Name of the interviewee: Sumit Jangra
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:
- 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
- Effort to collect the money back is very high
- 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.
- 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 )