Business Companies 24 Aug 2022 New fintech to solve ...

New fintech to solve loan application woes

DECCAN CHRONICLE. | DECCAN CHRONICLE
Published Aug 24, 2022, 6:14 pm IST
Updated Aug 24, 2022, 6:14 pm IST
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HYDERABAD: mymoneykarma, India’s largest home loan FinTech, announced the launch of India’s first fully integrated digital platform — the ‘KarmaPro’ portal.

“Seeking a home loan is a tedious process, one needs to approach multiple banks before the loan is sanctioned by one of them, but in the process valuable time is lost and every time a bank evaluates the application your credit score will be affected. mymoneykarma uses its intelligent algorithmic platform and industry experts to analyse a customer’s profile and needs to ensure a first-time-right application with the best-fit lender,” said Varun Agarwal, COO and Head of Business Development at mymoneykarma.

The start-up firm, founded by Stanford graduates, incubated in Silicon Valley at Stanford StartX, combines deep consumer understanding and industry knowledge with proprietary technology platforms to unlock tremendous value of customer savings.

The company has been accelerating the digital revolution in personal finance for close to a decade and had ramped up its partner network by an unprecedented 748 per cent in the last year. It has serviced over 1.9 million users with its six critical financial products.

A majority of borrowers in India are currently serviced by a highly fragmented arterial system of small-scale and medium-scale financial partners. The adoption of technology to streamline operations, maximize customer value and increase profitability, will yield disproportionate results for the entire industry.

mymoneykarma currently offers home loans, balance transfers, personal loans, credit repair and property loans. It will be adding working capital loans, credit cards, insurance, business loans, financial consulting and credit builder to its portfolio in due course.

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