India Money Mart (IMM), a digital lending marketplace, has launched its app to allow lenders and borrowers to carry out Peer-to-Peer (P2P) lending a week after the RBI released detailed guidelines for this platform.
"Peer-2-Peer investors can expect returns from 12 per cent to 25 per cent annually on their investments. The platform also offers assisted portfolio management services, if required," IMM said in a statement.
It is a robust technology driven marketplace-lending platform, enabling financial empowerment and control over investment decisions to common people, it said.
The company aims to keep the interest rate as competitive as possible for the loan seekers, it said.
The app is useful for people seeking alternative sources of funding to meet emergency requirements, not serviced by banks and other traditional lenders, it said.
Both borrower and lender are required to download the app, fill the registration form and upload KYC documents such as Aadhar Card, PAN Card for the proprietary underwriting tool to assess the creditworthiness by listing them on loan platform, it said.
This model has always been practiced in the Indian market between close-knit communities and P2P lending app, it said, adding IndiaMoneyMart seeks to formalise these transactions and increase the scope of opening the market to a larger set of credible loans seekers and businesses and investors.
Globally, P2P lending system has shown consistent growth in countries like the US, the UK and China.
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