Hyderabad, Nov 27: Hyderabad-based SRS FinTech which owns a Peer 2 Peer (P2P) lending Platform OxyLoans.com has introduced four specially curated new age P2P Loan Products, here on Wednesday.
Oxyloans, which is one of the 17 fintech companies across the country got RBI Licence as NBFC P2P, have 17,000 registered users of which 15,000 borrowers and 2,000 are lenders.
Talking to reporters after launching of new P2P loan products, OxyLoans CEO and Founder Radhakrishna Thatavarti, said the new age P2P Loan Products include “UpSkill P2P Loans for Salaried IT Professionals”,
On “Back to Work Mothers/Mom Re-Entry Re-skilling P2P Loans”; “Start-up Working Capital P2P Loans” and “Women Education P2P Loans”, we expected to achieve INR 250 crore P2P Loan disbursal target by March 2021, the CEO said we are targeting to disburse over Rs 26 crore in this fiscal against Rs 10 crore loans disbursed in the previous year.
Currently, we are operating in two Telugu states of Andhra Pradesh and Telangana and Karnataka, he said currently, we are able to serve just 6 per cent of the demand. There is a huge market potential, he added and said 80 percent of our borrowers are IT professionals and are salaried class.
He informed that all operations are in digital mode only as per RBI guidelines.
Our loans size was from Rs 5,000 to Rs 10 lakhs, he said the new products are “UpSkill P2P Loans for Salaried IT Professionals”, “Back to Work Mothers/Mom Re-Entry Re-skilling P2P Loans”; “Start-up Working Capital P2P Loans” and “Women Education P2P.
In India, 17 out of 100 loans are disbursed by Banks and the rest of the 83 are disbursed by friends, family, and private lenders, he said private lenders lend at higher rates of interest. That is where P 2 P lending companies play a huge role as they are legal, online, transparent and steps in where banks fail to serve, he claimed.
In this, any individual, can lend money like a bank and the borrowers who do not have CIBIL history or low on it can still borrow, he said.
P2P lending promotes alternative forms of finance where the traditional form of finance is unable to serve and it is the people-to-people financing and lending platform, Mr Radhakrishna informed and also clarified that we won’t give any guarantee from borrowers to any lender.
The interest would be based on credit card ratio only, he said. (UNI)