Faircent to facilitate loans in Covid-19 low-impact areas

GURGAON: Faircent.com, NBFC-P2P Lender, has announced the launch of a new loan offering to help small businesses and individuals access credit in India's districts that have suffered little or no impact from the outbreak of COVID-19.

The loan is intended for retailers, small business owners, and salaried professionals who face short-term financial constraints caused by the blockade in areas identified as green, where there have been no more than 10 positive cases of COVID-19. These will be easily visible to lenders on their dashboard through a green color-coded '# COVID-19 Low Impact Zone' label, the lender said.

Rajat Gandhi, and CEO, Faircent.com, said: “Our team is continually innovating to launch new products and features to make it easier for borrowers to access credit in these difficult times. The fight against the pandemic must be fought collectively, and as the largest P2P lending platform in India, we are committed to helping all Indians meet their cash flow requirements, even during closure.

Vinay Mathews, founder and COO of Faircent.com, said: “There are many districts and areas in India that are not affected by COVID-19 or have witnessed very few cases. These groups are expected to return to normal much faster. With this in mind, we have taken a targeted approach to mainstreaming borrowers residing in these areas. Considering that our lenders are interested in financing these loan requirements, we will also ensure the rapid disbursement of funds. ”

Last week, the lender had announced the launch of a new 'Antilock Loans' product that offers loans to creditworthy borrowers with a three-month EMI-free period followed by easy repayment options at affordable rates. Borrowers can also choose to pay either as a lump at the end of three months or through easy EMI options.