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…
