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Hyderabad-based financial technology start-up SRS Fin Tech Labs Pvt Ltd has launched a new alternative lending platform, OxyLoans.
It connects borrowers and lenders online and acts as a facilitator. It is a Peer-to-Peer Lending (P2PL) and Peer-to-Peer Investing (P2PI) platform.
Addressing a press conference here on Tuesday, founder and CEO Radhakrishna Thatavarti said the platform has been launched in line with RBI guidelines.
Users will have to complete an free online registration process. Once a transaction is completed, the lender and the borrower will have pay 1.5 and 2.5 per cent of the loan amount, respectively, to the platform, as a commission.
On the basis of proprietary algorithms showcasing credit score, underwriting and agreement preparation, Oxyloans enables investors and lenders to assess borrowers and offer them the option of accepting or rejecting an application.
It also provides ‘Business as Usual’ loans in partnership with banks.
The services are open to citizens of India, GCC and the UK.
According to data by the Peer-to-Peer Finance Association, cumulative P2P lending worldwide has grown from £2.2 million in 2012 to £4.4 billion in 2015. In India, it is expected to be ₹30,000 crore by 2020.
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