New Delhi, India; May 15, 2017: India’s Peer to Peer (P2P) Lending sector is poised to grow at a rapid pace thanks to favorable demographics, rising computer literacy, internet connectivity and the ongoing wave of digitalization, amongst others.P2P Lending platforms are getting vastly popular with our young population. Going by the recent trends, one can expect Indian economy to grow faster in coming years. Along with which the interest rate might decline and capital markets may mature. With the higher economic growth, the credit-backed consumption growth may jump too. These could be the possible triggers for the growth of the P2P lending industry.
In initial years, i2ifunding has worked to the perfection to establish right processes. The company has identified future growth areas and has been chalking out a detailed strategy to play to its strengths—excellence in credit assessment and well-equipped and user-friendly seamless technological platform.
At i2ifunding.com, they pay close attention to the borrower’s profile while evaluating a loan proposal. Their in-house credit analysis team meticulously identifies the risk involved in lending. Based on the assessment, every qualifying project is classified in one of 6 risk grades from ‘A’ to ‘F’—where ‘A’ denotes the highest category.
Credit Evaluation is an area where i2ifunding scores well above most of its competitors. “We understand the value of hard-earned money of investors and thus take no half measures in listing the loan proposals on our platform,” says Raghavendra Pratap Singh, Co-Founder, i2ifunding.com. “We maintain principal protection fund to meet contingencies in case of loan defaults, thereby offering up to 100% principal protection depending on the risk category,” he added. Needless to say, not all loan proposals are accepted which is why the company is able to maintain minimal default rate.
After working incessantly to tighten up their risk processes and understand the market better, i2ifunding is gearing up for a leap frog jump now. So far they have been disbursing around Rs 60-75 lakhs worth loans monthly, but the company has set a realistic target of achieving 20-30times growth over next two financial years. Sooner the RBI issues regulatory guidelines for the P2P sector, faster would be the growth rate of the company.
sans-serif; font-size: 12.8px; text-align: justify;">The use of technology improves efficiency and brings the cost per transaction drastically down in the long run. This is a reason why the company has continuously been investing in technology. Besides, upgrading the experience of present interface, they have planned to launch one mobile app each for investors and the borrowers. They are also planning to start automated credit evaluation process to ensure fast approval of loan applications. These technological updates will also facilitate better customer experience due to improved navigation. Moreover, investors will be well-equipped with more efficient analytical tools and in-depth reports.
At present, the investor and borrower base of i2ifunding is mainly concentrated in few metros and tier 1 cities. Going forward, the company is keen to grow beyond cities, with a particular focus on southern cities. They are likely to open an office each in Bengaluru and Hyderabad. The company is also planning to tie up with Non-Banking Financial Companies (NBFCs) to ensure that borrowers get faster and greater access to credit.
As far new products are concerned, i2ifunding has done an extensive market study to understand where the current product portfolios of banks, NBFCs and P2P platforms fall short. Based on these findings they are working on new products. These products will be unique and will address the borrowers’ demand.
Talent acquisition will be a great enabler in the growth of i2ifunding over next two years. The company is looking to hire more people in sales. The company is also in discussion with various e-commerce portals for a strategic tie-up for sourcing loan applications and coming up with innovative loan products to meet specific requirements. They are also tying up with financial advisors for increasing awareness among investors about this new asset class.
This multi-pronged strategy will help i2ifunding attain exceptional growth in coming years making it one of the most credible P2P Platforms.
About i2ifunding.com
i2ifunding.com is a leading P2P lending platform. Apart from providing end to end loan servicing, i2ifunding.com diligently evaluates the credit risk of each of the loan projects, post which it assigns risk category and recommends an interest rate for that project (a borrower can borrow at an interest rate which is higher than or equal to this rate). This helps the borrowers as well as the investors to have a benchmark interest rate. In the process, the investors get an opportunity to earn higher 'risk adjusted returns' while the borrowers get an opportunity to get funded at the lowest cost possible as per their risk profile and market based demand.
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