Delhi-based Fintech startup Quikkloan is digital loan marketplace which facilitates personal loans through its leading partnered banks and NBFC’s. The Company offers loans to blue and white-collar salaried individuals with at least 20,000 a month through a mobile app and website. The company focuses on helping first time borrower to build their credit profile by offering loans through its partnered Banks / NBFC. Quikkloan was featured as Top 10 startups of a Global fintech accelerator Startupbootcamp in Mumbai Fintech Program 2017. 

It has raised a seed funding led by angel investors including Arun Diaz, advisor of Aavishkaar, Aasif Ahsan Khan, MD & CEO Of Fab Technologies and Sanjay Budhwar, a corporate honcho for an undisclosed amount. 

The startup will utilize the funding to improve the products technological, data science capabilities, hiring the team, ramp up marketing & sales and customer service teams to expand in more cities.

The Company is building end-to-end automated digital lending platforms to enable online disbursal of personal loans with an instant approval facility of credit to bank in minimum 48 hours. The company is aiming for loan processing and underwriting completely paperless unlike competitors is still sourcing leads online and service offline.  

The Company is developing proprietary credit decision underwriting platform using alternates data points such as social media, mobile handset data, bank statement, ITR, utilizing customers’ transactions histories, data points to assess factors like financial health, comparative market performance, social reliability and compliance and other data sources on big data analytics and machine learning to deliver creditworthiness of a salaried individual who are skilled blue and white collar Employee without a credit history.

In addition, Quikkloan is working on product recommendation rule engine, which will suggest the right products from various banks pool of products with features such as instant approval, paperless documentation and a digital customer on–boarding experience for quick approval and disbursals. 

The fintech startup also has future plans to foray into other financial products such as 0% EMI scheme, salary advance, virtual credit cards, 3-6 months educational loan, marriage loans, lifestyle loans and refinancing of credit card.

Our loan average ticket size 65,000 for a minimum tenure of 12 months. Since its inception, Quikkloan has received applications from over 100+ cities across all 29 states and union territories. The company plans to bring down loan ticket size to as low as 5,000 for duration of 3 to 12 months and is focusing on penetration in the Tier 2 and 3 markets. 

We aim to help NBFCs / Banks to lower credit risk, increase loan approval rates. Our product recommendation algorithm to suggest the right products, and customer acquisition or product distribution strategy makes us different from our competitors.

We are looking to data science and machine learning technique to develop more robust credit scoring underwriting platform by using alternate data.” says Jamil Akhtar Founder & CEO  has over 15 years of experience in research, advisory, consulting and investment banking.  

Quikkloan is looking to partner with startups & corporates including Uber, Zomato, Grofers, Bigbasket, Quess Corp, teamlease, flipkart and Amazon to offer short-term loans. The Company competes with IndiaLends, myloancare, shubhloans, and loantap among others 

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