Earn 12% on your saving balance

BharatPe launched its 12% Club app, which allows people to invest and earn up to 12% annual interest or borrow at similar rates.

A statement said BharatPe has teamed with RBI-approved NBFCs to provide consumers an investment-cum-borrowing solution.

It stated that the company, which provides financial services to merchants, wants to attain an investment AUM of $100 million (about 741.8 crore) and a lending AUM of $50 million (about 371 crore) from 12% Club by the end of the current fiscal year.

Google Play and Apple App Stores will sell the new offering.

"BharatPe's partner P2P NBFCs let 12% Club app users lend money at any moment. The 12% Club offers collateral-free loans of up to 10 lakh for 3 months "said.

Cred has launched CRED Mint in cooperation with Liquiloans, an RBI-registered P2P NBFC, to allow its members earn up to 9% per year by investing between 1 and 10 lakh.

BharatPe claimed consumer loans will have no processing or pre-payment fees and will be based on a consumer's credit score, Payback loyalty buying history, and BharatPe QR payments.

App investors can withdraw their money at any moment without penalty. They can invest from 1,000 to 10 lakh. Over the next several months, the corporation will raise this to 50 lakh rupees.

"As we begin our consumer journey, we will develop industry-defining, 100% digital, and easy-to-use goods."

"We anticipate that 12% Club will strike the appropriate chord with a varied collection of new-age digitally savvy customers—from young salaried folks to professionals with disposable incomes and investors who park their savings in various financial instruments," BharatPe CEO Suhail Sameer said.

In the pilot phase, the company has seen remarkable traction with $5 million of monthly investment and $1 million of monthly borrowing.

We believe this product will boost financial inclusion in the country. He remarked, "This is just the beginning and we will introduce new client goods throughout the financial year."

BharatPe's merchant peer-to-peer (P2P) financing platform has over 6.3 lakh merchants investing close to $700 million.

"We are one of the leading B2B fintech lenders in the country, having disbursed over USD 300 million in business loans to over 2 lakh merchant partners," he added.


Click... How to Earn Money Without Any Investment 


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