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5paisa.com launches ‘5paisa Loans’ peer-to-peer lending platform

5paisa.com launches ‘5paisa Loans’ peer-to-peer lending platform 1

India’s only listed fintech firm, 5paisa.com today said that it has launched ‘5paisa Loans’, a peer-to-peer lending platform, where one can lend from Rs 500 – Rs 50 lakhs to multiple borrowers and earn interest as high as 36% per annum.

India’s only listed fintech firm, 5paisa.com today said that it has launched ‘5paisa Loans’, a peer-to-peer lending platform, where one can lend from Rs 500 – Rs 50 lakhs to multiple borrowers and earn interest as high as 36% per annum.

5paisa Loans is a registered NBFC with Reserve Bank of India, offering Peer-to-Peer Lending solution with an aim to solve short-term cash requirements of borrowers from all walks of life, while giving an opportunity to lenders to earn on their idle money. Lending on 5paisa Loans is completely paperless, diversified, less risky, transparent, and digital.

Prakarsh Gagdani, CEO, 5paisa.com said, “We are glad to launch 5paisa Loans at a time when borrowers like small businessmen, individuals don’t have many avenues to borrow and many lenders have no opportunity to lend. 5paisa Loans is a platform, where we are bringing the old ways of lending and borrowing in latest avatar.  Our AI and tech driven credit underwriting approach, portfolio way of offering is unique in the industry.”

“We expect our platform will in small-way help to meet consenting borrowers and lenders to fulfil each others’ needs during the unfortunate Covid19 outbreak.”

5paisa Loans screen every borrower coming on our platform with more than 100 variable data points like age, location, earnings, previous loan history, social profile, expenditure, etc and present the information through a Unified Score for lenders to choose from.

Therefore, rather than lending to an individual borrower, the platform enables lending to a portfolio of borrowers, thereby, reducing risk and diversifying investment. With this a Lender can lend money to multiple borrowers with different scores and earn fixed monthly returns.

5paisa.com is India’s only diversified online platform for financial products serving about 5.5 lakh customers. Apart for peer-to-peer lending, 5paisa.com offers equity, debt, gold, etc on its platform. It is the most affordable and second largest discount broker in India and charges a flat fee of Rs 10 per trade and zero brokerage.

Peer-to-peer lending was mostly unorganised where some businessmen used to lend money to other businessmen for short term requirements. Firstly, the entire transaction was outside the regulatory framework and credibility of borrower was evaluated mostly on personal relationships. Secondly, the transaction value and the risk, both were high and therefore mostly out of reach of the retail investors. 

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