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Peer to Peer lending in Mumbai is a new mechanism of borrowing and lending money which is changing the face of finance. As a city Mumbai has a rich heritage of industry and commerce with companies across the spectrum calling it home. People are in need of personal loans to fulfil their needs like travel, medical, renovation or marriages. A good way to meet these needs is to borrow from other individuals in your city.
Let's say your friend needs Rs 50000 to travel with his family and you give him the money because you know him well and trust him to pay back the same amount in 6 months. Will you not lend the same amount to someone who works in the same organization as yours, with a good salary and reputation for an interest rate of 15%?
You gain a better RoI than a savings account or FD, in a trustworthy way and they get the loan at a great interest rate, from a good lender!
This is the power of Peer to Peer lending in Mumbai or P2P loans in Mumbai
P2P loans in Mumbai depends on the age old principle of borrowing and lending between private people but with a trust factor created by technology. You have been used to lending or borrowing from people you know all the time. But now with technology helping, you can do the same with strangers at a rate of interest.
Peer to Peer lending in Mumbai helps you get a better rate of interest if your eligibility is good or get a loan in some less than ideal cases. As a lender you can advance small amounts of money to people with different eligibility cases and earn interest rates to the tune of 16-18% on your investment- far greater than other avenues.
The trust factor for P2P loans in Mumbai comes from a collection of the personal and credit details of people you lend to. Minute details of the borrower including CIBIL Score, salary slips, bank statements, current liabilities etc are collected to allot a unique score and bunch into risk categories. The interest rate is decided based on the risk factor and legal measures are put in place for contingencies.
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