Faircent, India's largest peer to peer (P2P) lending marketplace, today announced a partnership with Baxi, India's first on demand bike taxi, to provide easy access of two-wheeler loans to Baxi drivers.
Faircent's maiden venture into auto loans would enable Baxi drivers to fund their two wheelers by registering and seeking a loan through the platform. This is the first time in India that a P2P lending platform has introduced loans against collateral for its lenders.
"In order to provide newer product offerings and tap the underserved two wheeler loan market, we have tied up with Baxi. The on demand bike taxi market of India can further flourish if funds are easily available to drivers. This serves better with our goal to provide easier access to credit and lead the way in democratizing financial services around the globe,' said Vinay Matthews, COO and founder, Faircent.
Under the arrangement, Baxi drivers will be registered on the platform as borrowers and lenders can choose to fund their requirements at reasonable interest rate with flexible period ranging from six to 36 months.
The borrowers would be allowed to register only after their due diligence and credit worthiness is assessed.
Faircent.com is a peer to peer lending website, which caters to retail and business loans.
Faircent helps in eliminating high margins, which intermediaries like banks and other financial institutions make on loan transactions.
Baxi is India's first on-demand motorcycle taxi company that operates with commercial two wheelers.
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