Currently, our nation already seems to have dived into the spirit of revelry with multiple high-intensity festivals just around the corner. And, as Indians, why shouldn’t we, especially considering the diverse and dynamic cultural heritage that our nation is blessed with. This year, adding to the ongoing revelries are several tech-driven digital lending platforms, which are leaving no stone un-turned to ensure that when it comes to festivals, money simply isn’t a barrier in celebrations!
So, here are some of the top platforms extending personalized loan products this festive season for wide-ranging use cases:
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in just a few hours The platform further offers a credit limit to its users with applicable interest only on the amount withdrawn by him or her, and not on the entire approved limit.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.
RupeeRedee: Gurgaon-based RupeeRedee is a new-age digital lending platform that leverages technology and data sciences to make lending safe, quick and hassle-free for India’s massive populace of underserved customers. It follows a 100 per cent paperless process of disbursing loans to customers at an average time period of 10 minutes. Through this, customers can conveniently get access to small-ticket loans ranging from Rs 5,000 to Rs 25,000. RupeeRedee has also introduced RupeeRedee Elite Program for its exclusive customers, where the existing eligible customers get pre-approved plus other benefits under the loyalty program.
OkCredit, your own ‘Udhaar Bahi-khaata’: Festive sales goes hand in hand with customer credit as a sizeable chunk of your regular customers always look out for it. This festive season, say goodbye to your physical credit book or ‘udhaar bahi-khaata’ and replace it with a digital one. OkCredit enables you to create different accounts, manage them, and settle payments anytime, anywhere. It also sends free SMS to your customers, thereby ensuring that both of the transacting parties are on the same page. This also decreases your turnaround time in credit recovery by prompting your customer with the remaining balance.
Qbera, for quick and easy credit: The biggest challenge that businesses have to face during the festive season is that of credit. Now, as we have already discussed that customer credit becomes indispensable for the regulars, it directly affects your business by eroding your working capital. This has all the more impact during the festive season as you have to constantly replenish your inventory and pay your suppliers. Here, digital lender Qbera brings about considerable difference by enabling you to avail loans worth up to Rs 15 lakhs. And, that too, with few quick and easy swipes and clicks.
HAPPY, forwarding smile for microentrepreneurs: Though credit availability might be relatively easier for larger businesses, the true challenge of credit underlies the ‘micro’ segment of MSMEs, where the data availability and visibility is considerably low. HAPPY solves this challenge by leveraging its AI-driven algorithms and channel-based approach. The platform has active partnerships with remittance players (such as POS vendors and mobile wallet companies) as well as different market entities. It sources relevant information of a credit applicant in real-time and disburses working capital loans to microenterprises in less than a minute, thereby solving an unfathomable challenge of the market.