Online Lending Website raises Rs 25 Crore, a web based peer-to-peer lending market that connects debtors who’re searching for private loans with potential lenders has raised Rs 25 Crore (US$ 4 million) in funding from the promoters of Fusion Microfinance. The cash raised with be used to strengthen’s lending platform by investing in expertise and likewise in increasing the administration staff.


The corporate which is headquartered in Gurgaon started it’s operations in 2013 and is based by Rajat Gandhi, Nitin Gupta and Vinay Mathews. All of the founders had been beforehand working within the Web house and have many years of expertise on this sector and have labored at firms similar to MasterCard, Letsbuy (acquired by Flipkart) and Timesjobs.

The corporate launched on-line operations in March 2014. It took a small staff of builders greater than a yr to develop a secure and strong p2p lending engine from scratch for

How Faircent works?

Faircent connects individuals who need to borrow and particular person lenders who need to lend. As soon as they’re related, they will negotiate and accept mutually amicable rates of interest and reimbursement phrases. The location delivers equity and transparency all through the whole course of.

Eligibility for On-line Loans

  • The service is simply accessible to resident Indians as RBI / SEBI pointers make it troublesome for NRI’s to participate on this market. It could be prolonged to Indians residents outdoors India, as soon as RBI modifies a few of its present pointers.
  • People must submit complete info to confirm their identities as per KYC norms formulated by RBI / SEBI. Solely those that move the verification course of will probably be allowed to register on as debtors.
  • As soon as Debtors and Lenders have been verified then they will register on the web site and start interacting with potential purchasers.

Eligibility Standards for Lenders.

To enroll as a lender on

1. The particular person have to be no less than 25 years of age.

2. Should be an Revenue Taxing Paying Particular person with minimal annual IT Returns of Rs 10 Lakh.

3. Should have a historical past of investments in inventory markets, mounted deposits by a Demat account.

4. He should concentrate on the phrases and dangers related to lending cash with none collateral.


How Cash is Lent On-line?

Debtors and Lenders work together on, with none intermediation. They’ll negotiate favorable rates of interest and installments. As soon as a deal has been reached, a proper contract is then signed through which particulars of the monetary transaction, liabilities are explicitly talked about.

After the contract is signed, the lender transfers the quantity to the borrower’s account and the borrower is predicted to repay the mortgage taken as per the settlement.

Types of Reimbursement

The reimbursement of the mortgage could be performed by any of the next strategies. Corresponding to :

1. Issuing post-dated cheques.

2. On-line Switch by NEFT/ IMPS/ RTGS.

The Repayments could be tracked on-line by the dashboard on

P2P Lending Income Mannequin

The corporate has a clear income mannequin through which there aren’t any mortgage processing expenses. It solely expenses a small itemizing charge which is Rs 1500 for each debtors and lenders for quantities as much as Rs 1.5 Lakh.

Faircent noticed greater than 4000 debtors and 1500 lenders register in 2014 and hope to ramp up within the coming months.

Benefits of Borrowing Cash On-line

One main benefit that entices debtors to borrow cash on-line is that you’re not locked in for 3-5 years like typical financial institution loans. You possibly can repay the whole quantity at any time and never incur any mortgage foreclosures expenses.

To know extra in regards to the firm and the way the net lending mannequin works, watch the video beneath:

On-line P2P Lending Firms in India

Faircent is the most recent amongst a bunch of on-line p2p lending firms in India. One other such web site is that has gained appreciable purchasers in the previous couple of months. Globally P2P lending web sites accounted for greater than US$ 4 Billion in on-line loans in 2014. The worldwide leaders in p2p lending are and

Faircent Critiques

Many of the debtors are glad with the Curiosity Charges charged by the lenders and adaptability in reimbursement choices. Many of the debtors have expressed happiness and recommended the straightforward software course of.

As the net p2p lending mannequin good points extra acceptance amongst Indians, the corporate is certainly set to see extra thrilling instances.


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