Loading...
Technology

Lending platform Cashkumar gets NBFC-P2P certification from RBI – MediaNama

Loading...



Dwelling » Cashkumar, Digital Lending, lending platform, NBFC, NBFC-P2P Lending platform Cashkumar has acquired its NBFC-P2P certification from the Reserve Financial institution of India (RBI), the corporate mentioned in an announcement. The RBI issued these tips final October, to register and accredit P2P lending companies that resell loans from people who’ve cash to speculate.Began in 2016, the Bengaluru based mostly firm basically connects lenders with spare cash with debtors. The platform facilitates these transactions via background checks utilizing elements like CIBIL, and CRIF scores. On its web site, the corporate writes that it undertake your complete credit score analysis course of, authorized documentation and collections.Debtors can request mortgage quantities between Rs 20,000 (minimal) to Rs 1 lakh (most). The platform facilitates loans for a minimal period of three months and a most tenure of 12 months. When it comes to rates of interest, the corporate fees a flat rates of interest, ranging between 1.5% to 2.5 % per 30 days. Cashkumar additionally writes on its web sites that it fees no quantity for pre-closure of loans.The corporate introduced in Might that it has raised angel funding of Rs 5 crore via offers platform LetsVenture. The corporate additionally mentioned that it has disbursed greater than a 1300 loans on the platform value Rs 6 crore has over 800 lenders. With the RBI license in place, Cashkumar will now additional increase its operations to develop to 10000+ lenders and goal mortgage disbursals value Rs. 45 Crores by finish of FY 2018-19, the corporate mentioned.Cashkumar now turns into the fourth lender to function within the NFC-P2P area. Final week, BigWin turned the third lender to function within the NFC-P2P area. In June, OMLP2P turned the second P2P lender to get RBI’s nod for NBFC-P2P certification, whereas In Might, Faircent turned the primary such platform to obtain this certification from the central financial institution.RBI regulationsAccording to the rules put out by the RBI final yr, the P2P platforms will act as solely as an internet middleman and never elevate deposits. These platforms will solely act as a facilitator between completely different events, and can’t present any credit score enhancement or credit score assure. The RBI additionally directs that these corporations can not cross-sell different any product aside from mortgage particular insurance coverage merchandise, and are usually not permitted worldwide stream of funds. Additionally, the P2P lending platforms are alleged to undertake due diligence on the contributors together with credit score evaluation and danger profiling of the debtors and disclose the identical to their potential lenders. They may also need to take prior and express consent of contributors to entry their credit score data. The rules add that, the platforms should present help in disbursement and repayments of mortgage quantity and render providers for restoration of loans originated on the platform.

Leave a Reply