5paisa.com launches peer-to-peer lending platform

The Fintech company 5paisa.com has launched “5paisa Loans”, a peer-to-peer lending platform where you can lend between 500 and 50 lakh to several borrowers and earn interest of up to 36% per year.

5paisa Loans, an RBI-registered NBFC, aims to address the short-term cash flow needs of borrowers from all walks of life, while giving lenders the opportunity to earn on their unused money, the company said.

5paisa Loans filters every borrower using its platform with over 100 variable data points, such as age, location, income, loan history, social profile, expenses, etc. ., and presents the information via a unified score allowing lenders to make their choice.

Instead of lending to an individual borrower, the platform allows lending to a portfolio of borrowers, thereby reducing risk and diversifying investments. With this, a lender can lend money to multiple borrowers with different scores and earn fixed monthly returns.

5paisa.com is India’s only diverse online platform for financial products serving around 5.5 lakh of customers, according to the company. The entire loan process on 5paisa Loans is completely paperless, diversified, less risky, transparent and digital.

Prakarsh Gagdani, CEO of 5paisa.com, said the launch comes when small businesses and individuals don’t have much opportunity to borrow while lenders have no opportunity to lend.

5paisa Loans as a platform brings the old ways of lending and borrowing into the latest avatar. The artificial intelligence and technology-based approach to credit underwriting is unique in the industry, he said.

“We expect our platform to bring together willing borrowers and lenders to meet everyone’s needs in these times of Covid-19,” he added.

Besides peer-to-peer lending, 5paisa.com facilitates equity, debt and gold investments on its platform. It charges a flat fee of 10 per transaction and no brokerage.

Previous UPDATE 1-The Central Bank of Peru will offer short term loans, buy dollars from pension funds
Next Nonprofit loan company helps businesses apply for paycheck protection program funds

No Comment

Leave a reply

Your email address will not be published.