Is Lendbox India Genuine? The Experience of Lenders and the Truth Revealed
The integrity and legitimacy of Lendbox India have been heavily debated. As one of the prominent players in the peer-to-peer (P2P) lending market, Lendbox has been a subject of controversy, particularly as it pertains to the recovery of loans and the satisfaction of lenders. This article delves into the experience of lenders and reveals the truth about this platform.
The Incompetence of Lendbox
Despite being a P2P lending platform, Lendbox's management is often described as inexperienced and irresponsible. This is evident in the way the platform handles the recovery of loans. Many lenders report that their money gets stuck as non-performing assets (NPAs), and the recovery system is inefficient at best. Key figures such as Vishal Agarwal and Nikunj Maheshwari, as well as the CEO Ekmeet Singh, often blame the Reserve Bank of India (RBI) and the global pandemic for the issue but fail to focus on actual recoveries.
From the author's personal experience, which spans over a year and a half, a loan of 4 lakhs was classified as an NPA, and even the most secure segment, Alternative Investment, has been unprofitable. The criticism towards Lendbox extends beyond just loan recoveries. The general customer service and communication from the platform are also heavily criticized.
Lendbox and Customer Service: A Shallow Response
According to several reviewers, Lendbox's customer service and response to delayed EMIs or unpaid dues are unsatisfactory. Instead of taking responsibility, the platform's representatives often use evasive tactics, such as saying they can't guarantee a response until someone higher up in the chain sees the email. This has led to frustration among lenders, with some reporting a total disregard for customer queries.
A former lender explains, 'Once you accept a proposal, they will call you daily to ask for the money, but if an EMI is delayed or not deposited they will not call, nor will they reply to emails, instead talking to you in a rude manner. When inquiring about the time frame for response, their response is “thode der” (soon). When asking what this means as you have already waited for five days, they rudely retort, “I cannot guarantee anything; once the director sees the email, he will respond accordingly.” In essence, it portrays a system that prioritizes pushing loan proposals over addressing customer concerns.'
The Future of Lendbox?
The author concludes that Lendbox's future looks bleak, stating 'It totally depends on your luck. Lendbox is not like a customer pro or lender pro company. Instead, it is like any other broker whose only aim is to sell their product and leave the money at the mercy of the financier. In the long term, these practices will not stand the test of market competition. When borrowers compare Lendbox with other P2P platforms that offer better services, their business will surely decline. Current startups and supposed cream of IIM students should understand the basics of retaining customers. Otherwise, all their financial tools and MBA degrees are worth nothing!'
Despite the criticism, some users still find success through Lendbox, but their satisfaction is contingent on luck. Other platforms consistently outperform in terms of recovery systems and customer service, making Lendbox seem more like a last resort for those who are desperate to generate returns.
For potential investors looking to enter the P2P lending market, it is crucial to conduct thorough research and select a platform that prioritizes loan recoveries and customer satisfaction. Waiting for Lendbox to improve its services under the current management seems highly unlikely, making it a risky investment choice.
Therefore, potential lenders are advised to consider alternative P2P lending options that demonstrate a commitment to customer and lender satisfaction, ensuring a smoother and more secure experience.