Former BharatPe managing director (MD) and co-founder Ashneer Grover has launched Fund My Employees, a platform that permits employers to help mortgage purposes from their workers by performing as guarantors.

Grover introduced the launch in a LinkedIn submit on Thursday, 23 July.

Fund My Employees mentioned the service is meant for employees with low or no credit score historical past who want financing backed by an employer’s assure.

Employers can add workers members to the platform, set the quantity they’re eligible to request and overview their mortgage purposes earlier than agreeing to behave as guarantors.

Workers may provoke the method by submitting a mortgage request to their employer by means of the platform.

The corporate mentioned sanctioned loans are disbursed to staff, who repay the cash by means of equated month-to-month instalments, or EMIs, over the chosen tenure.

Fund My Employees says it operates as a Lending Service Supplier underneath the RBI’s digital lending pointers. It mentioned loans supplied by means of the platform are originated and sanctioned by RBI-registered lending companions.

The platform identifies Ash Grove Capital Non-public Restricted as its lending companion and describes the corporate as an RBI-registered non-banking monetary firm. Ash Grove Capital additionally lists Fund My Employees amongst its lending purposes.

Fund My Employees is operated by New Delhi-based Third Unicorn Non-public Restricted. Third Unicorn’s web site names Ashneer Grover, Madhuri Jain Grover and Aseem Ghavri as its founders.

The corporate additionally operates ZeroPe, a platform providing financing for hospital payments by means of month-to-month instalments.