/ -- IndiaMoneyMart has announced that it has been granted NBFC-P2P Certificate from RBI (Reserve Bank of India). This validates the web and app-based platform's strong framework to make lending and borrowing transparent, digital and convenient in conformation to the regulatory requirements.
The accreditation will enable IndiaMoneyMart to expand operations and target loan disbursals worth INR 100 Cr by FY 2018-19. It is an encouraging milestone to enable IndiaMoneyMart (IMM) gain traction among investors seeking for alternative asset class and boost their sentiments. The product offers an opportunity to earn steady cash flow every month to the lenders as well as compound their earnings by reinvesting.
The Indian P2P ecosystem has seen growth in past few months driven by Government's initiative to catalyse digital transactions, increased penetration of e-wallets, and rising demand for affordable loans. IndiaMoneyMart offers loans starting INR 10K to INR 10Lakhs for a tenure ranging between 3 months to 36 months. The platform has seen a surge in small personal loans sought by salaried borrowers in major metros.
Mahendra Agarwal, Director of IndiaMoneyMart, says, "By granting the Certificate of Registration (CoR) to IndiaMoneyMart, RBI acknowledges the effective business model, tools, processes and systems put in place to make loan transactions transparent, easy and affordable. We are looking to scale our technology, strengthen credit underwriting algorithms and invest in human capital."
About IndiaMoneyMart:
URL:
https://www.indiamoneymart.com/
Google Playstore Link: https://play.google.com/store/apps/details?id=com.fv.imm&hl=en_IN
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