HomeMedia CenterP2P lender LenDenClub’s disbursement back at pre-Covid level, set to expand pan-India

P2P lender LenDenClub’s disbursement back at pre-Covid level, set to expand pan-India

Peer-to-Peer (P2P) lending platform, LenDenClub is back at pre-Covid disbursements on its platform. Naturally, the P2P lender went slow on onboarding and approving new borrowers over the un ty during the lockdown phase.

With subsequent unlock phases June onwards an additional demand was seen attracting more investors to the platform. The P2P lender said, “The closing quarter has been the best quarter to the company since its inception in 2015.”

Bhavin Patel, CEO, LenDenClub said, “The new loan sourcing numbers are encouraging and growing rapidly month over month. The loans which were sourced after April, have better or comparable repayment rates when we do it with pre-covid months. The last quarter was good for the company. Next two quarters are to be even better as we are focusing aggressively on new loans sourcing after encouraging collections numbers of Q1 and Q2.”

“The company has registered an average monthly growth rate of 80% between April and September 2020.”

The P2P lender has a user base of over 90,000 investors and more than 7,00,000 borrowers.

Further, the FinTech lender is expanding its flagship platform InstaMoney to Pan-India from existing presence in 7 states.

The lender will be now servicing its InstaMoney app across 1,55,599 pin codes in India.

Through InstaMoney Bhavin aims to serve the borrowers unserved by banks and NBFCs by the end-to-end digital experience. The borrowers on the platform generally seek loans for medical emergencies, debt consolidation, education, advance salary among other purposes.

The P2P lender is banking on the strong economic revival since Unlock-1 and aims to triple its disbursal in this quarter. It said the platform grew 5 times amidst the first two quarters and subsequently doubled its number of users (Lenders and borrowers) on the platform during Q1 and Q2 in the current financial year.

Bhavin believes pan India presence will assist the wide cross section of people around the country to avail instant loans through the app only platform.

The platform offers an interest rate ranging between 0% (No-cost EMI) to 3% maximum with average ticket size ranging between Rs 5000 – Rs 10000.

On adjustments to risk assessment, Bhavin said, “There’s 1.5% Increment in RoI at the platform level between March and September.”

Credit: https://bfsi.economictimes.indiatimes.com/news/fintech/p2p-lender-lendenclubs-disbursement-back-at-pre-covid-level-set-to-expand-pan-india/78565957

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.

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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

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