India's 1st P2P lending platform: dhana X

dhanaX is an online-offline person-to-person (P2P) lending platform that allows Indians to lend and borrow money from each other.

How it works?: dhanaX identifies and partners with recognized microfinance organizations, NGOs and credit societies that look into the economic needs of the poor . As a lender, you can extend credit at a mutually agreed rate of interest to a suitable enterprise or individual through dhanaX . At the end of the stipulated loan period, dhanaX will facilitate the repayment of principal amount with interest with the help of partner organizations

DhanaX gets a 6 per cent commission from a borrower on every funded loan, and takes a 1.5 per cent service fee on monthly repayments from a lender. So effectively, DhanaX earns 7.5 per cent on every transaction. There is also a registration Fee to enter into the system

First to introduce the concept of social lending. For a lender looking for a social investment, or a borrower seeking an affordable loan, dhanaX is the best forum – It connects them. Interest rates are co-created. Facilitators of the process, legally compliant. Assures collection guarantee

It is the first Indian company to come up with the concept of P2P lending and make a business model out of it. Has created a new ecosystem by partnering with MFI, NGO to bridge the need gap among economy classes. Lender gets an interest rate better than a short-term fixed deposit. Borrowers get loans on affordable interest rates. Business Process is being patented

http://www.dhanax.com