New age fintech products for individuals

Today, the new-age fintech platforms have unveiled a plethora of opportunities for modern professionals to meet their financial needs. Such loan products could be as diverse as a personal loan, gold loans, and home loans to as petty as credit for mobile recharges and utility bill payments. Perhaps, the best aspect of these loans is that despite addressing unique demands of the customers, they come with a TAT (Turnaround Time) that traditional players haven't been able to emulate to this day. This is because of the enriched datasets, alternate repositories, advanced methodologies, and cutting-edge technologies such AI and Big Data that the new-age fintech players leverage for credit scoring and disbursements. So, let's have a look at how our fintech sector is improving the credit scenario of our country, thereby helping everyone meet their end-to-end credit requirements.

InCred is a new age NBFC offering bespoke loan products to consumers as well as businesses in India. Its product offerings include Personal Loans, Education Loans, SME Business Loans, Home Loans and Two-Wheeler Loans. It offers small & medium business loans with terms meeting the   specific needs of a borrower. It provides with simple and easy services such as Working Capital loans of up to 12 months, Business Loan (Collateral-free term loan) up to 36 months and Channel finances services benefitting its customers.

Happy 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. Happy also provides a unique product called Recharge Loans It has designed one of its kind products with refined user experience for the consumers to avail these ultra-short ticket and short term loans, which the consumer can utilize to recharge for self, family and friends with an average ticket size of 200 INR, Happy plans to do 1 Million loans by 2020 and continuously innovate its product offering. With its unique product, Happy believes that this product shall help drive ‘entertainment, education and utility consumption’ and create an ecosystem via which access to credit shall be made available to the underserved and unserved.

MoneyTap is India's first app-based consumer credit line. The “Credit Line” means that the bank will issue a limit of up to Rs. 5 Lakh, without any collateral or charging any interest. Against this limit, using the MoneyTap app, consumers can borrow as little as Rs. 3,000 or as much as Rs. 5 Lakh and repay it as EMIs from 2 months to 3 years. The app securely connects with the banking systems to give them not only an instant approval but also a credit limit, depending on individual credit history with real-time data from CIBIL. The technology enables MoneyTap to provide instant decision and instant access to money - 24/7, irrespective of holidays.

My LoanCare is India’s leading online loan marketplace, providing financial services and products at best rates across demographics in India. Powered by state-of-the-art custom-made technology, the digital platform connects borrowers with suitable lenders to ensure that they get the right loan product, matching with their needs and credit profiles. Borrowers range from entry-level workers and small businesses to high-net-worth individuals. Furthermore, My LoanCare is one of the key players. These loans are usually taken for short term requirements. Generally, these are used for children education, marriage and other financial emergencies in the family. Usually, rate of interest on jewel loan is relatively low as it a secured loan for banks and NBFCs. They provide loans under various schemes like an agricultural gold loan, EMI scheme, bullet repayment, and over draft scheme.