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IndiaMoneyMart App Brings P2P Investment and Wealth Creation for Masses

Press Trust of India  |  MUMBAI 

/ -- lending or lending is a mode of direct financing that enables individuals to borrow and lend on mutual terms. Platforms like IndiaMoneyMart (IMM) eliminate the traditional financial institutions and enable businesses to flourish through a people to people contact.

companies leverage to match curated borrowers to lenders with appropriate risk appetite. Necessary due diligence is undertaken to verify the credibility and identity of the borrowers before they are listed for funding. While every platform would have variations in conducting due diligence, the objective remains the same for all players in this ecosystem. The prime idea being - borrowers who are eligible and credible should be able to receive a loan at an affordable rate and a lender should be able to create passive income - sitting at the comfort of their home.

The P2P concept is a financial disruption to favour the masses and help them create wealth using the power of compounding.

Beyond human needs, technology has emerged as a mainstay and new normal in daily lives camouflaged as With increasing reach and lowering cost of access to the Internet, the question emerges is how soon P2P players can ramp up technology to serve customers across all pin codes.

Since the entire assessment and financial behavior of borrowers is assessed and depending on the risk appetite, lenders take an informed lending decision on P2P platforms. Wilful defaulters are reported to rating agencies such as CIBIL, CRIF, and to further add security for lenders.

RBI has put a restriction allowing a maximum of INR 10 lakhs investment by an investor/lender across all platforms and one lender can give a maximum of INR 50,000 to a borrower across all P2P platforms. On the other hand, the platform is open for smallest of lenders and borrowers. Users can begin investment starting INR 5,000 and in his/her portfolio distribute the allocated funds amongst multiple borrowers to allow for diversification of risk. So, the platforms are open for smallest of lenders and smallest of borrowers - though some P2P platforms are keeping limits on minimum borrowing and lending.

To sum it up - the concept is for the masses and not restricted to select few.

Disclaimer: The is Mr. Sangeet Modi, who aims to make affordable and accessible.

About IndiaMoneyMart:

IndiaMoneyMart, (a initiative), is an RBI registered NBFC-P2P which enables users to take and give personal 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 through the comfort of their IndiaMoneyMart enables lenders to invest and grow wealth, while borrowers are able to save by raising affordable credit.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 29 2019. 17:55 IST