India’s peer-to-peer lending industry operates as a genuinely regulated alternative investment category, with every legitimate platform required to hold an NBFC-P2P Certificate of Registration from the Reserve Bank of India under the Master Directions of 2017, which were substantially overhauled in 2024 to ban algorithmic auto-investment and strengthen investor protection. RBI rules cap individual lender exposure at Rs 50 lakh across all platforms combined and limit loan tenure to 36 months, while platforms are explicitly prohibited from guaranteeing returns or taking credit risk onto their own books, distinguishing P2P lending sharply from unregulated lending apps. The industry’s asset size stood at approximately Rs 6,500 crore before the 2024 regulatory changes, with non-performing assets reported at around Rs 1,163 crore in FY24, underscoring that despite RBI oversight, P2P lending remains a genuinely higher-risk, higher-return category compared to fixed deposits or mutual funds. Let us have a look at the top 10 peer to peer lending companies in India for 2026.
1. LenDenClub
LenDenClub, which began operations in India in 2015, has grown into the country’s largest peer-to-peer lending platform, with more than 3 crore registered users and over Rs 17,366 crore in cumulative loan disbursements. The RBI-registered NBFC-P2P platform allows lenders to start with a minimal investment of just Rs 250, offering both lumpsum and manual lending options across loan tenures ranging from one month to three years, with a facilitation fee of 0 to 4 percent of the amount lent and historical lender returns around 11.28 percent XIRR.
LenDenClub serves retail lenders seeking automated diversification tools and borrowers seeking personal, business, and medical loans up to Rs 5 lakh, and its unmatched scale by registered users and cumulative disbursement volume confirms its position as the clear market leader in India’s peer-to-peer lending industry.
2. Faircent (Fairassets Technologies India Private Limited)
Faircent holds the distinction of being India’s first P2P lending platform to receive a Certificate of Registration as an NBFC-P2P from the Reserve Bank of India, making it one of the industry’s true pioneers and among its most brand-familiar names to early adopters of P2P investing. The platform requires a minimum investment of Rs 30,000, offers personal and business loans with terms extending up to three years, and provides potential returns up to 12 percent, charging a non-refundable 2 percent transaction fee.
Faircent serves lenders seeking a broad marketplace with detailed borrower risk-profiling tools and direct lender-borrower interaction, and its status as India’s very first RBI-registered NBFC-P2P platform confirms its position as the most historically significant pioneer shaping the regulatory template the entire industry now follows.
3. Lendbox
Lendbox operates as a data-driven, RBI-licensed P2P lending platform that partners with NBFCs and concentrates particularly on loans for small and medium-sized businesses, offering a credit line product with multiple repayment choices. The platform requires a comparatively higher minimum investment of Rs 25,000, reflecting its focus on higher-quality borrower profiles and a more curated lending experience relative to some of the smaller-ticket, high-volume competitors in the space.
Lendbox serves lenders seeking exposure to carefully underwritten SME lending alongside standard personal loan categories, and its data-driven credit scoring approach combined with its NBFC partnership model makes it one of the more institutionally credible mid-tier P2P platforms for investors prioritising borrower quality over sheer volume.
4. RupeeCircle
RupeeCircle, an RBI-registered NBFC-P2P lending platform, connects borrowers directly with investors through a technology-driven marketplace, having built a base of over 306,000 registered users including more than 86,000 active investors. The platform has additionally positioned itself as a debt consolidation-adjacent solution, allowing borrowers to convert scattered credit card and personal loan dues into a single loan at fixed interest rates over tenures of up to 36 months.
RupeeCircle serves both individual lenders seeking diversified P2P returns and borrowers seeking consolidated, fixed-rate debt repayment, and its dual positioning spanning both investment marketplace and debt consolidation makes it one of the more functionally versatile platforms within the regulated P2P lending category.
5. IndiaP2P
IndiaP2P offers investors a distinctive level of control by allowing them to select specific borrowers to lend to rather than relying purely on automated allocation, spanning individual and medical loan categories with a minimum investment of Rs 5,000. The platform provides both Growth and Monthly Income Plans, giving lenders flexibility in how and when they receive returns, with loan terms averaging 12 months and extending up to a maximum of three years.
IndiaP2P serves lenders who specifically want hands-on control over individual borrower selection rather than automated portfolio construction, and its dual Growth and Monthly Income Plan structure makes it one of the more flexible platforms for investors with differing cash flow needs from their P2P lending returns.
6. Finzy
Finzy has established itself as one of the recognised RBI-registered NBFC-P2P platforms frequently cited alongside LenDenClub, Faircent, and Lendbox in comparative reviews of India’s peer-to-peer lending industry, building a reputation for technology-driven credit assessment and borrower segmentation. The platform continues to compete for both borrower and lender attention within a regulatory environment that has grown considerably more standardised since the RBI’s 2024 overhaul of P2P lending rules.
