Peak Financial Subsidiary, ASFC, Surpasses 1,000 Loan Milestone. Peer to peer lending
At finzy, both borrowers and investors gain access to their dashboard online that will help them track their re payments and dues in a simple and clear manner.
Who are able to Invest And Borrow Against a P2P Lending Platform
A lender or a borrower needs to be an Indian citizen, over 18 years of age to register on the platform. With necessary KYC documents for evidence of Identity (eg. PAN) and evidence of Address (eg. Aadhaar)
The borrower can either be an individual or a legal person requiring a loan to avail a P2P loan. At finzy, currently you can expect loans to people who could possibly be salaried or self-employed.
The attention rate may be set by the platform, or by mutual agreement amongst the debtor together with lender. At finzy, we assist set the attention price on the basis of the credit evaluation carried out by the working platform.
At this time RBI limits the maximum investment quantity to INR 50 lakhs for a loan provider across P2P platforms.
How exactly does the P2P Lending Platform Earn Revenue
Charges are compensated to the platform by both the lending company plus the debtor. The borrowers spend an origination cost (either a rate that is flat or as a portion for the loan amount raised) based on their danger category. Find out more about charges at finzy here.
At finzy, we just have a small charge (1% + GST) associated with EMI that the investors get. There are not any other prices for registration, paperwork, assessment or other charges that are hidden finzy both for the borrowers and loan providers.
Since a peer lending platform just isn’t permitted to provide cash from its books, there’s absolutely no conflict of interest while the process that is entire transparent in addition to EMI that the borrower will pay is paid as it is towards the investors.