Can an existing NBFC apply for an NBFC P2P License?

P2P, known as Peer-to-peer, is a kind of NBFC which lends money to its borrowers online. However, NBFC works in a similar way like a traditional bank in India with an exception of issuing demand drafts and cheques to the public. They generally provide their financial services to the public and businesses that require funding to raise their business or to give a kick-start to their startups in India. All these matters of NBFC’s are regulated and conducted under the guidance of Reserve Bank of India. Therefore, anybody willing to start the online business of lending money to others, then NBFC P2P license is mandatory.

Peer to peer lending is becoming popular day by day and people are becoming keener to invest their money in the businesses who are interested in borrowing it. The NBFC P2P license is for the people who want to earn more interest from their surplus funds by investing it in P2P lending business than in FD or saving account and reduce the risk of complex procedure of documents.

In this article, we will tell you how you can apply for an NBFC P2P license with the help of Swarit advisors.

Is it possible foran existing NBFC to apply for NBFC P2P license?

Yes, an existing NBFC can apply for an NBFC P2P license. Here is the procedure you can use to apply for it:

File an application in prescribed form to the Reserve Bank Of India- Mumbai.

It is compulsory that the former company should be incorporated in India to follow up the procedure for NBFC P2P license.

Another thing to look forward is that the corresponding company should have an ample of capital structure to undertake the financing business.

All the promoters and directors of the company should satisfy the given criteria of FIT & Proper.

The general characters of the company’s management are not at all prejudicial to the public interests.

The company needs to submit their plan for securing information technology system and implementation of a robust.

After that company also needs to submit a feasible business plan used to conduct their business of peer to peer lending at the NBFC level.

Public interests should be served by the grant of the COR

Are there any chances of cancellation of NBFC P2P License?

The registration can be cancelled by the COR if the following conditions are not fully satisfied:

The Company has failed to comply any of the condition which has been issued by the COR.

Or the company is no longer eligible to hold COR.

The Company fails to comply with any of the directions issued by the bank.

How Swarit advisors can help you?

Not all find it easy to get their registration by filling an application and following all the rules and regulation regarding it. For those people, Swarit advisors make sure to file their application in the required format and comply with all the necessary conditions required for NBFC P2P License. They provide you a unique code through which you can track your order. They will provide you a list of required documents that you can send back in the form of scanned copy of documents via mail.

To know more about it or to Get your NBFC P2P License now send an email to Swarit advisors at info@swaritadvisors.com or feel free to call them on their phone number +919821399320.