- The app will allow customers to invest and earn up to 12 % annual interest or borrow at a similar rate.
- The app was launched in partnership NBFCs which was approved by RBI.
- By selecting the lend money on the ‘12% Club’ app, the customers can invest their savings at any time.
- The customers can also opt for collateral-free loans of up to Rs 10 lakh through the app itself. The loan will be availed with a tenure of 3 months. There are no processing charges or pre-payment charges on the consumer loans.
- The company has set the upper limit to Rs 10 lakh for investing by an individual and will be increased to Rs 50 lakhs over the next few months.
- The BharatPe aims to achieve an investment asset under management (AUM) of $100 million and a lending AUM of $50 million from this app by the end of the current financial year i.e. March 2022.
- Static Part:
- HQ of BharatPe: New Delhi
- CEO of BharatPe: Ashneer Grover
Question:
Q.1 Which company launched the ‘12% Club’ app?
a. Setu
b. Ujjivan Small Finance Bank
c. BharatPe
d. Airtel Payment Bank
a. Setu
b. Ujjivan Small Finance Bank
c. BharatPe
d. Airtel Payment Bank
