Fair Practice code


LiquiLoans is a leading peer-to-peer (P2P) lending marketplace where people borrow and lend money to each other. LiquiLoans provides an alternative financing model which is 100% online, simple and fast. Given below is the Fair Practice Code developed by LiquiLoans that it shall extend to its Members.


This Code is a voluntary code adopted by LiquiLoans with the aim to achieve best practices while dealing with its Members and facilitate seamless services to its Users across the LiquiLoans Platform. This code is applicable from the date it is placed on LiquiLoans’s website or is otherwise publicised through the media. It will be updated from time to time and all Users are advised to appraise themselves of the latest versions.


Borrower means any person applying to register as a participant with LiquiLoans to borrow funds on the LiquiLoans website.

Lender means any person applying to register as a participant with LiquiLoans to lend funds to a Borrower through automatic or manual selection.

Loan Agreement means the agreement entered into by the Borrower and the Lender upon finalisation of the loan transaction entered on the LiquiLoans website.

Member or User means any prospective lender/ borrower who has successfully registered as a participant on LiquiLoans’s website.

LiquiLoans means NDX P2P Private Limited, a company incorporated under the Companies Act, 2013 in India whose registered office is at 1st Floor, B-104, "The Qube" having C.T.S. No. 1498, A/2,M.V. Road, Hasan Pada Rd, Mittal Industrial Estate, Marol Andheri (East), Mumbai, Maharashtra 400059.

Terms means the Borrowers' Terms and Conditions and the Lenders’ Terms and Conditions.

Transaction means any loan transaction with Members in which the User will participate through the Website.

User Terms means the terms of use for the Website already accepted by the Members

Website or Platform means www.liquiloans.com website which is the intermediary providing the services of loan facilitation via the electronic medium to the Borrowers and Lenders.

LiquiLoans declares and undertakes:-

  • To provide in a professional manner, efficient diligent and seamless speedy service to its Users to enable Peer to Peer lending on its Website.
  • To not effectuate discrimination on the basis of religion, caste, sex, descent etc. among its Members
  • To be fair and honest in all the advertisements and marketing endeavours of its Platform.
  • To provide its Users with accurate and timely disclosure of Terms, costs, rights and liabilities as regards loan transactions effected through its Website.
  • To attempt in good faith to resolve any disputes or differences with the Members by setting up complaint redressal cells within the organization.
  • To comply with all the regulatory legal requirements in good faith.

A. Applications for loans and their processing

  • All communications to the Borrower shall be in English.
  • All documentations and terms and conditions, including details on the website such as the privacy policy, User Terms, etc shall be maintained in English.
  • Users using translation services while using the Platform will do so at their own peril as LiquiLoans does not guarantee that the translation provided will be accurate and urges borrowers to view the website in English.
  • LiquiLoans does not have a physical loan application form. LiquiLoans provides a detailed procedure for registration and the benefits accrued from lending/ borrowing through its Platform in the frequently asked questions which is available on https://www.liquiloans.com/faq
  • A detailed terms and conditions will be provided by LiquiLoans which is to be accepted by the User during and post the onboarding process on the Website. LiquiLoans strongly urges Users to obtain appropriate independent professional advice before proceeding to borrow any money using the Website
  • An email confirmation shall be provided to the User acknowledging the receipt of the loan application/registration on its website. On demand, Members can have full details of method of application of interest. The Borrower would be informed of the procedure involved in servicing and closure of the loan taken on the Website FAQ.
  • LiquiLoans will provide a time frame for processing the loan application at the time of registration.

B. Loan appraisal and terms/conditions

  • LiquiLoans will send the offer letter via email to the Borrower if his application is approved. The offer letter will lead him to the online Member account that contains the amount of loan, the annualised rate of interest, the payment schedule and the other terms and conditions for disbursement of the loan
  • The Borrower shall accept the terms and conditions of the Loan post review of the Terms, which shall be retained by LiquiLoans until the full repayment of the loan.
  • LiquiLoans shall mention the penal interest charged for late repayment in the Borrower terms and conditions.

