How this Chennai-based Loan DSA (Fincover®) is revolutionizing the loan market?

In the recent years, India's fintech industry has been growing at a remarkable pace, transforming the way individuals access financial services. Innovation and accessibility hold the key to success for any fintech company. One Chennai-based startup is making waves by revolutionizing the way individuals and businesses access loans. Fincover® started in the year 2020, has rapidly emerged as the leading loan aggregator in India. At a time when the year-over surge in personal loans touched 32%, Fincover® is here to increase it further by several notches.

By leveraging technology and data this company has simplified the lending process and also empowered loan Direct Selling Agents (DSA) across the country. With its innovative approach and customer-centric focus, this company is reshaping the way financial products are consumed in India.

Streamlining the Loan Process

Traditionally, obtaining a loan has been a complex process where you will have to navigate through complex procedures. Chennai-based loan aggregator has acted as a one-stop platform for borrowers and lenders. By leveraging technology, the platform connects potential borrowers with lenders, thereby simplifying the whole loan process.

Partnering with banks and NBFCs

Fincover® has partnered with a vast number of banks and NBFCs providing users multiple loan options. By collaborating with these institutions, banks and NBFCs are able to offer a diverse array of loan options. Also, users can make a well-researched and well-informed choice by comparing various parameters of this loan.

Financial Inclusion

One of the primary goals of this Chennai-based startup is to promote financial inclusion in India. By simplifying the loan application process and expanding credit access, the company enables individuals from all kinds of backgrounds to fulfill their financial aspirations. Whether it’s a salaried professional or a self-employed individual, this loan aggregator DSA platform strives to cater to the unique financial needs of all segments of society.

Leveraging AI and ML

AI, ML, and Video KYC have improved the digital lending process by making it more efficient, convenient, and inclusive, resulting in increased loan penetration across various areas. These technologies provide can provide personalized loan recommendations based on their individual profiles, borrowers can make informed decisions that align with their specific needs and financial goals. The company utilizes advanced algorithms and machine learning to analyze borrowers' profiles and match them with the most suitable loan products.

PoSP model

Nothing replaces face-to-face interaction despite the prevalence of systems incorporated with high-end technology. By partnering with numerous PoSPs (point of sales persons), the company brings takes the loan process to customers’ doorsteps. PoSPs act as a bridge between the customers and the company. They contact the customer directly speak to them about their loan needs and assist them with the documentation processes.

This approach enhances borrowing accessibility for borrowers also increasing employment opportunities. PoSPs have huge revenue operations. For every loan they distribute to the potential customer,they receive commissions directly from the company. Right now, this Fintech Aggregator has partnered with more than 20000+ PoSPs to distribute and they are expanding further. Kumaran, Director of Fincover.com says “PoSPs help us reach far-reach areas, and help us connect with more people. We have plans to partner with more people in the future”.

Mobile App

As this Chennai-based startup continues to disrupt the fintech ecosystems with their sublime features in their platform, they remain committed to innovation. The company’s co-founder Naresh Rajaram informs us that they are in the process of developing a dedicated mobile app both for users and PoSPs which is expected to hit the market by the end of this quarter. The app when launched in full scale will prove to be a groundbreaker in the fintech space providing you with unparalleled convenience, choice, and control over your financial portfolio. It would provide a holistic view of your income, savings, debts, and investments in a single window.

source - https://www.fincover.com/

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