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RupeeCircle ties up with Tata AIG to insure P2P loans

P2P fintech RupeeCircle has signed a deal with TATA AIG for insurance cover for its loans.

, ET Online|
Feb 19, 2019, 04.42 PM IST
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P2P lending company RupeeCircle has tied up with TATA AIG General Insurance Company for providing insurance cover against accidental death, disability and job loss, to its borrowers.

Borrowers taking a personal loan from RupeeCircle will now be insured against accidental death and permanent total disability. The insurer will also cover the EMI of 3 months if the borrower is admitted to a hospital for more than 30 days or ìf the borrower suffers a job loss for more than 30 days, the company said in a press release.

Commenting on the partnership, Nikhil Prabhakar, Head of Marketing and Products, RupeeCircle, said, “Our association with Tata AIG will also help in controlling credit risk and positioning P2P lending as a mainstream alternate investment asset in India.”

The tie-up is likely to increase both lenders and borrowers trust towards the platform while making financial inclusion more viable, the company added.

RupeeCircle is the first online lending player to receive the NBFC-P2P licence from RBI this year.

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