LenDenClub and Vakrangee jointly launch P2P lending across its network
By Leandra Monteiro
Vakrangee Limited (VL) has partnered with P2P lending platform LenDenClub to offer borrowing and lending across its network of 11,900 Nextgen Vakrangee Kendras. While customers can now avail instant personal loans, they can also invest their savings in a capital pool, which will then be used to on-lend to other customers on the platform seeking personal loans. With this partnership, LenDenClub is eyeing accelerated growth in its customer base especially across regional markets.
LenDenClub is the first P2P lending company in India to integrate with a tech-based distribution network to avail last-mile connectivity especially in semi-urban and rural markets across the country. With the partnership, customers visiting a nearby Vakrangee Kendra can now seamlessly lend and borrow through LenDenClub. Vakrangee, through its Nextgen Kendras and BharatEasy app, will now offer lending and borrowing facilities even in the remotest parts of the country. With 70% of Nextgen Vakrangee Kendra outlets situated in Tier-5 and Tier-6 towns, the partnership will aid in new-age borrowing and lending to permeate the inner cities and remote rural towns across the country. The partnership will thus offer easy access to a large section of the unserved/underserved populace who otherwise have no access to formal credit.
Customers can avail instant personal loans at any of the nearest Kendra across 19,000 pin codes in the country for a wide variety of services such as online shopping, purchase of agri products or healthcare services. Borrowers can thus avail hassle-free digital loans instantly, even if he is situated in a remote part of the country. Additionally, investors can also avail the platform as an investment avenue to pool in their savings to earn an attractive source of income ranging anywhere between 10-12% which is far superior to other traditional investments such as bonds or equities.
Commenting on this partnership, Mr. Dinesh Nandwana, Managing Director & Group CEO, Vakrangee Ltd. said, “We are happy to partner with LendenClub to facilitate our customers with Lending and Borrowing platform in both urban as well as rural remote areas. Our Customers would get access to personal loans with quick processing and at flexible interest rates.
With this partnership, we have strategically added a platform for Lending and Borrowing at our Nextgen Kendras making them into a one-stop shop for all the borrowing requirements of our customers.”
He added, “Our franchisees in remote areas of the country can now enhance their revenue stream by offering loan products too. We will continue to add more products and services and tie-up with leading business partners to offer our customers a one-stop solution to all their banking, insurance, ATM, financial services, assisted e-Commerce, e-Governance and logistics. We are aspiring to be the most trustworthy physical as well as online convenience store across India, positively moving towards Vakrangee Kendra’s new brand philosophy of ‘AB Poori Duniya Pados Mein’.”
Commenting on the partnership, Bhavin Patel, Co-founder & CEO, LenDenClub said, “Despite being one of the largest consumption economies of the world, access to formal credit has been a huge challenge for large section of population in the country. Lack of credit history, low or no education, lack of language skills and commercially unviable geographies have curbed the reach of banks and financial institutions. At LenDenClub, through a robust tech-backed process of lending and borrowing we envision to provide masses with easy access to credit and an opportunity to build wealth in new ways. Our new partnership with Vakrangee is yet another giant leap towards this vision. It will aid in building inroads and extending P2P lending services to a large section of population residing in the country’s remotest regions, who is otherwise outside the formal credit sector. We are delighted to call on Vakrangee’s massive network and contribute to the nation’s growth story.”
IBSi Daily News Analysis
December 05, 2023
Why joining forces is key to boosting bankability and bridging climate finance gapsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage