Cred mint increases limit to 50L

[simal]

Cred has introduced an upgrade of the investment limit to 50L from 10L , after submitting required documents. This provides more power and flexibility (ofcourse with risk) to increase your investments.

 

[aayusharyan]

Cred has introduced an upgrade of the investment limit to 50L from 10L , after submitting required documents. This provides more power and flexibility (ofcourse with risk) to increase your investments.

Good notice.

Yes, this is there because of RBI's restriction to have 10L limit by default across all P2P lending apps (like Lendenclub, 12% club, Cred Mint, Uni, Per Annum, etc). The total investment should not increase 10L. If done then at the end of financial year, extra investment will be refunded (I don't know how they will do that, as I am yet to reach the 10L ceil for that investment).

However, if you are an HNI, then 10L might be a small amount for you, in that case you can get that limit removed by submitting the additional documents and they will allow you to invest more. (The only downside, with each P2P app, this needs to be done in case you are like me and diversifying in P2P diversification also 😅)

 

[BhaiyaJi]

On each platform at the end of a financial year, they just auto withdraw and credit access amount into the bank account. Obviously this access amount can only be the interest earned till then.

 

[aayusharyan]

On each platform at the end of a financial year, they just auto withdraw and credit access amount into the bank account. Obviously this access amount can only be the interest earned till then.

Yes yes, each platform they will ofcourse do that. But technically that ceiling of 10L is aggregate ceiling and you shouldn't hold more than that in total across all platforms. Not individual platform limit. I wonder how would they get to know that information whether I have crossed a total of 10L investment or not.