Mumbai, Jul 1 (PTI) Mahindra Finance-backed peer-to-peer (P2P) lending firm RupeeCircle on Wednesday said it has launched a interest-free personal loan programme to help start-up employees meet their funding needs amid the COVID-19 pandemic.

P2P lending platforms act as an intermediaries in facilitating loans through online mediums to applicants.

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The lender has tied up with three IITs and a few start-ups in e-commerce, financial technology (fintech) and logistics spaces across the country under the programme 'Sahayata', for facilitation of loans.

Loans are being offered from Rs 25,000 to up to Rs 5 lakh, according to a company release.

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Under the programme, the lender will facilitate loans to alumni of three IITs and professionals working with start-ups in above-mentioned sectors, who are facing financial challenges.

The role of the IITs and start-ups, who are part of the collaboration, will be to verify the status of loan-seeking alumni and employees, respectively.

"We have developed an innovative programme within a short period of time to extend a helping hand to graduating students and working professionals in this time of crisis to sustain their goals," the company's founder and CEO Ajit Kumar said in the release.

These loans will carry a moratorium period of three to six months and once the moratorium period is over, the loan can be repaid through equated-monthly instalments spanning over six-nine months, the release said.

The loan seeker will just have to pay Rs 500 to get registered on the platform.

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