Peer to Peer Lending India: TOP 4 platforms

07/07/202016/04/2023 admin

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Peer to Peer Lending is a platform in India where one can lend money directly to another person without any intermediaries, similar to how a bank provides a loan. This platform provides a place where you can see the profiles of many borrowers, including their financial health, job status, and any previous loans they may have taken. Their credit score is also included.

If they have taken a loan before, the details of that loan are also provided. You can select the profile of the borrower by applying filters such as credit score of 750, government job, no previous loans or no large loans, and no outstanding balance.

This platform also provides security, such as loan recovery. There is some risk involved in defaulting, but you can invest a minimum of Rs. 500 in one loan. For example, if person A needs a loan of Rs. 10,000, 20 lenders will give him Rs. 500 each. You can divide Rs. 10,000 among 20 people in this way.

If you get a 20% interest rate on this, and assume that one default occurs, which is very rare, you still get a 15% interest rate within three months. Even then, you have made a profit of Rs. 1900, and the default did not make much of a difference. The best thing is that this company is approved by the RBI.