PR-Inside.com: 2016-07-22 11:28:58
A study conducted by World Bank shows that MSMEs in India face an estimated credit gap of INR 20.9 trillion impacting 11.3 million enterprises. On the other end, Indian Households Debt to GDP ratio is 10% against the same being 40% in China.
Mukesh Bubna, ex-Citibanker, Founder & CEO of Monexo said “We are pleased that RBI has completed the consultation on peer-to-peer lending. This consultation paper has already laid down basic regulatory framework for P2P Lending.” He also added, “P2P lending will play a significant role in addressing the above credit gap and financial “credit” inclusion.”
Prime Minister Mr Modi has launched “Make in India” initiative with an objective to make country a manufacturing hub for domestic as well as foreign companies. This initiative and doubling of India GDP from USD 2 trillion to USD 4 trillion will create more credit gap in the near future. Mukesh said “Small businesses contribute more than 60% of GDP and employment generation. Without credit demand being fulfilled both GDP growth and employment generation will be an uphill task for the economy.”
Monexo’s platform will serve the credit needs of both Small Businesses and Individuals. They can apply for a loan online without stepping out of office or worrying about banking hours. Loans will be without collateral and upto Rs. 30 lakhs. On completion of the application, the Monexo team will be able to screen the customer and provide them “individualized” interest rate based on borrowers credit risk. Also, borrowers will have freedom to pay back the loan amount without any penalites.
Monexo’s 3 co-founders have over 70 years of banking & technology experience. Mukesh has worked at Citibank for 20 years across South East Asia and was Product and Marketing Head for Asia Pacific. Sonal has worked at TCS for 16 years and Sundar is a veteran Chartered Accountant in Chennai with 30 years of experience.
About us: Monexo Innovations is a peer-to-peer lending marketplace that connects people who want to borrow money with people who wish to lend money. Monexo’s vision is to make credit more affordable and investing more rewarding.
“Micro, Small and Medium Enterprise Finance in India”. ¬- International Finance Corporation, World Bank Group
“The ever expanding debt bubbles of China and India”. – The Hindu, Business Line
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