It helps to search, compare and apply for loans
Vineet Jain
Mumbai: If you are looking for a loan and are confused about which bank to approach, there is now a new online market place for financial products, which helps you search and compare loans offered by various financial institutions. All you just need to do is to visit LoanStreet.in, which not only helps you to search, compare and apply for loans, but also provides complete hand-holding by professional relationship managers for a hassle-free experience until the loan is disbursed and the amount is credited in your account.
“There are a lot of online market place solutions in India, but the majority of them just generate leads and provide it to banks. What we offer is an end to end solution starting with customer requirements to final disbursements of the loan,” said Vineet Jain, co-founder and chief executive officer (CEO), LoanStreet.in.
“Here, the customers have multiple choices. Based on the customer requirement, we will make a score card of banks and would suggest only those banks, which suits his or her needs,” he added. The 45-day old Mumbai-based start-up has already witnessed over 6,500 customers visiting its website.
“Around 450 customers have applied for loans out which disbursements have happened in 250 cases. The overall loan disbursement stood at Rs 9.5 crore,” said Mr Jain. While the customers can access its service free of cost, the company charges about 1.2-1.3 per cent of the loan value from the concerned bank. According to industry estimates, the online retail loan market is expected to hit Rs 9,000 crore – Rs 12,000 crore during this financial year.
Mr Jain said that the online retail loan market is just about 1-2 per cent of the total retail loan book and there is a huge growth opportunity in the coming years. The company expects to disburse loans worth Rs 1,000 crore in another one year.
Currently, LoanStreet.in is in discussion with a couple of venture capital (VC) and private equity (PE) funds to raise capital for its expansion needs. The company has presence in seven cities and plans to expand its footprint in 10 more cities in the coming months. “Customers from about 45 cities have approached us. We need presence in those cities to serve our customers better. We are in active discussion with couple of investors as we need funds to grow faster,” said Mr Jain.
( Source : deccan chronicle )
Next Story
