HomeMedia CenterLenDenClub gets RBI nod for NBFC-P2P – Webnewswire

LenDenClub gets RBI nod for NBFC-P2P – Webnewswire

• Becomes one of the first peer-to-peer lending companies to receive the certification
• The platform will now be able to report loan data to all credit bureaus
• It will help fight legal battle to recover back lenders’ money

Mumbai, July 20, 2018: LenDenClub an online Peer-to-Peer lending marketplace for salaried borrowers has received its Certificate of Registration (CoR) from the Reserve Bank of India (RBI), thus officially establishing itself as an NBFC-P2P. The company was one of the first 3 players to start operations in India.

Commenting on the same, Spokesperson, Mr. Bhavin Patel – CEO of the company, LenDenClub said, “Registration as NBFC-P2P was one of the most important stepping stone for us. This is the altogether different era for us compared to the time when we started with the hope to be regulated one day. This will help us establishing LenDenClub brand more strongly as this will boost lenders’ confidence.”

LenDenClub was incepted in 2015 in Mumbai, India, and actively spent time researching and developing a process that allowed for convenient and efficient P2P lending for the Indian economy. The company has meticulously designed its process to ensure regulatory compliance, customer convenience, transaction transparency, and repayment support to create a business model that the company intends to use to make itself the market leader in the nascent P2P lending sector in India. Currently, the company is present in 5 cities across India; the NBFC-P2P plans to enter more cities in the near future; resulting in a Pan-India presence.

Credit : Webnewswire

Read full article: http://www.webnewswire.com/2018/07/20/lendenclub-gets-rbi-nod-for-nbfc-p2p/

LenDenClub is India’s largest alternate investment platform which started operations in India in 2015. We have been helping lenders diversify their investments beyond traditional investment instruments ever since.

About

Lending

The Reserve Bank of India does not accept any responsibility for the correctness of any of the statements or representations made or opinions expressed by Innofin Solutions Private Limited, and does not provide any assurance for repayment of the loans lent through its platform.

LenDenClub is an Intermediary under the provisions of the Information Technology Act, 2000 and virtually connects lenders and borrowers through its electronic platform via the website and/or mobile app.

The lending transaction is purely between lenders and borrowers at their own discretion, and LenDenClub does not assure loan fulfilment and/or lending simple interest. Also, the information provided on the platform is verified or checked on the best efforts basis without guaranteeing any accuracy of the data/information verification. Any lending decision taken by a lender on the basis of this information is at the discretion of the lender, and LenDenClub does not guarantee that the loan amount will be recovered from the borrower, fully or partially. The risk is entirely on the lender. LenDenClub will not be responsible for the full or partial loss of the principal and/or interest of lenders’ lending amounts.

*This is an annualized yield and is subject to the maximum FMPP tenure, which is 5 years. P2P lending is subject to high risk and may cause an entire loss of principal.
 

*P2P lending is subject to risks. And lending decisions taken by a lender on the basis of this information are at the discretion of the lender, and LenDenClub does not guarantee that the loan amount will be recovered from the borrower.

** Average value mentioned is the weighted average of simple interest received by lenders

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