Finzy serves borrowers and lenders seeking a technology-forward P2P experience with structured credit assessment, and its consistent inclusion among the industry’s most frequently recommended platforms confirms its position as one of the more established and trusted names in India’s regulated peer-to-peer lending space.
7. i2iFunding
i2iFunding differentiates itself from other P2P lending platforms through a distinctive loan guarantee programme designed specifically to reduce lender risk, under which lenders receive compensation in the event of borrower default, a feature not universally offered across the industry. The platform offers diversified loan options ranging from short-term to long-term categories, appealing particularly to lenders who prioritise downside protection alongside the higher returns typical of P2P investing.
i2iFunding serves risk-conscious lenders specifically seeking downside protection through its loan guarantee programme, and this distinctive risk-mitigation feature makes it one of the more differentiated and lender-protective platforms operating within India’s regulated peer-to-peer lending industry.
8. LiquiLoans
LiquiLoans has built a reputation among the more established names in India’s P2P lending industry, frequently mentioned alongside Faircent and LenDenClub as one of the three most established platforms by informed investors comparing the category in 2026. The platform continues to serve both borrower and lender segments within the RBI’s NBFC-P2P regulatory framework, contributing to the broader industry’s growing maturity and standardisation.
LiquiLoans serves lenders and borrowers seeking one of the industry’s most established and frequently recommended P2P platforms, and its consistent positioning alongside Faircent and LenDenClub as a top-tier established name confirms its status as one of the most trusted options for investors newly exploring the category.
9. Mobikwik Xtra
Mobikwik Xtra operates as the peer-to-peer lending feature embedded within the broader Mobikwik fintech app, allowing existing Mobikwik users to earn returns on micro-lending investments starting with a minimum investment of just Rs 1,000. The platform’s integration within an already widely used consumer payments app gives it a distinctive user-acquisition advantage compared to standalone P2P lending platforms that must build their user base entirely from scratch.
Mobikwik Xtra serves existing Mobikwik users seeking a low-barrier entry point into P2P lending returns without needing to sign up for a separate dedicated platform, and its embedded distribution within a popular consumer fintech app makes it one of the more accessible entry points into peer-to-peer investing for first-time retail lenders.
10. Fello
Fello positions itself around building direct trust and communication between lenders and borrowers, permitting real-time interaction between the two parties to increase transparency throughout the lending relationship, with a notably low minimum investment of just Rs 100. The platform charges no fees for its core service, offering potential returns of up to 15.5 percent, making it one of the more accessible P2P platforms for first-time investors testing the category with minimal capital.
Fello serves first-time P2P investors seeking a low-barrier, fee-free entry point with direct lender-borrower communication, and its unusually low minimum investment threshold combined with a genuinely transparent, zero-fee model makes it one of the most accessible platforms for retail investors exploring peer-to-peer lending for the first time.
Frequently Asked Questions (FAQs)
Q: Which is the largest peer-to-peer lending platform in India?
A: LenDenClub is India’s largest P2P lending platform, with more than 3 crore registered users and over Rs 17,366 crore in cumulative loan disbursements since its 2015 launch, while Faircent holds the distinction of being the first platform to receive RBI’s NBFC-P2P Certificate of Registration.
Q: How much can an individual invest through P2P lending platforms in India?
A: As per RBI guidelines, an individual investor can invest up to Rs 50 lakh across all P2P platforms combined, with most platforms allowing investors to start with small amounts such as Rs 100 to Rs 1,000, helping investors diversify their exposure across multiple borrowers rather than concentrating risk in a single loan.
Q: What returns can lenders expect from P2P lending in India?
A: P2P lending returns typically range between 10 percent and 18 percent per annum, depending on borrower risk category, loan tenure, and platform strategy, though these returns come with genuine credit risk since lenders bear the full risk of borrower default with no government protection or deposit insurance backing their investment.
Q: What changed under RBI’s 2024 overhaul of P2P lending regulations?
A: RBI’s 2024 regulatory overhaul strengthened compliance norms for NBFC-P2P platforms, explicitly banning algorithmic auto-investment features to protect retail investors, alongside continued requirements for transparency, KYC and anti-money-laundering adherence, and investor protection disclosures across all registered platforms.
Q: How do I verify if a P2P lending platform is legitimate and RBI-registered?
A: Investors should check the current registration status of any platform directly on the RBI’s official website or the NBFC-P2P list maintained by the Reserve Bank before investing, since a platform without a valid NBFC-P2P Certificate of Registration has no legal standing to operate and accepting money from lenders would fall outside regulatory protection.
