In a recent report, P2P lending platform Faircent.com, looks to project the economic impact it is having on the ground. Through the Social Impact Report the online platform highlights how its tech-driven approach has been empowering Indian businesses and consumers, and how improving the liquid capital available in the market is stimulating greater economic activity on a pan-India level. 

A key point from the Social Impact report highlighted the fundamental difference between the credit assessment approach adopted by the online platform and other financial institutions offering unsecured loans. Most financial institutions in India at present rely on a lot of 'hard policy rules' for making credit decisions. This ends up excluding a lot of potential borrowers such as self-employed borrowers, young salaried borrowers with no bureau history, or those without tangible assets from the ambit of institutional credit. Many businesses within the MSME industry - which contributes nearly 45% to the country's overall GDP - are therefore not able to get the credit they need to scale their businesses.

Click here to read the report: https://www.faircent.com/social-impact-report