P2P Online Money Lending India By Paisa Dukan

P2P lending sites in India are on the rise as there is a new industry which has emerged in the cluttered financial system which is dominated by traditional financial institutions like banks, mutual funds, financial consultants etc. the peer to peer industry has been now been regularized by the Reserve Bank of India and it has opened up a new way for borrowers to seek loan for their personal needs.

 What is Peer-to-Peer Lending?

P2p online money lending is a new way of financing people who are not able to secure loans for their needs from formal institutions like the banks, be it government sector banks or private sector banks.  This has helped a lot of people who were not able to get loans from the banks to seek these financial assistances for their respective needs. This is a completely digital platform where in all the processes takes place on the internet. The respective borrower or the investor has to register themselves on the portal and fill out the normal sign up form and upload all the required KYC documents. Once the on boarding procedure is complete, then the borrower can avail loans and the investors can see who all is in the pool that need funding. This is a completely transparent platform and the advantage of it is that till the time the respective agreements are not signed, the borrower and investor doesn’t know whom they are funding or seeking funds.  The identity stays disclosed until the investor chooses a borrower to fund.

Young people who are digitally more advanced are likely to be more inclined towards this easement of loan procedure.  It is a large crowd funding platform where in the borrowers and investors are matched using the respective requirement.  A borrower can be anyone; either an individual person or it can be a business. The type of loan which is offered by these companies is personal loans only, however, there are various purposes for which the loans can be availed. These loans can be availed for education, business, vacation, home loans, marriage loans etc. all in all

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Created on Dec 6th 2018 11:07. Viewed 352 times.

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