The credit gap was huge and hence fintech models stepped in with the idea to consider secondary data to do credit profiling and further lend.
The digital revolution in India is majorly about filling the gaps in addressing the gaps in tradition banking system. The age-old traditional system was time taking for users with a lot of hassle and collateral involved. The entrepreneur saw a wide gap and came up with business models to fill in the same. Today transferring money, availing business loans and consumer loans, credit score analysis, availing general and life policies etc, online has made it easy for users. Lending became the center of attention for the entire fintech fraternity this year.
Since fintech forayed in India a lot of business models were created to explore lending space. The credit gap was huge and hence fintech models stepped in with the idea to consider secondary data to do credit profiling and further lend. With technology time and hassle involved in conventional method reduced. Few of the leading players serving the space are:
Offering access to a personalized line of credit to salaried professionals through an app based platform, Money Tap offers short term cash loans as low as Rs 3,000 to consumers without any collateral. These loans require minimal documentation and can be approved in just a few hours.
Promising a unique borrowing experience to Indians, Happy Loans 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.
LoanTap is a fintech consumer lending platform delivering flexible EMI free loan products to salaried professionals. It uses technology to deliver smart and innovative products for millennials. Borrowers can choose custom- made loan products from an array of offerings like Overdraft Facility, Credit Card Takeover Loans, Rental Security Deposit Loans, Advance Salary Loans and consumer durable loans. Registered as LoanTap Credit Products Pvt. Limited with RBI, it is an NBFC offering unique products and features within the regulatory guidelines, thereby ensuring a fully transparent pricing structure.
CoinTribe is a leading SME lending focused marketplace that provides quick and easy, collateral free loans to Small Businesses with annual turnover between 1 – 100 Cr. Cointribe believes that effective underwriting is at the heart of solving the gap in SME lending market and is the only online lending platform that has back-tested its credit model with large banks and continues focusing.