Hyderabad-based online peer-to-peer lending startup AnyTimeLoan.in (ATL) has secured Non-Banking Financial Company (NBFC) Peer-to-Peer (P2P) license from Reserve Bank of India.
One of India’s fastest growing P2P lending platforms, ATL facilitates instant unsecured loans (personal, education and business loans) to eligible borrowers by connecting them with investors or lenders across India through a 100% digital ecosystem.
With this certification, ATL joins a select group of fintech startups who hold the NBFC-P2P accreditation. RBI follows a very stringent due diligence process while granting this license, which involves eligibility criteria like financial stability, business continuity plan, and how the business will aid in RBI’s larger vision of financial inclusion. The startup says that recognition from RBI is a strong validation of the startup’s sharp business model, processes and compliance with the RBI guidelines.
A part of Hyderabad-based startup catalyst T-Hub, ATL has developed a proprietary algorithm that uses data science, artificial intelligence, machine learning and robotics to offer instant loans by connecting eligible borrowers with listed lenders. The maximum time that it might take for a transaction, according to ATL, is 15 minutes.
ATL has a minimum net owned fund of Rs 20 million and over the past four years, it has disbursed over 57,000 loans, aggregating to over Rs 62 crore. Founded in September 2014, ATL is now targeting a monthly loan disbursal rate of Rs 100 crore in the next 18 months.
“Our primary goal of enabling millions of Indians to experience financial independence by facilitating instant loans for them is enroute to becoming a reality. This is a very significant milestone for our company as it further strengthens the trust our investors and borrowers have on us. We are privileged to be a part of T-Hub, who has been an important catalyst in our entrepreneurial journey, helping us scale and achieve such high-end goals,” Keerthi Kumar Jain, Founder, and CEO of AnyTimeLoan.in said.
ATL offers personal or consumer loans, as low as Rs 1000 to Rs 1 lakh, educational loans from Kindergarten to grade 12 – called K12 loans – and MSME (Micro, small and medium enterprise) business loans of Rs 30,000 up to Rs 50 lakh. Investors and borrowers are not charged any registration fee, and the company earns its revenue only when investors get their money back along with returns, which the startup says is its USP.
Srinivas Kollipara, CEO of T-Hub, has lauded this accomplishment saying, “This is a brilliant example of what a business leader can achieve when entrepreneurial aspiration is combined with a vibrant startup ecosystem. T-Hub is proud to have enabled AnyTimeLoan.in in scaling up their business to make inroads into India’s non-banking financial market.”