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Who Can Take Loan From 12 Club ?

What if you did not have to go through the long processes of traditional banking but were able to get money the exact moment you wanted it? That is what 12% Club, an innovative app by BharatPe, does. It is a revolutionary app by BharatPe that has totally changed our understanding of credit.

Who is eligible for this sort of loan service? The 12% Club could be your means to financial freedom whether you are looking to fuel your next big idea as an entrepreneur, are hit with an unforeseen expense as a professional or just need some financial help. Let’s find out who can tap into this live lending source!

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About 12 % club

The 12% Club is a peer-to-peer (P2P) lending platform created and designed by BharatPe which aims at providing both borrowing and investment opportunities. This will enable them to benefit from investments yielding up to 12% while borrowers will have immediate access to funds at very competitive rates.

As such it links directly lenders with borrowers thus there being no intermediaries in the form of traditional banks. Flexible financial solutions are available on the app which provides users with an easy-to-use interface and simplified processes.

Partners

The 12% Club has formed relationships with RBI-approved NBFCs Liquiloans (NDX P2P Private Limited) and LendenClub (Innofin Solutions Private Limited). Meanwhile, BharatPe has partnered with Axis Bank. The 12% Club app is registered under the name NDX P2P Private Limited.

Founder

Ashneer Grover, a well-known entrepreneur and investor, was born on June 14, 1982, in Delhi. He is well-known as the co-founder and former Managing Director of BharatPe, a fintech business that is transforming offline payment systems in India. Grover, alongside Bhavik Koladia and Shashvat Nakrani, pioneered innovations such as QR code-based payments and small-business finance. However, his career at BharatPe ended in early 2022 due to allegations of financial malfeasance, prompting his resignation.

Who Can Take Loan From 12 Club?

The 12% Club, a P2P lending platform managed by BharatPay, offers competitive returns on investments through lending. So what is happening here? By avoiding traditional banking middlemen and intermediaries, this platform allows borrowers to interact with lenders directly. If you are thinking of borrowing from 12% Club, we will look at who qualifies for a loan and some important considerations:

Loan From 12 Club?

Eligibility Criteria for Borrowers

Creditworthiness:

Credit Score: In general, borrowers need sound credit scores. Even though the exact cut-off point might not be indicated, applicants with higher credit scores are more likely to be approved.

Credit History: A clean credit history with few defaults is important. The platform looks at an individual’s creditworthiness to determine how risky it is to lend him or her money.

Income Stability:

Employment Status: Usually borrowers should have stable employment or regular source of income meaning they can commit themselves in paying back the loan.

Income Proof: For example, salary slips or bank statements may be demanded as evidence that shows their financial position.

Loan Purpose:

Personal Loans: For instance, there are often loans provided for various personal needs like medical bills, education or whatever they are emergencies.

Business Loans: Small business owners might also qualify for loans, provided they can demonstrate the need and ability to repay.

Collateral Requirements:

Secured vs. Unsecured: Though there may be some peer-to-peer (P2P) platforms that offer secured loans, 12% Club is designed majorly for unsecured loans. This implies that it doesn’t demand a physical asset as collateral and raises the risk profile.

Legal Age and Residency: Minimum Age is required that the borrower should be at least 21 years old.

Residency Status: Usually, applicants are expected to be residents of the country where the platform operates. They may need to show proof of residence i.e. Indian citizen.

Loan Amount and Terms:

Loan Amounts: The amount that a borrower is able to access depends on their credit rating and lending rules of the platform. Larger loans typically require higher credit ratings.

Repayment Terms: Borrowers must know about repayment terms including interest rates, etc., as well as loan duration.

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Application Process

As How to Apply for a Loan with the 12% Club

Applying for a loan through the 12% Club is a simple process geared for ease and speed. Here is a full step-by-step tutorial for applying:

1. Go to the Loan Option and select “Apply Now”

Open the 12% Club app or website and navigate to the loans section.

Click the “Apply Now” button to begin the application process.

2. Link your bank account.

You must link the bank account where you want to receive loan funds.

This step guarantees that the monies are transferred to the correct account once approved.

3. Complete KYC using your Aadhar card.

To meet regulatory obligations, you must complete the Know Your Customer (KYC) process.

Upload your Aadhar card as part of the identity verification process.

4. Submit a selfie.

Take and upload a recent selfie to provide further identity verification.

This helps to ensure that the individual applying for the loan is you.

5. Borrow at a competitive rate.

The 12% Club provides loans at a set annual percentage rate (APR) of 12%.

This means that you will pay interest at this fixed rate for the duration of your loan term.

6. Loan Amounts and Flexibility

Borrow up to ₹10 lakh at any time, based on eligibility and trustworthiness.

The platform allows for flexible loan repayment, with the opportunity to deposit loans at any moment without incurring prepayment penalty.

7. No processing fees.

One of the appealing aspects of the 12% Club is the lack of transaction fees.

There will be no additional fees for applying or processing your loan.

8. Fixed Interest Rate.

The annual percentage rate (APR) is fixed at 12%, offering transparency on borrowing costs.

Make sure you are aware of this set interest rate when calculating your repayments.

Conclusion
In essence, the 12% Club provides a novel peer-to-peer lending solution that connects borrowers directly with lenders, bypassing traditional banks. Borrowers must typically have a good credit score, a steady income, and a clear loan purpose in order to qualify.

The website offers unsecured loans with affordable interest rates of 12% and no processing fees, increasing accessibility and flexibility for both personal and business purposes. The 12% Club seeks to deliver efficient and transparent financial solutions by streamlining the borrowing process and focusing on direct transactions.



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