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Updated on: Tuesday, August 24, 2021, 05:12 PM IST

BharatPe forays into consumer fintech domain with launch of 12% Club; all you need to know

With 12% Club, consumers will have an option to invest and earn up to 12 percent annual interest or borrow at a competitive interest rate of 12 percent, BharatPe said | BharatPe

With 12% Club, consumers will have an option to invest and earn up to 12 percent annual interest or borrow at a competitive interest rate of 12 percent, BharatPe said | BharatPe

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BharatPe, fintech company, today announced its foray into the consumer space with the launch of its first-of-its-kind consumer product--12% Club. Available on Google Play Store and Apple App Store, this product is set to redefine the rules of consumer lending and investments, the fintech said in a press release.

With 12% Club, consumers will have an option to invest and earn up to 12 percent annual interest or borrow at a competitive interest rate of 12 percent.

BharatPe has partnered with RBI approved NBFCs to offer this investment-cum-borrowing product for consumers. The company aims to achieve an investment AUM of $100 million and a lending AUM of $50 million from this product, by the end of the current fiscal.

The 12% Club app

Consumers on the 12% Club app can invest their savings anytime by choosing to lend money through BharatPe’s partner P2P NBFCs.

Additionally, consumers can avail collateral-free loans of up to Rs. 10 lakhs on the 12% Club app for a tenure of 3 months, as per their convenience.

There are no processing charges or pre-payment charges on the consumer loans.

The loan eligibility will be defined based on a number of factors including consumer’s credit score, the shopping history using PAYBACK loyalty system or the payments done via BharatPe QR.

The consumers investing via the 12% Club app can put in a request to withdraw their investment anytime, partially or completely, without any withdrawal charges.

They can start their investment journey by investing as low as Rs. 1000 and enjoy daily credit of interest. The upper limit for investment by an individual is currently set at Rs. 10 lakhs and would be increased to Rs 50 lakhs over the next few months.

Commenting on the launch, Suhail Sameer, Chief Executive Officer, BharatPe said, “As we begin our journey on the consumer side, our focus will be to launch products that are industry shaping, 100 percent digital and easy to use. This one-of-its-kind product for consumers has been designed to ensure industry-best benefits both for lenders, as well as borrowers. We believe that 12% Club will strike the right chord with a diverse set of new-age digitally savvy customers- from young salaried individuals, to professionals with disposable incomes, as well as the investors who park their funds in various financial instruments. The initial response has been phenomenal.

"In the pilot phase, we have seen great traction with $5 million of monthly investment run rate and $1 million of monthly borrowing run rate. This is just the beginning and we will be adding new customer products during the rest of the financial year.”

How to access 12% Club app

In order to begin the journey of investments/ borrowing via the 12% Club, a customer needs to follow the steps below:

  • Download the 12% Club app by visiting the link

  • Complete the sign-up process

  • Create the 12% Club account and accept T&Cs

  • Start investments or borrowing journey with 12% Club

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Published on: Tuesday, August 24, 2021, 05:12 PM IST
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