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Lending platform Cashkumar gets NBFC-P2P certification from RBI

Lending platform Cashkumar has received its NBFC-P2P certification from the Reserve Bank of India (RBI), the company said in a statement. 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, the Bengaluru based company essentially connects lenders with spare money with borrowers. The platform facilitates these transactions through background checks using factors like CIBIL, and CRIF scores. On its website, the company writes that it undertake the entire credit evaluation process, legal documentation and collections. Borrowers can request loan amounts between Rs 20,000 (minimum) to Rs 1 lakh (maximum). The platform facilitates loans for a minimum duration of 3 months and a maximum tenure of 12 months. In terms of interest rates, the company charges a flat interest rates, ranging between 1.5% to 2.5 % per month.…

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