Faircent.com, a P2P lending platform has launched a new feature for registered lenders on its platform. The company claims that the Auto Invest feature will automate the entire process and eliminate the need for lenders to browse through several borrowers.
What Faircent has to say
“Auto investment is the future of P2P lending and we are capitalising on automation to the fullest to drive a highly tech-driven and simplified experience for lenders on our platform,” said Shakti Goel, Chief Technology and Product Officer at Faircent.
Based on a fully automated credit evaluation system the company provides a platform for the borrowers and lists them among various risk levels – low to very high. Lenders can invest any amount starting from Rs 750 by setting a maximum range of Rs 10,000 to Rs 2 lakh per proposal across various yield categories and loan tenures.
How beneficial is the feature?
Making investing easier and reducing the time required it is a tech-enabled, fully-automated system which will reportedly match the pre-defined criteria set by the lender with borrowers’ requirements. They can even send proposals on the lender’s behalf.