Lending marketplace Monexo has become the first peer-to-peer lending company in India to introduce a 1-minute loan approval process.
The company will leverage its proprietary, self-learning analytics platform as well as its tie-up with CRIF to access credit scores and other relevant financial data to aid in the loan disbursement decision making process, Monexo said in a release.
By filling in basic details such as name, address and PAN details, the borrower can apply for a loan and get to know if Monexo will list the loan, all in a matter of one minute.
The borrowers can avail a loan of Rs 50,000 to Rs 5 lakh for tenure of 6 months to 60 months. There is no origination fee or prepayment fee. But the borrower must just pay a success fee of 2.5 per cent if the loan to him is approved and he decides to avail it.
Monexo currently offers its services to salaried individuals with a minimum net salary of Rs 25,000 per month.
"The Indian P2P lending market may disburse loans of USD 4-5 billion in the next 5-6 years. This is a great situation for borrowers who want to get access to capital quickly and seamlessly as well as for lenders who want to get more value from the cash available at their disposal," Monexo founder and CEO Mukesh Bubna said.
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