C. Disbursement of loans including changes in terms and conditions

  • Any changes in the interest rates and charges shall be effected prospectively.
  • All Users shall have to meet the eligibility criteria as sanctioned by the Board of Directors of LiquiLoans.
  • The Board of Directors of LiquiLoans shall at all times review the eligibility criteria in consonance with the law as well as determine the pricing of services provided by it as per the market rate.
  • The Board of Directors shall formulate rules, which may be amended from time to time, that ensures that the Platform is run in an equitable and non- discriminatory manner.

D. General

  • LiquiLoans will not invade the affairs of the Borrower except for the purposes provided in the terms and conditions of the loan agreement.
  • In the event of any new information regarding the Borrower is made available to the Lender, the Lender may disclose the same to LiquiLoans. LiquiLoans undertakes that when it acts on the same, it shall not in any manner interfere in the functioning of the Borrower during the course of the Transaction and thereafter.
  • Actions taken for the approval or rejection of loans, and actions taken on request from the Borrower for transfer of borrowed amount to another NBFC/FI, shall be conveyed to the Borrower within 21 days of receipt of application/request. Such transfer shall be effected as per transparent contractual terms in consonance with law.
  • LiquiLoans shall not resort to undue harassment for the recovery of loans, viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans etc.

E. Complaints and regulation of Complaints

  • LiquiLoans’s Board of Directors will lay out appropriate internal principles and procedures in determining interest rates and processing and other charges. LiquiLoans will ensure that it will endeavour to be transparent in respect of the terms and conditions of the loan effected through its Platform. Any grievance regarding excessive interest rates may be addressed to the Grievance Redressal Officer mentioned on the Website.
  • The Board of Directors of LiquiLoans shall endeavour to adopt an interest rate model taking into account relevant factors such as, cost of funds, margin and risk premium, etc and determine the rate of interest to be charged for loans and advances. The rate of interest and the approach for gradations of risk and rationale for charging different rate of interest to different categories of Borrowers shall be disclosed to the Borrower in the confirmation email sent to the Borrower after completing the registration process.
  • The rates of interest and the approach for gradation of risks shall also be made available on the Website. The information published on the website is be updated whenever there is a change in the rates of interest and LiquiLoans urges Members to take note of the same.
  • The rate of interest adopted by LiquiLoans are annualised rates so that the Borrower is aware of the exact rates that would be charged to the account.

F. Information Secrecy

  • All personal information of the customer would be confidential and would not be disclosed to any third party unless agreed to by the Member. The term 'Third party' excludes all Law enforcement agencies, Credit Information Bureaux, Reserve Bank of India, other banks/ financial and lending institutions.
  • Subject to above Para, customer information would be revealed only under the following circumstances;
  • If LiquiLoans is compelled by law
  • If it is in the Public Interest to reveal the information
  • If the interest of LiquiLoans requires such disclosure.

Grievance Redressal Mechanism

  • LiquiLoans will have a Grievance Redressal Officer within the organization and would ensure that the Website would contain all the required relevant details, namely

 a. Where a complaint can be made
         b. How a complaint should be made
         c. When to expect a reply
         d. Whom to approach for redressal of grievance etc.

  • Response to a complaint whether positive or negative or requiring more time for redressal would generally be given within a maximum period of four weeks from the date of receipt of complaint, unless the nature of complaint is such that requires verification of voluminous facts and figures.
  • The Company has designated Mr. Achal Mittal as Nodal Officer for receiving and resolving complaints from customers. The contact details of Nodal Officer are:

           Achal Mittal,
           Co-Founder, NDX P2P Private Limited,
           1st Floor, B-104, "The Qube" having C.T.S. No. 1498, A/2,M.V. Road, Hasan Pada Rd, Mittal Industrial Estate, Marol Andheri (East), Mumbai, Maharashtra 400059

  • If the complaint/dispute is not redressed within a period of one month, the participant may appeal to RBI at:

      Chief General Manager,
      Reserve Bank of India,
      Consumer Education and Protection Department,
      Central Office,
      1st Floor, Amar Building, Perin Nariman Street, Mumbai 400 001

  • LiquiLoans would adequately train the operational staff to give patient hearing to the Borrowers in financial distress and would try to render such help as may be possible in their view.

RBI Disclaimer : Reserve Bank of India does not accept any responsibility for the correctness of any of the statements or representations made or opinions expressed by LiquiLoans, and does not provide any assurance for repayment of the loans lent on it.

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