Name of the interviewee: Sumit Jangra

Gender: Male

Annual income: More than 10 lacs

Age group:  31-40 years

Primary Source of income: Salaried – Private Organization

Designation: – Senior Manager and Delivery at Tally Education Pvt Ltd.

Work Experience: – Sumit has an overall of 7 years of work ex.

 

Interaction with sumit was on a phone call. So we asked him lot of things over the 15 min call. Following was his response:-

Hi Sumit, so the first question that we generally ask everyone. You have any idea about P2P lending and LOANMEET?

  • I know about P2P lending though I had never heard about LOANMEET and its services. I previously worked in a microfinance company. Micro financing or micro lending I would say is sort of P2P only. I would say I have a neutral saying on this funda!

Would you opt for P2P lending as an investor?

  • I have a very neutral opinion as said above. Following are some of the key reasons which needs to be worked on:
  1. Collection Process
  • It is a very unorganized market
  • Waiver of the loan happens
  • Grass root implementation has to be done to see how the collection process is conducted
  1. Effort to collect the money back is very high
  2. Average amount of loan taken is small (from an investor’s perspective) and the effort to collect that money is huge. Both are inversely proportional.
  3. ROI needs to be worked out

Would you opt for P2P lending as a borrower?

  • As a borrower I am happy. Very happy indeed.

Do you think this concept would work in India?

  • India has huge a potential. Market is very very large. If things are implemented in the right direction the business should proliferate like anything.
  • Banking sector reforms are happening. Microfinance companies are boosting like anything. So initially there will be challenges.
  • Interest rates are very high right now hence getting at a lower rate would definitely work in India

What is the best possible reason that would motivate you for P2P lending as a lender?

  • Wealth – from personal perspective
  • Education – from professional perspective ( since currently I am working for a company that provides vocational training )

Smiles !