Registration: To become a lender on Moneymela, individuals need to sign up through the Moneymela website and pay a one-time nominal fee of Rs 500. Once registered, lenders receive a unique user ID and password for accessing the lender portal.
Log in and Document Verification: Lender can log into the lender portal and upload the required documents, which are then verified by the Moneymela team to determine eligibility and net worth.
Investment Options: Approved lenders can view sanctioned loan applications and see the commitments made by other lenders for each application, helping them make investment decisions.
Loan Agreement Signing: Once a lender selects and finalizes a loan listing, Moneymela initiates the legal documentation process for the loan agreement.
Tracking Loan Listings: Lenders can track their loan listings on their lender dashboard, keeping them informed about loan repayments, due dates, and any defaults by borrowers.