Financepeer is one of the P2P lending Platform which has received NBFC-P2P license.
Currently due to high default rate I have temporarily discontinued Financepeer .I have been investing in other alternate Investment platform which have been performing really well like Klubworks ,Finzy , Tradeced ,GrowFix and Grip Invest
Financepeer (Use Code MNJ6547) was setup in 2017 and is registered as NBFC-P2P company. The promoters and board of directors have a technical background and their intention is to create a lending system based on using machine learning to underwrite the loans
Details of the promoters :
Financepeer has already raised a funding of $500,000.The office is in Lower Parel mumbai
Types of Loans: The highlight of this platform is that it caters to 2 Kinds of loan:
- Salary Loan
- Education Loan
They have tieup with educational institute where they provide education loan which is paid by the parents. As risk of not repaying the loan can affect the education of the child thus default rate is very low.
Minumum Ticket size is 5000 as of now.
Average ROI :
Almost all the loans on the platform are at 20% ROI and tenure is less than 12 months. Ideal for people who looking for short term investment in low risk loans. They display their own score based on the AI algorithm.
Fees:The good part is that they do not charge Lender any fees which is a bonus as most P2P platform charge between 1-4% thus reducing the actual earning.
NPA : I have details of the historical performance of the platform.The numbers look promising but I can comment on my performance only after 5-6 Months . Educational Loans have historically low delinquency and can be a good addition to portfolio.
The current NPA is below 0.5% and is at the moment one of the best in industry but only with time we can predict how much of it will be maintained once the scale up.
Based on the various parameters I find it to be a good platform for people who are already investing in other platforms and looking to add a new variety of short term loan to their portfolio.
Problems which they can work on
- Reducing ticket size to 2000
- Having an app which will make investment process easier
I will be covering monthly performance of this Platform along with others.
9 thoughts on “Review of Financepeer P2P Platform”
Although the website of Financepeer says that they have received NBFC-P2P license, when you go to the official RBI site for the companies that have been given license, their name is not shown. The list is updated as of 30th April 2019. Have these guys received license after that?
yes they got approval recently The license number is N-13.02290. I checked with the team
It should be updated in the next list published by RBI
FinancePeer website mentions minimum investment of Rs.1000 for long term loans, and Rs.100 for short term loans. Though while investing it does ask you to invest Rs.5000 minimum.
Also, they are offering principal protection. Didn’t RBI ask I2I to discontinue that feature?
Hi, Yes you are right. they have incorrectly written 1000 as min investment.
They dont offer principal protection.where did you find this detail?
Pls read the following link:
Check out point 5 – ‘Secured collateral free loan’ – listed under ‘Long Term Loans’.
Seems like a 2017 post . It was allowed that time,not anymore
General advice is to stay away from P2Ps do not publish data in a transparent manner. Latest NPA data is available is as of Jun 2018. I would not bother to put my money into unknown.
Minimum Ticket size is Rs 50 K.Way too high for FinancePeer to demand!!!
Financepeer I have discontinued ages back. Check my latest portfolio in monthly review post. In p2p i Have liquiloans,Lendbox per annum, Finzy and i2I funding.