Peer-to-Peer (P2P) lending startups are seeing steady growth, on the back of tightened strings by banks in disbursing personal loans. The platforms are witnessing a surge in demand and supply, giving better returns for lenders and comparatively lower interest rates for borrowers.
However, with an aim to become an asset class for lenders, P2P platforms lending unsecured personal loans, have been requesting the Reserve Bank of India, to drop the Rs 10 lakh lending limit, across all platforms, and increase the bracket to Rs 1 crore, for each lender.
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“Lenders are coming on board to get better returns out of their savings. Investing on P2P platforms is considered safer as people are cautious of depositing money in banks and moreover, the returns from gold is limited as its price has already reached a peak. Hence, AnyTimeLoan has been witnessing a growth of 2.5 times y-o-y, in volume of lenders and borrowers,” founder of AnyTimeLoan, K K Jain told The Hans India.
Source: The Hans India