RupeeCircle partners with IIT Bombay Alumni Association for zero interest digital loans to tackle COVID-19
Due to the ongoing crisis caused by Covid-19, many graduating students & working professionals have lost their jobs, or have had their source of income from their businesses reduced, or had job offers withdrawn or postponed leading to a financial crunch for such people. To help people with short term financial assistance through no interest loans, RupeeCircle, India’s most trusted P2P lending platform has partnered with IIT Bombay, one of the most prestigious educational institutes in India. By leveraging RupeeCircle’s Peer-to-Peer lending platform, IIT B alumni’s can lend money online among closed groups to help each other for tackling COVID-19 crisis.
Commenting on the development, Mr. Devesh Khatu, CEO, IITBAA remarked – “IIT Bombay alumni association stands at the forefront to help our community to tackle COVID-19 crisis. We are confident that by leveraging technology from the new age platform like RupeeCircle, we will be able to mitigate the risk and impact of COVID-19 pandemic.”
How to apply?
Individuals in need of short term financial assistance will apply through the www.RupeeCircle.com website or android/iOS mobile app using a code given to IITBAA (IIT Bombay Alumni Association) by RupeeCirle. They will fill out their details identifying them as IIT Bombay alumni. RupeeCircle, which is an NBFC governed by Reserve Bank of India regulations, will do all the background checks/KYC necessary for providing loans. RupeeCircle will ask IITBAA to verify that the individuals are indeed IIT Bombay alumni/graduating students.
Ajit Kumar, Founder & CEO, RupeeCircle remarked that “RupeeCircle is proud to develop an innovative offering within a short period of time to get people together in this time of crisis. We thank IITBAA for their trust & confidence in our platform. We look forward to delivering value to IIT Bombay Alumni’s and professionals”.
The amount of the loan applied for will be in the range of Rs. 50,000 to Rs. 2,00,000, with a repayment period of one year. Borrower requirements will then be matched with 0% interest loans from Lenders using RupeeCircle’s P2P lending platform.
Nikhil Prabhakar, Head of Marketing & Products, RupeeCircle added – “We have been able to innovate short term credit solutions within a short duration. This would really help in supporting individuals as well as businesses affected by COVID-19 pandemic”.
There will be a Rs. 500 processing fee, which would be deducted from the loan amount disbursed, so that there is no upfront cost to Borrowers. Borrowers will begin repaying the loan in equal monthly installments starting six months from the date of the loan.
How you can lend money?
Step 1 – Visit RupeeCircle Website or download App (android/iOS)
Step 2 – Register as a lender by verifying your mobile number and email id
Step 3 – Upload KYC documents
Step 4 – Visit RupeeCircle Marketplace and select loans with 0% interest rates
Step 5 – Check risk assessments reports from RupeeCircle
Step 5 – Start lending
As with any loans, it is possible that Borrowers may default on the loans. IITBAA is in no way responsible for any such defaults, and will not be held financially liable for any defaults by either RupeeCircle or Lenders. Borrowers who are unable to repay loans satisfactorily as per the terms may have their credit affected negatively; IITBAA will in no way be held responsible for this. Also, while IITBAA will do its best to verify that Borrowers are IIT Bombay alumni based on the information submitted by Borrowers, IITBAA is not responsible for Borrowers misrepresenting their information or fraudulently claiming to be alumni.
Please note that IITBAA or RupeeCircle is not liable for any delays & defaults on these loans.
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