Name of the interviewee: Surender TN
Annual income: Entrepreneur
Age group: 31-40 years
Designation: – Currently he is launching a new startup called Futurecash.in. Previously was a Founder at Griffin News app. and toodles.in. Has also worked closely with startups like Chai point.
Work Experience: – Surender has an overall experience of more than 11 years including his stints in couple of startups.
Following was his response on P2P lending:-
Hi Surender, nice to see you. So tell us you had any idea about P2P lending?
Yes ofcourse I have idea about P2P.
So would you lend money?
I rather than lending would prefer borrowing at this stage of my life.
So why not borrow?
But I have credit cards and my wife is working though I am working on my new product. So she can avail a personal loan at 13-14 %. Previously we were planning to
But would you not want a lower interest loan through LOANMEET?
See as far as I know P2P offers at a higher interest rates. Am I right?
No actually that is what the forte for Loanmeet is. We can offer you loans at a lower interest rates. Let’s say 10% (a hypothetical number). So this is win win situation for both the lender and borrower. Borrower gets a loan at lower interest rate and the lender a higher one i.e. more than a FD or RD.
Ohh!! Is it? So what I was aware of was that P2P service charges a higher interest rate generally.
No Surender. It is the other way round actually. Plus minimum documentation. It’s like an instant loan service.
How do you see P2P lending’s scope in India?
See the concept is really new. What I feel is, P2P lending would prosper more in tier 2 cities. For instance my brother is a teacher. He currently resides with my mother in a small town. Even though he has applied for a personal loan lot of times his application is always rejected for some of the other reason. In the past he has borrowed money at a rate of interest as high as 36%. So if loanmeet can get him a lender at a decent rate of interest he would be the happiest person on this planet. Though he is a govt. servant he has been denied loans. Hence what I feel is P2P lending can have a huge market in tier 2 cities that have basic internet connectivity and people generally are in a dire need of money. It will be a huge market there.
Best of luck Loanmeet !