Hyderabad: SRS FinTech Labs Pvt. Ltd, a Hyderabad based four years old FinTech, Peer 2 Peer Lending Platform and RBI Licence holder- OxyLoans.com announces a specially curated four new age Peer-2-Peer Loans Products.
Disclosing this addressing a press conference here in the city today, Mr. Radhakrishna Thatavarthi, CEO and Founder of SRS FinTech Labs Pvt. Ltd, who owns OxyLoans.Com platform said, these unconventional Loan Products include “UpSkill P2P Loans for Salaried IT Professionals”, “Back to Work Mothers/Mom Re-Entry Re-skilling P2P Loans”; “Start-up Working Capital P2P Loans” and “Women Education P2P Loans” These are the unique loan products exclusively developed by SRS FinTech in order to serve the changing needs of the society.
Peer-to-peer lending(P2P lending), is the process of lending money to individuals or businesses through online services that match lenders with borrowers. P2P lending is a pretty old in India and RBI issued guidelines last year and granted licenses to many firms. P2P Lending is an established business model in the west.
As more and more employers and companies are incorporating developing and new wave technologies into their workplaces, UpSkill and ReSkill have become a new mantra of survival for IT professionals in the Digital Era. UpSkilling is teaching employees or oneself a new skill/s to help grow with the same company and perform better at their jobs or to get better job prospects elsewhere.
While some companies are digitally transforming their workforce and retaining talent, many leave it to their employees. Such employees, who are already trapped badly in Home, Car Debts and other personal loans are unable to fund for their UpSkill program which costs anywhere in the range of INR 70,000/- to 2,00,000/-. Nearly 70 million new jobs of AI, BlockChain, Machine Learning, Augmented, virtual and mixed reality, Big Data Analytics, Internet of Things, Robotics, Serverless Computing, Edge and Quantum Computing, Computer Vision, Data Science and other latest skills will be added in next five years. IT Professionals need to upskill or fight for survival. There is a huge need for getting trained in one of the new skills. Adding new skills to existing professionals has an added advantage. Once they UpSkill, they have a chance to double their salary informs Radhakrishna.
We have identified another area for growth both for lenders and borrowers. It is a mutually relevant and beneficial loan product. This product, adds Radhakrishna, aims at moms who are wanting to return to their job after raising their children and fulfilling their family commitments. This segment is very huge as many companies consider Back to Work Mothers as a very valuable pool of talent. Increasing mothers in the city are planning to restart their careers. It is a huge pool of talent left untapped.
At the same time, those moms who want to return to work need to ReSkill along with the changing requirements. As it is they are unemployed and confined to home and finance to ReSkill in New Technology needs an investment. And they can avail this loan. There are a good number of people more so women are willing to fund such loans. Because they believe that Women returning to jobs will add US D 440 Billion to the Indian economy.
Today’s Startups, SMEs(Small and Medium Enterprises) or MSMEs(Micro, Small and Medium Enterprises) or tomorrows MNCs(Multi-National Companies). This fact no one denies. Reliance, Infosys, Nirma too started once upon a time very small and started with nothing. It is reported that 9 lakh plus MSMEs have shut down in the last 18 months due to demonetization, GST and economic slowdown. Many startups remain in starting stage and unable to raise capital for their working. They are going through a turbulent phase. If they survive, they become more competitive and strengthen the ecosystem. They need a helping hand. Banks can’t support them. That is why we thought about “Start-up Working Capital P2P Loans”. Many people are willing to fund such requirements, informed Radhakrishna.
Education makes more women empowered. Women make approximately 50% of the total population. If they are left uneducated and empowered then a large part of the nation will not be contributing towards its growth which is a major problem. Education is one of the most critical areas of empowerment for women, SRS FinTech determined to play its bit of responsibility. We have identified this as an area needs a lot of thrust and encouragement. And many are willing to lend money, particularly for Women Education. That is why we are introducing this loan product, “Women Education P2P Loans” adds Radhakrishna.
The long due RBI Regulations has brought cheers to the P2P Lending industry. It is glad to note from the notification issued by RBI that all P2P platforms will be treated as non-banking financial companies (NBFCs) and are brought under the ambit of RBI. The sector has the potential to “disrupt the financial sector”. It has even more potential to throw many surprises”. That is because this sector promotes alternative forms of finance where the traditional form of finance is unable to serve. And it is the people to people financing and lending platform opined Radhakrishna Thatavarthi.
RBI guidelines add a lot of good to the industry. Highlighting the potential of Peer 2 Peer lending platforms, Radhakrishna informed that Lending Club of USA disburses 1 billion US $ every month i.e Rs 6500crore through Peer 2 Peer lending platform. Nearly 2.5million US Dollars is disbursed every hour through P2P lending platform all over the world.
P2P lending is making it easier in many areas where banks or any other financial institutions fail to be of any service. OxtyLoans has introduced many novel products in the past such as Loans for Maternity Delivery, Overseas Travel, Club Membership and others Radhakrishna shared.
Unlike the previous generations, Millennials are not so excited about investing or saving. They believe living in present, rather than planning for a future. P2P witnessed more than 50% of 10,000 investors under the age of 30. This along with their inclination towards digital technologies, P2P lending is attracting greater attention of borrowers and lenders among the millennials, shared Radhakrishna.