IndiaLends offers Touchless Products in new Digital Lending 2.0 initiative

~ Online lending aggregator provides its API platform to partner banks and NBFCs

IndiaLends, one of the country's leading digital platforms, has launched Digital Lending 2.0 — a range of touchless and contactless products that include loans, insurance and a line of credit. The new offering provides consumers with quick and effective financial solutions both during and after the nationwide lockdown paving the way for a new normal.

Consumers can avail an instant Touch-Less loan and a line of credit anywhere from Rs 10,000 to Rs 10,00,000 through the company's mobile app or website. The entire process is touchless and contactless with no phone calls or physical contact either for the loan or KYC verification.

The loans come at low interest rates based on an individuals’ credit scores. For the line of credit, consumers will be charged only for what they use and can repay as per their convenience. Being the need of the hour, along with this, IndiaLends has also launched a range of insurance products for its customers.

IndiaLends CEO and Founder Gaurav Chopra said, “We, at IndiaLends, started our journey with a simple moto — make the entire borrowing experience convenient for consumers. In the current lockdown situation, we have been constantly working with our partners to make our borrowing channels easily accessible to all our retail consumers. Digital Lending 2.0 is our humble effort to reach out to consumers wherever they may be and provide the financial relief that they so need in these difficult times."

"At the same time, we are also supporting our lending partners by offering a plug-and-play solution for touchless lending. Through a simple API connect, NBFC’s and banks can lend digitally via the IndiaLends platform” Mr Chopra added.

IndiaLends uses its transparent and highly-advanced automated processing system to offer credit products to a customer-base of over 7 million through its 50-plus bank and NBFC partners across the country. The company is in the forefront of touchless services, which are ushering in a paradigm shift in the financial sector and the way fintech companies are lending to consumers.

About IndiaLends:

IndiaLends is India’s leading provider of credit reports. IndiaLends’ products include personal loans and lines of credit ranging from Rs. 10,000 to Rs. 50 Lacs, credit cards and insurance.

Available on both the web and mobile, IndiaLends offers instant loans to its customers with most products being fully digital. IndiaLends also provides technology, data and credit analytics solutions along with a loan management platform to financial institutions. IndiaLends is run by a team of credit risk professionals and data scientists with multiple years of experience in consumer credit. 

Gadgets See 103% Rise in Loan Applications this Diwali: Indialends Survey

This Diwali, Lifestyle spends have seen the highest growth in loan applications among metro cities where in loans for gadgets and electronics have seen a spike of 103% in 2019 as compared to 2018; while there has been a rise of 48% for personal loan applications for home renovation or improvement; loans for funding weddings saw an increase of 46%. All these can be attributed to the fact that Diwali is considered to be an auspicious occasion for shopping, gifting as well as home renovation as it is a symbol of peace and prosperity.

A staggering 95% increase was observed in loan applications for funding of business, where in Mumbai witnessed the highest growth followed by NCR and Bangalore with 137%, 113% and 80% increase respectively. Tier 2 cities also saw a 43% increase in the applications for travel loans, followed by a spike of 42% in debt consolidation in 2019 as compared to 2018. 

These were some of the significant findings of a new survey on loan trends among Indian millennials conducted by IndiaLends — a new-age digital lending platform around the festive season. 

The study was conducted among Indian millennials across six major metro cities — Mumbai, NCR, Bangalore, Hyderabad, Chennai, and Kolkata as well as six Tier 2 cities including Jaipur, Ahmedabad, Lucknow, Indore, Chandigarh and Vizag.  In all, 12,391 respondents were evaluated for their loan requirements in eight main categories, namely Wedding, Funding Business, Education, Travel, Debt Consolidation, Home Renovation, Gadgets or Electronics and Unexpected Expenses. 

 

 

Some of the other findings were: 

• There has been a 50% rise in loan applications among women in 2019 as compared to 2018 in Bangalore whereas 48% women in Mumbai have applied for loans in 2019 as compared to 2018 


• The loan ticket size range was between 17,000 to 15,00,000 for funding businesses; while home improvement cost varied between 40,000 to 28,00,000 in INR


• The wedding loan ticket size was in the range of 20,000 to 29, 00,000; while loan for unexpected expenses like medical emergencies was in the range of 38,000 to 34,00,000.


• NCR saw the highest change in loan applications for weddings being 98% as compared to 2018; whereas Bangalore recorded the highest change in applications in travel loans being 64%


• Mumbai saw a change of 105% in loan applications for home renovations in 2019 as compared to 2018 while NCR recorded the highest change in loan applications for gadgets and electronics being 286%. 

