upon approval, set up an auto-debit mandate.

Execute the digital loan agreement with the partner NBFC.

Receive the funds directly in your registered bank account.

Data Security & Grievance Redressal:
The company states that data security is a priority and that user data is accessed only with explicit permission to facilitate the loan approval. For any concerns, customers can contact: