HomeMedia CenterLenDenClub is the latest to get RBI nod for NBFC-P2P

LenDenClub is the latest to get RBI nod for NBFC-P2P

LenDenClub, an online peer-to-peer lending marketplace for salaried borrowers, has received its Certificate of Registration from the Reserve Bank of India (RBI) to officially operate as an NBFC-P2P.

Bhavin Patel, Chief Executive Officer at 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 founded by Bhavin Patel and Dipesh Karki in 2015 with its headquarter in Mumbai. It connects lenders looking for high returns with creditworthy borrowers looking for short-term personal loans. LenDenClub aims to reach the 20-25 million salaried individuals who remain out of the ambit of the traditional credit-providing institutions.

The various categories of loans provided on the platform include wedding loans, travel loans, advance salary, education loans, debt consolidation, among others. The loans are offered for a fixed duration of 18 to 36 months, and the interest rate ranging from 12.5% to 35%.

The company has over 22,000 registered borrowers on the platform, along with more than 6,000 lenders, providing an average return of nearly 27% on investments.

LenDenClub last raised ₹3.5 crores ($500,000) in equity investment from Venture Catalyst, Anirudh Damani, and an Indian venture capital fund in October 2017.

Online P2P lending space in India is still in the early stage of its development with a vast potential. LenDenClub will be looking to establish its foothold in the market and become an industry leader. Both the lenders and borrowers will be more in its business model now that it is equipped with the license from RBI to operate as an NBFC-P2P.

Other online P2P lending platforms that received an NBFC-P2P license from the RBI recently include, Monexo Fintech, Faircent, OML Technologies, Finzy, among others.

In related news, Indian e-commerce giant Flipkart has applied for NBFC license making thing complicated for the smaller players in the online lending domain.

Credit: Theindianwire.com

Read more at: https://www.theindianwire.com/startups/lendenclub-gets-rbi-nod-for-nbfc-p2p-64957/

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

About

Investment

Best Blogs: Best Short Term Investment Plans With High Returns

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 investment returns. 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 investment 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’ investment amounts.

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

*P2P investment is subject to risks. And investment 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 returns received by investors

© 2024 LenDenClub by Innofin Solutions Private Limited | CIN: U74999MH2015PTC266499