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Spice Digital invests Rs 25 crore in P2P lending company AnyTimeLoan

While we were away ... Spice Digital, a subsidiary of Spice Mobility, has invested Rs 25 crore in peer-to-peer lending company AnyTimeLoan run by Luharia Technologies. The company says that it has disbursed loans worth Rs 47 crores. The company has an app on the Google Play Store and provides unsecured Personal loans, K12 Education loans (for primary & secondary school tuition fees) and MSME business loans. AnyTimeLoan says that it can process a loan in less than a minute and that it does not require physical documents, collateral or a guarantor. It says that it will extend loans for amounts as small as Rs 1000 and will charge around 0.05% interest per day. AnyTimeLoan requires users to sign in with their social media profiles and submit PAN card, address proof, proof of occupation and a bank statement. The company maps out a credit profile using 187 data points and takes 20% of the proceeds, leaving 80% to the lenders, as indicated by this Business Line report. RBI regulations Note that AnyTimeLoan will be regulated by the Reserve Bank of India (RBI) as an NBFC. The RBI said that these companies will act as only as an online intermediary and not raise deposits. They will not be permitted to lend from its own books and will only act as a facilitator between different parties. Loans taken by a borrower at any point of time, across all P2P platforms, will be capped at Rs 10,00,000. Read more here. MediaNama's take Note that Spice Digital…

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