March 15, 2021

IndiaMoneyMart Launches Loan Assist Hotline for Borrowers Trapped in Pay Day Loan Financial Obligation

IndiaMoneyMart Launches Loan Assist Hotline for Borrowers Trapped in Pay Day Loan Financial Obligation

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MUMBAI , June 19, 2018 /PRNewswire/ —

Mumbai -headquartered IndiaMoneyMart has launched a Helpline for Loan candidates that are stressed and stuck in cash advance financial obligation trap. Borrowers are welcome to attain down on +91-9082646766 between 11am to 4pm from to Friday monday. a devoted team of professionals solution loan associated inquiries from borrowers and empower them to rationalize their funds. Fin-savvy Bharat, the literacy that is financial launched by the organization is designed to introduce fundamental monetary ideas linked to credit and investment to its users. Were only available in April 2018 , the group has counselled over 1200 individuals to allow them emerge from financial obligation trap arising as a result of interest that is astronomical charged on app-based pay-day loans.

Sachin Thorat (name changed) had been struggling to cover INR 1Lakh taken from numerous loan that is payday and paid a typical month-to-month interest of 20%. This drained their individual finance spending interest that is heavy month. Things reached to crisis that is sudden their mom dropped sick but he had been penniless. A lot more than 60% of their wage ended up being utilized to program these loans. He may even maybe not manage to spend bills that are medical. Under enormous anxiety, their workplace colleague encouraged him to IndiaMoneyMart that is downloaded app make an application for a loan to combine their payday financial obligation.

Four loan providers funded their loan at an annualized rate of interest of 12.22% % for 1 . 5 years to allow their debt consolidation reduction. Within better control of expenses, especially interest cost, he was less stressed, more effective at the office and finally pre-paid all loans in 13 months. He could be presently financial obligation free and contains sworn down loan sharks and loan that is payday. Relieved after their association with IndiaMoneyMart, he referred nearly all their buddies caught in comparable situation to IndiaMoneyMart. He could be now a loan provider to borrowers like himself. Being more financially empowered, he’s now spending frequently in every forms of monetary instruments and loans that are peer-2-Peer to develop their funds.

Mr. Mahendra Agrawal , the Managing Director claims, “We began IndiaMoneyMart aided by the eyesight to help make credit affordable and accessible. Users have access to us by getting the software. Credit access being a nagging issue is fixed but affordability stills stays a challenge. Ergo, Fin-savvy Bharat effort premiered to make sure that Indians are empowered to take right monetary decisions. Like Digital Asia, a Fin-savvy Bharat effort could be the need of 21st century.”

Fin-savvy Bharat is first-of-its-kind in Asia attracting supporters among the class that is salaried major metropolitans of Asia . The next thing is always to collaborate with stakeholders into the economic ecosystem and achieve the end-mile client. The business is in speaks with numerous corporates and influencers to develop effective how to enable the public. In a paradigmatic move, RBI passed laws to recognize P2P lending platforms like IndiaMoneyMart as NBFC-P2P in October year that is last. It has provided creditability to P2P platforms that have been currently allowing users to get into credit that is affordable providing an alternative opportunity of assets to retail or business investors on its platform. Fin-savvy Bharat effort may be accessed via WhatsApp on IndiaMoneyMart reachable or app via phone for users across Asia .

About IndiaMoneyMart

IndiaMoneyMart, (a FairVinimay Services Pvt. Ltd. initiative) is a simple, convenient and hassle free lending/borrowing market where loan providers and Borrowers interact directly and hit a deal amongst on their own. Mainly, the Lenders and Borrowers enthusiastic about providing/seeking that loan, completes a easy application on IndiaMoneyMart to provide or borrow as someone or as being a business user through this platform.

Media Contact : Priyanka Singh [email protected] +91-9540068937 Chief Marketing Officer Fair Vinimay Services Private Limited

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