Search
BharatPe forays into P2P lending with 12% club
August 25, 2021
BharatPe launched a new P2P lending product to enable customers to lend extra money they might have in their savings accounts to borrowers and earn higher returns on that amount versus traditional banking instruments.
Called 12% Club, the application will enable investors to acquire up to 12 percent in annual interest rates and assist borrowers with getting at 12%, much lower than what most financial institutions charge for personal loans.
The startup has collaborated with RBI-approved NBCFs to offer this product. Consumers will be able to avail of collateral-free loans of up to ₹10 lakh for around 90 days, without having to shell out extra processing or pre-payment charges.
“We accept that 12% Club will hit the right chord with a diverse set of new-age digital-savvy clients – from young salaried people to professionals with disposable incomes, and the investors who park their funds in various financial instruments,” he added.
Clients who want to lend their money on the application can begin by investing as low as ₹1,000 and go as high as ₹10 lakh. The limit will be expanded to ₹50 lakh over the next few months, the unicorn said.
Important Links:
- Professional Diploma in Banking and Financial Services: https://tscfm.org/courses/professional-diploma-in-banking-and-financial-services/