These Entrepreneurs Want Indians to Take Smaller Loans

The millennial generation of today not only seeks loans for big-cheque properties like real estate, jewellery and vehicles, but they also tend to make smaller purchases including like gadgets, holiday packages, home decor  on credit or EMI basis.
To facilitate this bracket of people, we now have MoneyTap, India’s first app-based credit line. It is targeted directly at consumers and given to them in partnership with banks and is founded by serial entrepreneurs Bala Parthasarathy, Anuj Kacker & Kunal Varma.
Credit Line, a facility that was only available for businesses until now, is now being made available to consumers. The “Credit Line” means that the bank will issue a limit of up to INR 5 lakhs, without any collateral or charging any interest. Against this limit, using the MoneyTap app, consumers can borrow as little as Rs. 3000 or as much as Rs. 5 lakhs and repay it as EMIs from 2 months to 3 years. The interest is paid only on the amount borrowed and the rates can be as low as 1.25% per month. The limit also gets automatically replenished as soon EMIs are paid back.

Any salaried employee can download this free Android app and in a few minutes, using a patent-pending Chatbot interface, provide all the information typically required by banks. 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
Speaking to Entrepreneur India, co-founder Anuj said credit is very poorly penetrated in India. “We went out and tried to understand why it is so poorly penetrated. Broadly we realized that the need for credit is still very high. Typically in this market when we think of taking a loan, for instance a home loan or a vehicle, but at times you need to take a loan for a smaller amount. Typically one does not always think of a bank to go and ask for smaller amounts thinking about how long and tedious the process can get…,” he added.
Elaborating on product building, Kunal said that they post their analysis of consumer behaviour had realized that people were very prone assistive technology. “We came up with a way wherein the product should be very intuitive, simple and fast. …The app is built using an intelligent chat-based interface. You can download the app from Android Play Store for free and then you can do a chat-based interface…,” Kunal said, adding that the company had to take data privacy and security very seriously.
MoneyTap is launched in partnership with their banking partner, The RBL Bank. RBL’s technology enables MoneyTap to provide instant decision and instant access to money, 24/7, irrespective of holidays

The post These Entrepreneurs Want Indians to Take Smaller Loans appeared first on Essay Bishops.

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic Guarantees
  • Free title page and bibliography
  • Free unlimited revisions
  • Plagiarism-free papers
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Progressive delivery
  • Plagiarism report
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double or single line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Writing quality papers is a TOP priority. One expert takes one order at a time.
The service package includes topic brainstorm, research, drafting, proofreading, plagiarism check, citation formatting, and revisions.

Money-back guarantee

We appreciate how valuable your time is. Hence, we make sure all custom papers are 100% original and delivered within the agreed time frame

Read more

Zero-plagiarism guarantee

Each paper is written from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

We see it as our duty to follow all instruction the client provides. If you feel the completed paper does not meet your exact requirements, we will revise the paper if you let us know about the problem within 14 business days from the date of delivery.

Read more

Privacy policy

Your email is safe, we use your personal data for legal purposes only and in accordance with personal data protection law. Your payment details are also secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

You can easily contact us with any question or issues you need to be addressed. Also, you have the opportunity to communicate directly with assigned writer, e-mail us, submit revision requests, chat with us online, or call our toll-free on our site. We are always available to our customers.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
-->