MUMBAI: LenDenClub, India’s largest peer-to-peer lending platform, has launched ‘InstaMoney Plus’ to its customers. It gives premium advantages to customers, such as first its kind Digital Credit Line, Digital Credit Card along with UPI to offer easy access to credit across both online and offline platforms. With its latest feature, users can make payments, shop online, or pay at any retail store. LenDenClub has analyzed its internal customer data and found out that most borrowers on its platform need short-term loans or more credit on their existing loans when in crisis, such as medical emergencies, salary delays, etc. InstaMoney Plus caters to the problem the users face during unpredictable times.
Once the user repays the dues, the new platform will automatically top-up the money in the InstaMoney Plus account. It ensures users access to cash at any given time, for any emergency usage, with no requirement of new applications, documentation, or physical visit. With this, the loan application and approval time have come down to zero from 3-5 hours earlier. Users need to pay interest only on the used amount and not on the top-up.
Additionally, many times, during emergencies, users have higher credit demand. Borrowers in the low-income range and who are new to credit often face rejections. With the latest InstaMoney Plus upgrade, the existing borrowers on the platform are automatically eligible for higher credit limits up to Rs. 25,000 from Rs. 12,500 earlier, without any additional documentation. The user can also control the credit limit, thereby optimizing the usage. Furthermore, users can repay the dues at ease by converting the dues into affordable and flexible EMIs from one month to four months.
‘InstaMoney Plus’ is an upgrade by LenDenClub on its existing flagship digital lending platform InstaMoney.
InstaMoney is a flagship digital lending platform of LenDenClub, an RBI registered NBFC-P2P. It is an instant short-term personal loan product for salaried individuals looking for short-term and small loans. It will be of substantial benefit for low salaried millennials residing in tier II & III cities who find it challenging to avail credit during emergencies from traditional lending institutions like banks.
On the release of InstaMoney Plus service, Bhavin Patel, Co-founder & CEO, LenDenClub, said, “During the pandemic, we have witnessed there has been a rise in credit demand for emergency usage, multiple times by the users. Hence, InstaMoney Plus has been introduced for easy access to cash 24×7. With this upgrade, we hope to provide benefits to our loyal existing customer base, especially during an uncertain time like now, and also contribute to the country’s digitization story.”
LenDenClub recently became the first P2P lending company in India to become profitable and crossed the Rs. 500 crores mark in loan disbursements in Financial Year 2020-2021. The company has already disbursed more than 2.5 lakh loans through its Pan-India platform. The company aims to scale up substantially, eyeing a five-fold growth in the next two years, and aims to disburse Rs. 1,200 crores worth loan in FY 2021-2022.
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