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. Cashkumar also writes on its websites that it charges no amount for pre-closure of loans. The company announced in May that it has raised angel investment of Rs 5 crore through deals platform LetsVenture. The company also said that it has disbursed more than a 1300 loans on the platform worth Rs 6 crore has over 800 lenders. With the RBI license in place, Cashkumar will now further expand its operations to grow to 10000+ lenders and target loan disbursals worth Rs. 45 Crores by end of FY 2018-19, the company said. Cashkumar now becomes the fourth lender to operate in the NFC-P2P space. Last week, BigWin became the third…
- Inside an industry body’s alleged draft voluntary code of ethics for online real money gaming companies December 2, 2023
- India’s Consumer Protection Authority Notifies Guidelines For Dark Patterns, What’s New? December 1, 2023
- Tata Consultancy Services to pay $210 million in a trade secret row in the US December 1, 2023
- Indian Government Approves Scheme To Provide Drones To 15,000 Women Self Help Groups December 1, 2023
- Google agrees to pay news publishers in Canada December 1, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...