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Oxyloans unveils loan scheme
Hyderabad: City-based alternative lending platform, Oxyloans, on Friday announced a new scheme ‘OxyLoans Challenge,’ under which it’ll disburse Rs 100 crore in 100 days starting from March 2017.
Hyderabad: City-based alternative lending platform, Oxyloans, on Friday announced a new scheme ‘OxyLoans Challenge,’ under which it’ll disburse Rs 100 crore in 100 days starting from March 2017.
To fund this loan disbursal target, Oxyloans will raise $20million from the market. Oxyloans is a peer-to-peer (P2P) lending platform which launched in last November.
Its CEO and founder Radhakrishna T said: “We have invested Rs 1 crore. We are successful in raising seed capital of Rs 3 crore. Our focus is on raising $20 million to fund latest loan applications and enable the business.
This is what we’re calling Rs 100 crore disbursement in next 100 days, starting from March. The initial response was excellent. We have received applications for loans worth Rs 250 crore.”
Asset finance is the new trend emerging post-demonetisation. The borrowers are willing to offer 250 per cent worth collateral as security for the loan.
