Bengaluru-based fintech platform CRED on Friday launched a peer-to-peer (P2P) lending product called CRED Mint for its users.
CRED Mint is the company’s first community-driven product that enables members to earn interest on idle money by lending to other members. The fintech firm has partnered with Liquiloans, an RBI-registered P2P NBFC for the new product.
CRED said that those members who participate in CRED Mint can earn inflation-beating interest rates of up to 9 per cent per annum, higher than traditional methods.
“At up to 9 per cent interest, CRED Mint enables India’s most creditworthy individuals to be rewarded for responsible financial behaviour with a smarter way to make idle money work for them,” a company statement said adding that its users can apply for early access to CRED Mint.
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“The power of CRED is our high-trust community. With CRED Mint, we are enabling members to leverage this trusted community to help one another in their journey of financial progress. We believe in enabling those who demonstrate responsible financial behaviour with the privileges they deserve. The product democratizes access to inflation-beating interest rates, and a frictionless, transparent, and delightful financial experience for CRED’s high-trust members,” Kunal Shah, Founder of CRED, said in the statement.
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How does CRED Mint work?
The existing CRED users will have to register themselves for early access to CRED Mint at https://cred.club/mint. After successfully registering, they will be able to make an investment in CRED Mint.
This investment made in CRED Mint will be lent out through CRED Cash – the fintech’s lending product for all its members. To reduce the risk of default, the invested money will be routed directly to an escrow account held by CRED’s NBFC partner, Liquiloans, and diversified across 200+ borrowers on average.
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Those members who participate in CRED Mint program can earn interest rates of up to 9 per cent per annum, the company has informed.
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