Monday, Aug 03, 2020 | Last Update : 11:48 PM IST

132nd Day Of Lockdown

Maharashtra44122827680915576 Tamil Nadu2632221964834132 Andhra Pradesh166586828861474 Delhi1384821233174004 Karnataka134819577252496 Uttar Pradesh97362533571730 West Bengal75516527301678 Telangana6766048609551 Gujarat63684466892482 Bihar5956736637322 Rajasthan4495531216706 Assam4290532385105 Haryana3629729690433 Odisha3491321955236 Madhya Pradesh3353523550886 Kerala259121446383 Jammu and Kashmir2141613127396 Punjab1785311466423 Jharkhand121884513115 Chhatisgarh9608699158 Uttarakhand7593443786 Goa6530466853 Tripura5248346323 Puducherry3806230952 Manipur283117377 Himachal Pradesh2654150813 Arunachal Pradesh19359693 Nagaland19356484 Chandigarh111769819 Meghalaya8742645 Sikkim6582891 Mizoram4702580
  Technology   In Other news  17 Jun 2019  New age fintech products for individuals

New age fintech products for individuals

THE ASIAN AGE.
Published : Jun 17, 2019, 6:31 pm IST
Updated : Jun 17, 2019, 6:31 pm IST

Product offerings include Personal Loans, Education Loans, SME Business Loans, Home Loans and Two-Wheeler Loans.

My LoanCare is India’s leading online loan marketplace.
 My LoanCare is India’s leading online loan marketplace.

Today, the new-age fintech platforms have unveiled a plethora of opportunities for modern professionals to meet their financial needs. Such loan products could be as diverse as a personal loan, gold loans, and home loans to as petty as credit for mobile recharges and utility bill payments. Perhaps, the best aspect of these loans is that despite addressing unique demands of the customers, they come with a TAT (Turnaround Time) that traditional players haven't been able to emulate to this day. This is because of the enriched datasets, alternate repositories, advanced methodologies, and cutting-edge technologies such AI and Big Data that the new-age fintech players leverage for credit scoring and disbursements. So, let's have a look at how our fintech sector is improving the credit scenario of our country, thereby helping everyone meet their end-to-end credit requirements.

InCred is a new age NBFC offering bespoke loan products to consumers as well as businesses in India. Its product offerings include Personal Loans, Education Loans, SME Business Loans, Home Loans and Two-Wheeler Loans. It offers small & medium business loans with terms meeting the   specific needs of a borrower. It provides with simple and easy services such as Working Capital loans of up to 12 months, Business Loan (Collateral-free term loan) up to 36 months and Channel finances services benefitting its customers.

 

Happy provides customized loan offerings to micro enterprise owners to meet their specific demands. It even offers micro business loans that start at as low as Rs. 2,000 for durations as short as 30 days. Happy also provides a unique product called Recharge Loans It has designed one of its kind products with refined user experience for the consumers to avail these ultra-short ticket and short term loans, which the consumer can utilize to recharge for self, family and friends with an average ticket size of 200 INR, Happy plans to do 1 Million loans by 2020 and continuously innovate its product offering. With its unique product, Happy believes that this product shall help drive ‘entertainment, education and utility consumption’ and create an ecosystem via which access to credit shall be made available to the underserved and unserved.

 

MoneyTap is India's first app-based consumer credit line. The “Credit Line” means that the bank will issue a limit of up to Rs. 5 Lakh, without any collateral or charging any interest. Against this limit, using the MoneyTap app, consumers can borrow as little as Rs. 3,000 or as much as Rs. 5 Lakh and repay it as EMIs from 2 months to 3 years. The app securely connects with the banking systems to give them not only an instant approval but also a credit limit, depending on individual credit history with real-time data from CIBIL. The technology enables MoneyTap to provide instant decision and instant access to money - 24/7, irrespective of holidays.

 

My LoanCare is India’s leading online loan marketplace, providing financial services and products at best rates across demographics in India. Powered by state-of-the-art custom-made technology, the digital platform connects borrowers with suitable lenders to ensure that they get the right loan product, matching with their needs and credit profiles. Borrowers range from entry-level workers and small businesses to high-net-worth individuals. Furthermore, My LoanCare is one of the key players. These loans are usually taken for short term requirements. Generally, these are used for children education, marriage and other financial emergencies in the family. Usually, rate of interest on jewel loan is relatively low as it a secured loan for banks and NBFCs. They provide loans under various schemes like an agricultural gold loan, EMI scheme, bullet repayment, and over draft scheme. 

 

Tags: fintech, loans