BharaPe enters P2P lending with ‘12% club’, taps NBFCs to sell product

BharatPe on Tuesday said it has entered peer-to-peer (P2P) lending with its product ‘12% club’, which will allow consumers to not only earn 12 per cent interest on the funds they invest but also borrow at an interest rate of 12 per cent.

The fintech company has partnered with central bank approved non-banking finance companies to offer this product to consumers and is aiming to achieve an investment asset under management (AUM) of $100 million and a lending AUM of $50 million by March 2022.

Consumers on the ‘12% Club’ app can invest their savings anytime by choosing to lend money through BharatPe’s partner P2P NBFCs. Additionally, consumers can avail of collateral-free loans of upto Rs 10 lakhs on the ‘12% Club’ app for a tenure of three months, as per their convenience.