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Here’s Everything You Need To Know About Peer to Peer Lending In India  

Peer to Peer Lending

In the last few years we have seen number of financial innovations and one of them is Peer to peer lending.

P2P lending facility, which is gaining traction across globe, aid people for hassle free and reliable loans for resolving a number of domestic and business financial anxieties.

Through these market places one can easily avail loans from the comfort of home without any hassle unlike other offline financial institutes, where often loan applications get rejected.

The birth of new age P2P lending took place in UK when a company named ZOPA started peer to peer lending market place. Soon this lucrative idea was followed by Lending club and Prosper in USA. The trend got spread rapidly across many nations.

Also researches show that USA has the highest amount of funds lent through this arena and UK ranks number one on the basis of highest per capita loans. Also it has been a great success in China, Australia and New Zealand markets to name a few.

This latest financial avenue is still at a nascent stage but a growing segment in India.

Though the idea was risky to bring to India initially, but the technology empowered P2P lending market got thumbs up from many investors and lenders, making it one of the growing segments in India.

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The tradition of community based funding in India has been very popular from many years.

In a way, if we see then India is one of the biggest offline contributions in peer to peer lending in this world as even today Indians rely on their families, friends and money lenders.

The banking sector in India has failed us over and over when it comes to loan facilities.

And financial crunch, as we know, can occur any time and the major roadblock comes in the way is when banks and other institutes reject the sanction of small personal loans even after long and hectic processes.

And that’s why P2P has recorded remarkable growth over few years as P2P lending players are leveraging the technology and data analytics to bring largest offline crowd funding market of world to mainstream.

Also another booster that has augmented the growth of this segment is submission of consultation paper from RBI on peer to peer lending.

Another vital statistics prove that demand of the same will only rise as within few years, India will have more than billion internet users with each person getting access to online p2p market place.

If our communities are able to perform well at loaning and financing each other under a vigorous system, it conceivably authorizes reserves for country building.

This transformative new innovation could all the while diminish cost and raise access to capital. This would be an aid in a capital-starved nation like India.

It offers many advantages for both individuals and SMEs.

With online P2P market place, one can get an opportunity to earn high returns, earlier available to banks, NBFCs etc and also avail the benefits of transparent, quick and easy operations.

Startups as well as individuals who need funding can find right investors with ease as online P2P market places provide all the support so that even a person with little knowledge in lending can learn to transact.

There are scores of benefits. Let us have a look at some of the major ones that individuals can cash on through P2P lending market:

–          Solid returns, as we all know, entices us to save and invest and if investors are looking multiply their money faster, then one can try for the same as many investors have yielded more than 20% .

–          Also one can start investments easily with miniscule capital.

–          Another best advantage is that one can easily diversify capital across many Loans.

–           One the major benefits borrowers get is the chance of receiving lower interest rates and lenders can avail higher returns than they would receive by parking their money in bank accounts.

–          Another biggest advantage is the easier application with simple form and few documents. Lender has the benefit of choosing right borrower by checking out the credit score and interest rates, as everything is through transparent online medium.

–          One of the advantages which is worth noting is that p2p market place also aid individuals to get loans who were denied by banks as they had bad credit history.

There are many Indian brands that have come up and accelerating the growth of p2p lending in India. One such leading p2p lending market place is i2ifunding.com.

This innovation-driven online platform is an ideal marketplace for both borrowers and lenders to meet up to participate from comfort of home.

i2ifunding.com meticulously assesses the credit risk as well as recommends interest rates. They also make sure that every application by borrower is screened through more than 40 parameters in order to provide accurate credit score for borrowers.

Through i2ifunding, an individual can borrow money at an affordable rate of interest and an investor can lend to borrower at interest rates up to 36%.

They also proffer several benefits like:

–          Principal protection for its investors.

–          Seamless coordination of the entire process right from loan funding to loan repayment. No prepayment penalty- borrowers can prepay their loans as per their convenience without any add on charges.

–          They also conduct physical verification of the borrowers to determine authenticity of the documents submitted.

–          One can get loan within few days as i2i boasts of large pool of investors.

–          If needed they also advise a remedial action plan and assist in loan recovery in order to provide smooth investing and borrowing experience.

–          Allows investors to lend multiple loans to build a maintainable, diversified and high return portfolio. And all these facilities make i2ifunding stand out from others.

What are your thoughts about transformative loaning facility? Let us know your views in comments section below.

If you too want to invest or borrow, then click here for more details.

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