‘12% Club’ App – BharatPe

Published on August 27, 2021
Current Context: The BharatPe has launched the ‘12% Club’ app. The app is basically an investment-cum-borrowing product.
‘12% Club’ App – BharatPe
  • 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

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