credit management

Five digital lending platforms for festive shopping 2019

Here are some of the digital lending platforms extending personalized loan products this festive season for wide-ranging use cases

Currently, our nation already seems to have dived into the spirit of revelry with multiple high-intensity festivals just around the corner. This year, adding to the ongoing revelries are several tech-driven digital lending platforms, which are leaving no stone unturned to ensure that when it comes to festivals, money simply isn’t a barrier in celebrations! Take a look at some of such platforms:

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 The platform further offers a credit limit to its users with applicable interest only on the amount withdrawn by him or her, and not on the entire approved limit.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.

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. RupeeRedee follows a 100% paperless process of disbursing loans to customers at an average time period of 10 minutes. Its application process requires minimum documentation and the customers can get access to small-ticket loans ranging from Rs 5000 to 25000. The digital lending platform also has a new product in the pipeline, which will cater to individuals seeking larger loan amounts. 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: Festive sales go hand in hand with customer credit as a sizeable chunk of regular customers always lookout for it. OkCredit enables one to create different accounts, manage them, and settle payments anytime, anywhere. It also sends free SMS to customers, thereby ensuring that both of the transacting parties are on the same page. This also decreases turnaround time in credit recovery by prompting the customer with the remaining balance.

Qbera: 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 business by eroding their working capital. This has all the more impact during the festive season as businesses have to constantly replenish their inventory and pay their suppliers. Here, digital lender Qbera brings about considerable difference by enabling one to avail loans worth up to Rs 15 lakhs.

HAPPY: 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.


(The listicle has not been compiled or written by DataQuest editors)

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