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Lending platform OMLP2P gets NBFC-P2P certification from RBI

P2P lending platform OMLP2P has received its NBFC-P2P certification from the Reserve Bank of India. The RBI issued those guidelines last October, to register and accredit P2P lending firms that resell loans from individuals who have money to invest. Started in 2016, Mumbai-based OML Technologies-which runs and own OMLP2P,  essentially connects lenders with spare money with borrowers. The platform facilitates these transactions through background checks using factors like CIBIL, and CRIF scores. The company handle the documentation and make the funding available to the borrowers online. On its website, the company writes that it uses a proprietary algorithm for credit scoring and risk assessment that goes beyond the traditional methods and follows a transparent approach. "Borrowers who have the requisite documents but have not so good credit score (no CIBIL score or low CIBIL score) can connect with like-minded investors directly. We have a robust profile check system confirming both the ability and the intent to repay," it adds. Borrowers can request loan amounts between Rs 25,000 (minimum) to Rs 10 lakh (maximum). The platform facilitates loans for the duration of minimum 3 months, and in subsequent multiples of months of 6, 9, 12,18, 24 and 36 months with 36 months being the maximum tenure. In terms of interest rates, APR (Annual Percentage Rate) ranges from 11.99%(min) to 30%(max). The platform also charges processing fees, like registration fee of Rs 500. OMLP2P is the second P2P lender to get RBI's nod for NBFC.  In May, Faircent was the first such platform to receive…

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