Loan Planet is a free finance application for mobile devices being offered by Decillion Finance Limited. It is an online platform that helps facilitate loans between individual loaners and Nonbanking Financial Institutions (NBFC). It links to partners that offer such services for users in India to avail of.

Compared to other services like India Union Credit Cash Loan or PLANET by L&T Finance, Loan Planet doesn't directly deal with and lend cash to its clients. Instead, it refers them to one of its many trusted partner companies, assuring the level of service is reliable and of high credibility.

The middleman

When it comes to applying for a loan, one of the most important factors to consider aside from payment terms and interest rates is credibility. Talking to a legitimate and trustworthy institution gives you peace of mind and everything is on the up and up, so to speak. If you live in India, Loan Planet is an online platform that can help you out.

This finance app is not a direct loan provider, but instead, serves as a middleman to link to a trustworthy institution that you can transact with. That company is one of its partners, ICM Finance Private Limited. It lets you borrow anywhere from 5,000 rupees to 5 lakh. As for interest rates, they go for 0.05 percent per day, with a maximum of 18.25 percent per annum.

As for payment terms, you can choose anytime between 90 to 120 days depending on your financial capacity. You can even opt to convert your short-term loan to an Equated Monthly Installment (EMI) loan. Now, given that it technically serves as a middleman, there are some long-term concerns over the future between the two partner companies, especially if you plan to borrow a large sum from them.

Pointing the way

In summary, the whole premise behind Loan Planet and how it operates is a bit of an oddity. However, the services its partner company, ICM Finance, offers are real and legitimate. It offers generous amount allowance and flexible payment terms. There is the matter of the future of their partnership to consider, though. Nevertheless, this platform is still worth considering.