Bangalore. Fintech platform CRED (CRED) on Friday launched a peer-2-peer ie P2P lending feature called CRED Mint for its users. Through this feature, credit members can earn up to 9% interest by giving loans to other credit members. The company has partnered with RBI registered P2P NBFC Liquiloans for the credit mint.
Cred started out as a credit card repayment platform that rewards users for paying their bills. Now products like rent payment and personal loan have also been added to this platform. P2P lending feature Cred Mint has gone live from August 20.
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Users can invest from 1 to 10 lakhs, can withdraw anytime
Cred Mint is giving returns of up to 9 per cent annually to its members. Members can lend or take loans between Rs 1 lakh and Rs 10 lakh in less than two minutes. Users can request partial or full withdrawal of money in one click at any time without any penalty and earn interest for the period invested.
Excited to announce CRED mint. Our first community product built on trust. You can now earn up-to 9% interest, while investing in other trustworthy CRED members. pic.twitter.com/uCbKUBvWdZ
— Kunal Shah (@kunalb11) August 20, 2021
Loan book of more than Rs 2 thousand crore, NPA of less than one percent
Bengaluru-based startup Cred also offers a loan product, CRED Cash. The company said that it is now the country’s leading fintech lender with a loan book of more than Rs 2,000 crore. Cred founder Kunal Shah said, “We have NPAs of less than one per cent because of our high-trust community. So now we are confident to launch the first community product. A lot of money is wasted in the accounts of people who are earning less than the inflation rate.”
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