19 February 2019, India:
P2P lending marketplace RupeeCircle has entered into a strategic partnership with Tata AIG General Insurance Company Limited to insure investments.
After this partnership, those taking a personal loan from RupeeCircle will be insured against accidental death and permanent total disability. At the same time, the insurer will cover the EMI of 3 months in case the borrower is admitted to hospital for more than 30 days or in case the borrower suffers a job loss for more than 30 days, the company said in a statement.
Nikhil Prabhakar, RupeeCircle’s Head of Marketing & Products said, “RupeeCircle has always been at the forefront of disbursing loans with strong credit underwriting standards and an inclination towards borrower sentiments. A tie-up with an insurance behemoth such as Tata AIG not only strengthens our concerns for the borrowers but also increases lender’s trust in RupeeCircle.”
Nikhil Prabhakar, added, “Our association with Tata AIG will also help in controlling credit risk and positioning P2P lending as a mainstream alternate investment asset in India.”
RupeeCircle is an RBI licenced (NBFC-P2P) online marketplace that brings together the lenders and borrowers; the borrowers can get credit and the lenders can generate a source of income with good returns on their investments. The credit grade is calculated by a proprietary algorithm that Leverages traditional & digital footprints of the borrower. The company is backed by Mahindra Finance and is a part of the Oracle global start-up ecosystem.
(Image – RupeeCircle)