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5 Indian P2P lending platforms to seek instant loans from

By Gloria Mathias

December 28, 2023

  • 2024 listicle
  • Direct loans
  • Fintech Listicle

Peer-to-peer (P2P) lending, also known as social lending or crowdfunding, is a financial innovation that enables individuals to lend and borrow money directly from one another without the involvement of traditional financial intermediaries like banks. This form of lending operates through online platforms that match borrowers with lenders, facilitating the entire lending process.

Recognising its potential, the Reserve Bank of India (RBI) has shown interest in regulating the digital lending space, balancing innovation with consumer protection. The RBI observes the potential of these platforms to enhance financial inclusion by providing credit to individuals and small businesses that may have limited access to traditional banking services.

Looking ahead to 2024, the lending space is expected to undergo further evolution, with several trends likely to shape its trajectory.

Listed below are 5 emerging P2P lending platforms simplifying loan offerings in India:

Finzy is a peer-to-peer lending solution in India. It connects borrowers looking for quick personal loans with low-interest rates to Investors who are looking for a powerful new asset class that provides fair returns. The company’s focus is on making the entire process simple and easy. Finzy is owned and operated by Bridge FinTech Solutions.

i2iFunding is a Reserve Bank of India (RBI)-registered NBFC and peer-to-peer lending platform (NBFC-P2P). i2i connects verified borrowers with retail lenders. It provides alternative investment options to Investors and affordable loans to borrowers. Borrowers can use loans for a gamut of reasons, like purchase of consumer durables, debt consolidation, medical expenses, education expenses, cash cycle optimisation, etc.

Lendbox is an RBI-registered NBFC-P2P that was founded in November 2015 to modernise the debt investment industry. Lendbox is an investor-focused platform that aims to help investors earn stable, high-quality, and consistent returns. Lendbox’s mission is to fractionalize debt investments and to make them more liquid, accessible with smaller ticket sizes, and devoid of any third-party intermediaries.

Monexo is an RBI-licensed P2P lending platform where people borrow and lend money to each other in India. Monexo provides an alternative investment and financing model that is 100% online, simple, and fast. Borrowers get personal loans at attractive interest rates and flexible terms. Investors get to diversify their investment portfolio into a new asset class and earn monthly passive income.

RupeeCircle is a new-age peer-to-peer (P2P) lending company that strives to “make borrowing better and lending smarter.”. Backed by Mahindra Finance and Oracle’s Cloud Accelerator Program, it aims to drive financial inclusion for millions of unbanked and underbanked creditworthy borrowers in India. RupeeCircle provides access to quality credit for everyone at attractive interest rates through a simple, tech-enabled experience and exceptional customer service.

READ ALSO: Global Lending Vendors & Landscape Report Q3 2023

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