India has an uneven distribution of coronavirus patients with some areas having multiple cases everyday to some areas having no cases at all. The lockdown though impacted everyone equally. Peer-to-Peer (P2P) lending company, Faircent.com declared a new loan scheme for areas with low impact of the virus. The loan aims to help the retailers, micro-entrepreneurs and salaried professionals in the green zones who have been facing financial issues because of the lockdown.
P2P lending works on the formula where you can borrow money from individuals removing the third financial establishment like banks from the process. Rajat Gandhi with Vinay Mathews and Nitin Gupta founded Faircent.com in 2013 to minimize the institutional charges. Rajat in a statement told that the company is innovating constantly to make borrowing easier in these tough times.
Company launched another product, anti-lockdown last week itself offering loans to credit-worthy borrowers. It gave the benefit of EMI free three months and easy repayment options at affordable rates. It also provided choice to pay either a lumpsum at the end of three months or easy EMI options.
Vinay Mathews explained that the green zones are more likely to return to normalcy soon because of stability in situation there. They want to extend their help to the business of these areas and then move to the others. The investors too are keen in these areas. These schemes will definitely help in boosting the economy.