As a developing country India has diverse citizens who are contributing to the Indian economy. However, the number of underserved is an indication of economic disadvantage. So, it is imperative to provide financial services to the underprivileged section of the society for their growth and economic upliftment. For India, digitalization is important as it is giving the larger population a chance to connect, which together allows the country for greater access to the benefits and opportunities of a modern economy. Similarly, digital lending is contributing to the Indian economy & providing financial security to the underserved with small size personal loans (Avg: INR 3,000-5,000). Leading digital lending platforms who are solving ‘uncreditness’ in India are listed below.
RupeeRedee
Incepted in 2018, RupeeRedee is a digital lending platform that allows consumers to fulfill their lending needs in simple steps with the help of technology. The app gives you the access to personal loans within few minutes on your fingertips. It is a tech driven digital lending platform that leverages technology and data sciences to make lending accessible for India’s massive population of underserved customers. With robust KYC and smooth process it makes the consumer journey hassle free, quick and also safeguard your data. It currently has 4.51 million Installs on Google play Store and has an average traffic of 400K on its website. Operating with its own Captive NBFC FincFriends Private Limited in the background to facilitate short-term personal loans coupled with digital lending services and have deployed various forms of underwriting including alternate data sources and is not restricted to credit score-based underwriting only. Following the Fair Practice Code and compliance process it offers its consumer a great experience and satisfaction.
mPokket
Founded in 2016, Kolkata-based mPokket is an instant loan app that provides loans to college students and young working professionals. Borrowers can avail loans ranging from Rs. 500 to Rs. 30,000 and the amount is directly transferred to their bank account. One can choose to repay in up to 3 months along with a nominal interest charge. Their customers do not need to submit any physical documents or visit a branch to get instant personal loans. They just need to apply online on the mPokket mobile app. With its low interest rates and rapid cash availability, mPokket is considered the top instant loan app, especially since it doesn’t require any long-term EMI commitments.
Nira
Co-founded by ex-Goldman Sachs colleagues Rohit Sen and Nupur Gupta, NIRA, a fintech startup offering small-ticket loans to blue and grey-collared workers via its mobile app and website. The company offers loans of up to Rs 1 lakh for up to one year, via its app-based credit line. Based on NIRA’s own parameters, it lends to borrowers with a good credit score at lower interest rates. It also lends to those who do not have a credit score and are first-time borrowers. The fintech startup tied up with Federal Bank for loan disbursal. In April, 2020 NIRA closed $2.1 million in Pre-Series A funding round from existing and new angel investors in the UK, Europe, and India.
Zestmoney
ZestMoney is an AI-driven EMI financing and Buy Now, Pay Later platform in India. ZestMoney is deeply integrated with the largest merchants in India including Amazon, Flipkart and MakeMyTrip, increasing the affordability of their products and helping them facilitate frictionless sales at a higher conversion rate to a larger base of customers. They also work with 3,000+ online partners and 15,000+ store partners, making the company a market leader in the space. ZestMoney has built a platform that integrates mobile technology, digital banking, and artificial intelligence, enabling people to apply for and get a digital credit line within seconds.
SmartCoin
Founded in 2016, SmartCoin Financials Pvt. Ltd. is an app-based consumer lending platform. They partner with RBI-registered NBFCs to offer instant personal loans to self-employed and salaried individuals. With a vision to address the concerns of the vast under banked in India, They are evolving from a micro-lending platform to providing a full suite of offerings, including gold savings, insurance, among others. With SmartCoin, one can get loans from ₹1,000 to ₹70,000 within tenure of 91 days to 270 days at a minimum interest rate of 20% and maximum interest rate of 36%.
Source : PR Agency
