5 FinTech start-ups advancing the digital lending process in India
By Leandra Monteiro
In the global financial services industry, the boost of FinTech has taken center-stage in the last decade. Tremendously growing computing power, widespread internet penetration, and increased internet speed and coverage have allowed FinTech solutions and start-ups to enter the global markets widely and rapidly.
In addition, expanding demands for inclusive financial services, customer expectations, and the business need to turn down the costs while providing faster, safer, and more reliable services support the rise and growth of FinTech. Here are 5 platforms in India that are advancing the digital lending processes making it convenient for lenders:
GalaxyCard: Founded in 2018, the company has acquired a huge customer base from across the country. The digital credit card can instantly be made available within 3 minutes and benefits the customers with no annual, joining, or interest charges.
GalaxyCard focuses on making credit cards easily available to customers with an income of less than 30k a month. Customers can simply download the app and make a free online registration for processing. The entire application process is digital and requires three basic details – PANCard, Aadhar Card, and Bank Statements. Unlike the traditional lending process, it eliminates elaborative paperwork and long processing duration.
RupeeRedee: A new-age digital lending platform, RupeeRedee leverages advanced technology and data sciences to make lending safe, quick and hassle-free for India’s massive population of underserved customers.
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.
LendingKart: Founded in 2014, LendingKart’s primary mission is to make it easy for SMEs in India to have easy credit access. It operates as an NBFC and focuses on the MSME lending and capital space.
LendingKart uses big data analytics to help lenders determine a borrower’s creditworthiness. It also completes the loan disbursal process much quicker than the traditional banks.
LoanTap: LoanTap Financial Technologies is an online platform committed to deliver customised loan products to millennials. The Pune-based company was established in the year 2016 with an aim to provide seamless consumer experience from the application to the disbursal process.
The platform is said to be committed to deliver flexible loan products to salaried professionals. LoanTap offers loans to help millennials achieve a life they desire. The company is said to deliver fast personal loans at customer-friendly terms. LoanTap’s focus is to delight its customers by helping them choose the best loan products.
CASHe: Mumbai-based CASHe is a digital lending platform for young salaried millennials. CASHe provides instant short-term personal loans ranging from INR 7,000 to INR 300,000 for tenure of up to 1 year to young working professionals based on their social profile, merit and earning potential and the company uses its proprietary algorithm-based machine learning platform.
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