Fintech startups that will lead the way to full financial inclusion in 2019
In the last year, we saw a significant rise in the number of fintech startups coming up that aims at providing instant loans for various needs for their users. But not all startups survive long enough to see the brighter and successful days. Only those startups who have a strong team, robust technology and detailed understanding of the financial landscape survives in the long run.
Reports suggest that there are still a huge section of our population who cannot avail loans facilities due to irregular income and poor financial background. Many people noticed this gap and started up companies who can address to this specific section of people and make personal loans accessible to them. These startups are indeed paving the way for full financial inclusion for India, in the coming years.
- Shubh loans:
In India, most loan applications are done for expenses that cannot be paid out of the pocket, and mostly the monetary needs are urgent in nature! While everyone recognized this problem area, there was no one really willing to come up with a solution. Thankfully, Monish Anand had other ideas. His experience of over 20 years in both technology and banking domain helped him think a viable solution. His brainchild, Shubh Loans which happens to be India’s leading mobile lending platform, is already making the loan process simpler and more transparent for people in India.
Shubh Loans (a part of Datasigns Technologies), a digital lending platform that helps borrowers who find it difficult to secure formal approvals to get loans. Datasigns Technologies is a mobile-first lending platform, which lends via their Android application called Shubh Loans. Shubh Loans is a vernacular language app which builds a proprietary credit score and reports for loan applicants, thereby helping them understand their credit standing holistically.
Talking about the platform, Monish Anand Founder and CEO, Shubh Loans says “Finding unregistered borrowers is a challenge, and we are currently using digital, offline and strategic partnerships as a means to acquire these customers. We are also constantly experimenting to find new and innovative ways of reaching out to our customer base”.
- Dhani:
Indiabulls Dhani is an instant personal loan app which will make your personal financing needs easier than ever before. Users may apply for a personal loan of upto 1000 to 1 lac, two wheeler loan, car loan, travel loan, marriage loan or medical loan instantly through this app. The users can do all of this by just sitting at home, and without bothering oneself by visiting nac=nks or calling agents at home
The app claims to offer the best interest rates in the sector – 11.99%, without any guarantee or security.
- Jai Kisan:
Jai Kisan’s platform is built to empower the growth of Rural Indians, especially farmers. The platform provides low cost and timely financing for agricultural equipment, dairy equipment and other rural yield generational assets that is more flexible and transparent than any other credit option available today. The Jai Kisan platform integrates various stakeholders (farmers, vendors, financial institutions and buyers) in the agriculture value chain.
Jai Kisan was founded by Arjun Ahluwalia and Adriel Maniego, graduates of Texas A&M University. The team comes with diverse work experience across private equity, venture capital, restructuring and management consulting. The platform has been supported by renowned global institutions like Bill & Melinda Gates Foundation, JP Morgan, Government of Maharashtra, IIM Ahmedabad to name a few.
- Qbera:
This app offers loan facilities from Rs 50,000 to 25 lacs to salaried people who have a monthly salary of less than Rs 20,000. Qbera.com was founded by an ex-investment banker at Lehman Brothers, London, Aditya Kumar, in January 2017. Headquartered in Bengaluru, this start-up is a product of Creditexchange (a Bengaluru-based fintech start-up in the consumer lending space) that provides lending services through an end-to-end digital platform.
