P2P lending platform LenDenClub has received its NBFC-P2P certification from the Reserve Bank of India (RBI), the Economic Times said. 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 2015, the Mumbai 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 uses a proprietary algorithm for credit scoring and risk assessment. “We verify more than 100 data points of the borrower to derive LenDenClub Credit Score. This score will be mentioned in the borrower profile detail,” it adds. Borrowers can request loan amounts between Rs 25,000 (minimum) to Rs 5 lakh (maximum). The platform facilitates loans for a minimum duration of 3 months and in subsequent multiples of months of 6, 9,12,18, and 24 months with 24 months being the maximum tenure. In terms of interest rates, the company charges between 6.5% and 20.5%, the official website of the firm said. LenDenClub now becomes the fifth lender to operate in the NFC-P2P space. Last week, Cashkumar became the fourth lender to operate in the NFC-P2P space, while the week before that saw BigWin becoming the third lender to get the license. In June, OMLP2P became the second P2P lender to get RBI’s nod for NBFC-P2P certification, while In May, Faircent became the first such platform to receive this certification from the central bank. RBI regulations According…
- RBI increases UPI and recurring transaction limits for certain categories December 8, 2023
- The Quantum Hub discusses concerns on age verification and children’s data processing under India’s data protection law December 8, 2023
- India’s central bank to set up cloud facility for financial sector December 8, 2023
- Navigating the Complexities of Open Source AI: Insights from Carnegie India Summit December 8, 2023
- Supreme Court Dismisses Plea by Foundation for Media Professionals on Internet Shutdowns December 8, 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...