LenDenClub and Vakrangee jointly launch P2P loans on its network

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LenDenClub and Vakrangee jointly launch P2P loans on its network

By Léandra Monteiro

Today

  • Digital loan
  • India
  • LenDenClub

Vakrangee Limited (VL) has partnered with P2P lending platform LenDenClub to offer borrowing and lending on its 11,900 Nextgen Vakrangee Kendras network. While clients can now benefit from instant personal loans, they can also invest their savings in pooled capital, which will then be used to lend to other clients on the platform looking for personal loans. With this partnership, LenDenClub envisions accelerated customer growth, especially in regional markets.

LenDenClub is the first P2P lending company in India to integrate with a technology-based distribution network to benefit from last mile connectivity, especially in semi-urban and rural markets across the country. Thanks to this partnership, customers visiting a nearby Vakrangee Kendra can now lend and borrow seamlessly through LenDenClub. Vakrangee, through its Nextgen Kendras and BharatEasy apps, will now offer lending and borrowing facilities even in the most remote areas of the country. With 70% of Nextgen Vakrangee Kendra outlets located in Tier 5 and 6 cities, the partnership will facilitate new-age borrowing and lending to permeate inner cities and remote rural towns across the country. The partnership will thus provide easy access to a large part of the unserved / underserved population who would otherwise not have access to formal credit.

Customers can avail instant personal loans at any of the nearest Kendra among 19,000 PINs nationwide for a wide variety of services such as online shopping, purchase of agricultural products or health services. As a result, borrowers can instantly benefit from hassle-free digital loans even if they are located in a remote part of the country. In addition, investors can also use the platform as an investment vehicle to pool their savings to earn an attractive income stream of 10-12% which is far superior to other traditional investments such as bonds or stocks.

Commenting on this partnership, Mr. Dinesh Nandwana, Group Managing Director and CEO, Vakrangee Ltd. said, “We are pleased to partner with LendenClub to facilitate the lending and borrowing platform for our clients in remote urban and rural areas. Our clients would have access to personal loans with fast processing and flexible interest rates.

With this partnership, we have strategically added a lending and borrowing platform to our Nextgen Kendras, making it a one stop shop for all of our clients’ borrowing needs.

He added, “Our franchisees in remote areas of the country can now improve their income stream by also offering loan products. We will continue to add more products and services and partner with leading business partners to provide our customers with one solution for all their banking, insurance, ATM, financial, assisted e-commerce services. , electronic governance and logistics. We aspire to be the most trusted physical and online convenience store across India, positively orienting ourselves towards Vakrangee Kendra’s new brand philosophy of “AB Poori Duniya Pados Mein”.

Commenting on the partnership, Bhavin Patel, co-founder and CEO of LenDenClub said: “Despite being one of the world’s largest consumer economies, accessing formal credit has been a huge challenge for a large part of the country’s population. Lack of credit history, little or no education, lack of language skills, and commercially unsustainable geographies have limited the reach of banks and financial institutions. At LenDenClub, through a strong technology-backed lending and borrowing process, we envision providing the masses with easy access to credit and an opportunity to build wealth in new ways. Our new partnership with Vakrangee is another giant step towards this vision. It will help build inroads and expand P2P lending services to a large part of the population residing in the most remote areas of the country, which is otherwise outside the formal credit sector. We are excited to tap into Vakrangee’s extensive network and help grow the country. “


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