CRED, a high-trust platform for individuals, brands, and financial institutions, today launched its first community-driven product that enables members to earn interest on idle money by lending to other high-trust members. The product, CRED Mint, is in partnership with Liquiloans, an RBI-registered P2P NBFC. Members who participate in CRED Mint can earn inflation-beating interest rates of up to 9% per annum, higher than traditional methods.
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Benefits for responsible financial behaviour:
Rising inflation and taxes erode savings, yet CRED members have on average Rs 2 lakh sitting in their savings accounts. At up to 9% interest, CRED Mint enables India’s most creditworthy individuals to be rewarded for responsible financial behaviour with a smarter way to make idle money work for them. CRED members can apply for early access to Mint.
Higher trust, lower risk:
CRED Mint is powered by its community. Investments made in CRED Mint will be lent out through CRED Cash, a lending product created for high-trust CRED members, in partnership with licensed banks and NBFCs. Members have grown to trust CRED Cash for emergency spends over the past year; with over Rs 2,415 crore disbursed, CRED is India’s leading fintech lender. With CRED Mint, members can confidently invest money knowing that it will only be lent out to others like them: India’s most creditworthy individuals whom CRED knows are good for their word. Even at the scale of CRED Cash, the default rate has historically been less than 1%. To reduce risk further, the invested money will be routed directly to an escrow account held by CRED’s NBFC partner, Liquiloans, and diversified across 200+ borrowers on average.
Invest and withdraw money in a few clicks:
CRED has made the process of investing money with Mint easy, transparent, and fast. Members can put in between Rs 1,00,000-Rs 10,00,000 in under two minutes, commission-free. They can request withdrawal in one click, partially or in full at any time with no penalty, and earn interest for the period invested. The withdrawal process is fully online, and the money with interest will be returned to the investor within a working day. As a digital platform, CRED reduces friction, inefficiency, commissions, and overheads to pass on higher earnings for members.
Kunal Shah, Founder, CRED, said,
“The power of CRED is our high-trust community. With CRED Mint, we are enabling members to leverage this trusted community to help one another in their journey of financial progress. We believe in enabling those who demonstrate responsible financial behaviour with the privileges they deserve. The product democratizes access to inflation-beating interest rates, and a frictionless, transparent, and delightful financial experience for CRED’s high-trust members.”
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