IndiaLends Founder and CEO Gaurav Chopra said, “The survey was an attempt to understand and assess how millennials spend during the festive period of Diwali. Millennials of today are a true embodiment of the philosophy 'Work hard and Play hard', and this was further substantiated through the survey findings. Giving impetus to the same, we saw a major increase in loan applications for gadgets and electronics, travel and weddings. Millennials from Tier 2 cities aren't much different from their metro counterparts. 

Moreover, an increase in the applications for business purpose and debt consolidation proves how financially conscious and aware they have become. We have been constantly working towards helping our customers have a healthy credit behaviour and we can say that our customers are now financially more prudent and are taking better financial decisions. The findings of the survey have helped us recognize that while we have made significant progress in that direction, there is still more work to do.” 

IndiaLends is India’s leading provider of personal loans and credit cards. IndiaLends’ products include personal loans and lines of credit ranging from Rs. 10,000 to Rs. 50 Lacs, Credit Cards and Free Credit Reports. Available on both the web and mobile, IndiaLends offers instant loans to its customers with most products being fully digital. IndiaLends also provides technology, data and credit analytics solutions along with a loan management platform to financial institutions. IndiaLends is run by a team of credit risk professionals and data scientists with multiple years of experience in consumer credit. 

IndiaLends Raises $4 Million from American Express Ventures and Existing Investors

Fintech startup IndiaLends.com has raised $4 million in Series A funding from American Express Ventures, existing investors DSG Consumer Partners, Chinese investment firm Cyber Carrier VC and AdvantEdge Partners. The latest round of funding will be used by the company to expand its credit underwriting and analytics capabilities, offer more consumer-focussed products and increase its market footprint across India.

Started in March 2015 by ex-Capital One duo Gaurav Chopra and Mayank Kachhwaha, IndiaLends is a credit scoring and analytics platform focussed on disrupting the fragmented consumer lending market in the country. The company operates an online marketplace that allows consumers to shop for loan products, as well as access credit scores and financial education. It currently attracts over 140,000 visitors every month, and helps them to more quickly get access to cheaper credit. It also provides credit scoring solutions to financial institutions to help them increase their lending footprint.

“IndiaLends’ platform is helping to connect lenders and borrowers in India more efficiently by providing a user-friendly experience for consumers and leveraging a broader set of data than has traditionally been available to financial institutions in the market,” said Rohit Bodas, Partner at American Express Ventures. “We are pleased to support IndiaLends’ efforts to help consumers find credit solutions that meet their individual needs.”

“We have witnessed strong traction in the past year with our loan volumes growing 100% quarter-on-quarter,” said Chopra. “We have partnered with over 30 banks and Non-Banking Financial Companies (NBFCs) and now offer bespoke lending products in segments that have been historically underserved. The superior quality and quantity of data is helping financial institutions underwrite more and more of our customers. This new round of funding not only gives us the capital to scale exponentially but also provides us access to resources and learnings from developed fin-tech markets such as the U.S. and China.”

“Over the course of last year, we’ve made significant improvements in our data, analytics and technology capabilities. We’re now looking to build on this and have recently introduced products like credit builder loans for first-time borrowers, in partnership with select Banks and NBFCs,” said Kachhwaha, who is a part of the Forbes India ‘30 Under 30’ list. “We’re poised to provide affordable financial products to customers who would otherwise borrow from money lenders or payday companies at prohibitively high rates.”

IndiaLends’ strong product portfolio and experienced team of over 100 data scientists, technologists, marketers, and customer reps, has attracted interest from global institutional investors, including China’s Cyber Carrier VC. “We are committed to working with entrepreneurs that are solving some of the toughest problems in Consumer Finance, such as inadequate access to financial products, low financial literacy and poor lending processes. We are thrilled to partner with IndiaLends, which has extensive experience in consumer finance, tech, and data science and can lead the Fin-Tech revolution, aimed at overcoming these challenges worldwide,” said Jessica Wong, Managing Director, Cyber Carrier VC.

IndiaLends will continue to strengthen its proposition for customers and financial institutions by investing in its superior data analytics capabilities, which allow it to better assess customer segments that currently do not meet traditional scoring parameters.

IndiaLends was previously funded by DSG Consumer Partners and individual investors Siddharth Parekh and Gautham Radhakrishnan. “We continue to support IndiaLends in its endeavour to provide financial institutions with technology and risk-assessment capabilities that will help them lend to consumers at scale. The company’s track record and strong financial and business fundamentals, along with its team’s ability to create products that have high product-market fit has increased our faith in their vision and execution capabilities.” said Deepak Shahdadpuri, Managing Director, DSG Consumer Partners.