A look at some of the most interesting financial products that can ease things during trying times
Anyone can face the proverbial rainy days at some point or the other. And when we do, its impact can be seen on every facet of our lives. So, as the time-tested maxim goes, ‘they too shall pass’. However, this cannot happen without planning and external assistance. Thankfully, there are several lending platforms that – irrespective of your credit requirement – are always there to help you with your financial need.
Let us have a look at some of the most interesting financial products that can ease your life at such times:
Qbera: Gone are the days when self-employed people had to constantly visit banks and relevant government agencies (for additional paperwork) to secure a loan. All they now need to do is log on to a platform (Qbera), make a few clicks and swipes, and get their loan disbursed (from Rs 1 lakh to Rs 15 lakh) in a matter of minutes. The platform analyses the open banking data secured through UPI and its private partners to understand the cash flow of a self-employed person, thus extending them credit services with quick, easy, and minimal documentation. The company has successfully maintained a below-1per cent NPA rate (with current NPA exposure at 0.9per cent) using its tech-based approach.
MoneyTap: Via its app-driven approach, MoneyTap offers collateral-free short-term loans having ticket size as less as Rs 3,000. Such loans require minimal documentation and can be approved in just a few hours The platform further offers a credit limit to its users with applicable interest only on the amount withdrawn by him or her, and not on the entire approved limit. The part is that this credit limit comes with lifetime validity for each customer, making it a go-to platform for everyone.
HAPPY: AI-based lender HAPPY extends loans to small businesses which are less costly and more reliable than informal borrowing. The platform is now also extending its purview to small-ticketing consumer lending as well as the logistics sector, having proven its scalability within the MSME industry. The platform leverages a channel-based approach and extends its loan products via its channel partners, providing flexible digital loans to its customers in over 500 locations across India.
InCred: 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 and Two-Wheeler Loans. The most lucrative part of the lender is that it adopts a personalized approach for each and every loan product, thereby tailoring it precisely as per its customers’ individual needs.
If you are looking for help during your rainy days, these platforms will surely get you going. Check them out yourself – with your smartphone or otherwise – for more information. All the best!