90% of lenders are earning a gross return of 18-26% pa: Faircent

“We are the pioneers in the industry and it is heartening to see the growing trust of people on P2P lending. It’s a great achievement for us and we look forward to building a strong foundation for the entire industry.”, said Rajat Gandhi, CEO, Faircent.

Nov 03, 2016 04:11 IST India Infoline News Service

In a first of its kind data analytic report on peer to peer lending, Faircent.com, India’s largest P2P lending platform has said that it crossed the Rs 1 crore mark monthly funding in August 2016 growing at 15-20% month on month since then.
 
Speaking on the development Rajat Gandhi, CEO, Faircent, said “We are the pioneers in the industry and it is heartening to see the growing trust of people on P2P lending. It’s a great achievement for us and we look forward to building a strong foundation for the entire industry.”
 
“The idea of releasing the full data analytics research report is to transparently share the information with our lenders so that they can make informed decisions. This is a pioneering effort by any P2P lending company in India which would build investor confidence and maturity in the industry.” added Gandhi.
 
The report gives interesting insights on borrowers like:
  • Married borrowers are 1.5 times more likely to get funded by lenders than single borrowers
  • Borrowers with no CIBIL record too make timely repayments and deliver healthy net returns
  • Self-employed professionals like doctors, architects etc are twice likely to get funded than self-employed businessmen
  • Borrowers seeking funds for family events are more likely to receive funding than borrowers seeking funds for purchasing two-wheeler/appliance
  • However, repayments are made more timely by those taking loans for two wheelers/appliances
The report revealed that 90% of lenders are earning a gross return of 18-26% pa. Faircent has witnessed a faster pace of increase in demand for funds over past 6 months.
 
Faircent was also recently awarded the NASSCOM EMERGE 50 awards given to India’s high potential top 50 emerging companies in different domains. Faircent is also the only P2P lending company globally that has been acclaimed as the 'Interbrand Breakthrough Brand in Finance' by Interbrand, a global brand consultancy firm. Faircent is also the first one to implement borrower insurance way back in November 2015.

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