IndiaMoneyMart - A Peer-to-peer Lending Platform to Empower Retail Investors and Borrowers

MUMBAI, January 31, 2019 /PRNewswire/ --

IndiaMoneyMart is a P2P Lending or Peer-to-peer lending, a form of crowd-funding used to raise loans for people who need to borrow, from people who want to invest surplus cash lying in savings account earning nominal interest. The lenders get higher interest by lending their money, and borrowers getting funds at comparatively low interest rates.

Whilst every P2P platform is different, collectively they are certainly much less restrictive than the traditional banks when it comes to the purpose of a loan. Most P2P platforms have an automated online experience where borrowers enter their information, upload documents, and receive a quick decision related to their loan. Advanced technology allows this to happen seamlessly without the user needing to step out of the house. It amounts to a win-win situation for all parties involved.

Typically, mainstream banks use the standard credit referencing agencies as sole source of information and their decision to lend or not are entirely based on that, whereas, in P2P platforms, these scores form just one part of the credit scoring process. Remember, P2P is person-to-person, so investments are going to real people and boosting the societal value of the sharing economy in finance.

If we look at it - this form of lending and borrowing has been in existence for ages but in a rather informal fashion - where individuals needing money would borrow from people they know. But what about those people who could not borrow from people they knew and also could not get money from the organized sector like banks and NBFC? One of the primary reasons to formalize this form of lending was to serve such huge chunk of people who were not getting financed by regular banking channels. Some even resort to taking payday loans and the interest rate there could be as high as 360% per annum.

Another beneficiary of this concept could be corporates who do give loans to their employees. They can reduce their financial burden by shifting their employee loan bundle to such P2P platforms. Even if they do want to lend to increase loyalty, they themselves can become a lender only to lend to their employees at minimal interest rates - the benefit for them is that every loan goes through necessary due diligence which probably is not carried out in small-midsize companies when they give out loans. And of course, it also helps the employee in building their credit score.

So, P2P is needed as it not only allows an easy and convenient option for borrowers to borrow money, but it also allows an alternate means for investors to get decent returns on their savings.

Mr. Sangeet Modi, Director, IndiaMoneyMart says, "P2P Lending allows wealth creation for the masses by disinter-mediating traditional financial institutions. We are looking to enable our lenders disburse more than INR 100 Cr by end of the year and we see immense potential waiting to be unlocked in this space."

About IndiaMoneyMart:

IndiaMoneyMart, (a FairVinimay Services Pvt. Ltd. initiative), is an RBI registered NBFC-P2P which enables users to take and give personal loans on-the-go using app or web. The process is completely digital, transparent, convenient and hassle free. Lenders and Borrowers enter into mutually agreeable loan transactions independently on a technology powered ecosystem through the comfort of their smartphones. IndiaMoneyMart enables lenders to invest and grow wealth, while borrowers are able to save money by raising affordable credit.

Media Contact:
Priyanka Singh
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Fair Vinimay Services Private Limited