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I have started investing in ET money which gives around 9-9.5% off. If anyone needs referral then let me know @legend101
One thing I have noticed is that Most P2P lenders like 12 percent club and Mobikwik Xtra are not taking any Nominee Details. After the death of the investor, who will get the money???
Seinfeld wrote:Well written thoughts .
Isn’t it better to do FDs than get 9% in P2P ?Also cred gives 9% and had seemed the most reliable of all, with no policy change from the beginning. However again it was attractive when bank fds were very low.
@rajatindia I was quite heavily invested in 12% and cred. Liquidated both after FD interests rectified. Had minor issues with 12% but it can be ignored. Cred had no issues. Just left because I was having to daily monitor news related to P2P lending and the way 12% club changed their policies without any warnings seemed risky to me.
nothing negative agains P2P lending, just that current the interest difference didn’t make much value for the effort I had to give. 12% club no longer gives fixed 12% as before, it gives ~10%
On what parameters you say that Cred is better than others ? Because of Brand Value ?
In that case Mobikwik Xtra also carries good brand value.
talktovivek209 wrote:I already wrote why I think Cred better than others:On what parameters you say that Cred is better than others ? Because of Brand Value ?
"with no policy change from the beginning" eg. time taken to invest, time taken to withdraw, no closure of investments etc.
+ Have received better support when needed.
+ No failures of txns (never for past ~ 1+ yrs of usage)
Lastly Mobikwik has never been trustworthy, can't agree to that.
However I guess, given the current higher return rates I would invest in Mobikwik than cred. 12% is no longer giving 12% and their investment window is closed for a long time. Also I believe, more the people learns about P2P lending, more these will decrease interest rates and be a bit more stringent.
Pls Note: I am no longer invested in any p2p lending as of now.
Seinfeld wrote:Thank you for summerising the things. Really helpful. You are not investing now : because funds are not there OR you found better investment Avenue OR you lost trust in P2P.
I already wrote why I think Cred better than others:
"with no policy change from the beginning" eg. time taken to invest, time taken to withdraw, no closure of investments etc.
+ Have received better support when needed.
+ No failures of txns (never for past ~ 1+ yrs of usage)
Lastly Mobikwik has never been trustworthy, can't agree to that.
However I guess, given the current higher return rates I would invest in Mobikwik than cred. 12% is no longer giving 12% and their investment window is closed for a long time. Also I believe, more the people learns about P2P lending, more these will decrease interest rates and be a bit more stringent.
Pls Note: I am no longer invested in any p2p lending as of now.
talktovivek209 wrote:
Thank you for summerising the things. Really helpful. You are not investing now : because funds are not there OR you found better investment Avenue OR you lost trust in P2P.
None of them true.
Due to the associated risks with P2P, over time I had to keep monitoring their social handles, latest related news and regularly withdraw interests to make sure all was well.
Few months back RBI put restrictions on several apps including some apps I believed in like LazyPay. All these seemed too random to me and kinda like a headache. Not worth the minor difference in profits. Hence I pulled out.
rajatindia wrote:
can we invest in xtra through laptop and not mobile?
how safe if we go for 13% plan?
It is as safe as is the 12% category i.e flexi , but if you withdraw before 3 months, you will only get 8%. Still better than fd
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I recommend investing in Uni Cards Powerup, which offers a return of 9%, but only for those with a CIBIL score of 780 or higher. While all P2P platforms are currently offering the mentioned return, some have recently reduced their returns (12%Club) and stopped referral programs. It is important to take note of these changes before investing in P2P lending.
It is also crucial to consider the NBFC rating of the platform, as they will be handling your money. Lendbox has a poor rating and is used by MobiKwik for their Zip Cash Loan program.
On the other hand, Liquiloans is considered the best option, and Scaler and top institute students are availing themselves of loans with no-cost EMI, although the loan is topped up with EMI cost.
Lendenclub is used by the 12%Club and seems to be doing well, but it is unclear who the borrowers are, although it appears that BharatPe is giving loans to UPI merchants.
Overall, the P2P lending market is thriving in India, and third-party administrators (TPAs) are a better option than NBFCs. Consider going with platforms such as Cred Mint and Uni Powerup, the latter of which I have used and has a dedicated account manager for support.
I moved away from 12%Club after they reduced their return rate from 12% to 10% without any prior notice, which felt suspicious to me.