Tag: Business Loan

Loan MSME Sector
Business World

Top 5 NBFCs that are bridging the gap for education loans with minimal documentation

Dec 23, 2020 by Neel Achary 0 Comments #Business Loan, #disbursal of loans

Are you trying to send your kid to prestigious schools, colleges, and universities but getting short on budget? Gone are those days when students flocked to the neighboring colleges to seek admission. Today, the quality of education rules the roost in the job market. However, good quality of education comes at a high financial cost for students. Then how should one fulfill his educational dreams? The answer lies in education loans.

Though availing scholarships and other financial aid is also a viable option, it caters to only a few students based on their eligibility. Education loans thus can be crucial in molding the career plans of a student. It can make or break students’ dreams. Fortunately, almost every bank of India provides education loans, but getting the loans from the Banks can be a task itself. That’s where certain NBFCs can assist you in availing education loans. Hence, we have curated the list of Top 5 NBFCs that offers an alternative for speedy disbursal of loans and social lending norms for education loans.

Indian School Finance Company – is a NBFC- funding education segment exclusively by providing loans to Private Schools, loans to Affordable Schools, loans to Vocational Colleges & Institutes, loans to coaching centers, Loans to Teachers and education Eco space. ISFC believes that the cost of your child’s education should not be a burden on your finances. ISFC has launched the “Shishya Finance” scheme, a convenient and easy EMI mode of payment for your child’s education expenses. Their low rates and easy documentation process ensures that good quality education is now made accessible to everyone. It’s customised loans also help edupreneurs and institutions to build their infrastructure which helps them grow in size and enable them to impart quality education to students.

Varthana – Thirumeni Finance Pvt. Ltd.- Operated by Bengaluru based Thirumeni Finance Pvt Ltd.- Varthana Finance offers student loans for higher education for PUC, Degree, Vocational and Training Courses in India. They help you finance your studies in a course and college of your choice as they understand the education and admission process in colleges of India and hence provide tailor-made solutions to meet your needs.

Eduvanz Financing Private Limited– Eduvanz provides loans to individuals to pursue any vocational degree or skill development course at any institute either recognised or in partnership with the company. It has tie-ups with more than 80 institutes. Eduvanz also aims to offer loan products that will focus on supporting financial requirements for K-12 (kindergarten to 12th grade) programmes, online skill development courses and professional courses. Eduvanz’s mission is to make education universally accessible by providing easy, transparent and speedy financial assistance using innovative technology solutions.

InCred Financial Services Pvt Ltd. – InCred is a new-age financial services group that leverages technology and data-science to make lending quick and easy. They use technology and data-science to make lending quick, simple and hassle-free. They also believe traditional ways of lending can exclude those most in need because of outdated, rigid and often inefficient processes. InCred aims to support the India growth story and to aid current and future generations of Indians embark on their personal nation-building journeys – by removing the biggest hurdle our students face when dreaming of higher education – financing.

Shiksha Finance– Shiksha Finance, a non-banking financial company (NBFC) focusing on school and student loans, provides loans to middle and lower-income families to finance school fees of their children. The loans, secured through social collateral, can be paid back through a repayment schedule. At Shiksha Finance, Student loans can be availed by parents to finance tuition fees, books, uniforms, shoes, bags etc.

Loan MSME Sector
Business World

Top 5 micro-lending platforms to avail the short-term credit loans

Nov 26, 2020 by Neel Achary 0 Comments #Business Loan, #loan, #personal loan

Are you worried about the month-end expenses already because you have to pay important bills or a sudden expense came up and you are low on funds? The first instinct may be to ask family or friends and if the amount is quite high, you could decide to apply for a bank loan. But now micro-lending platforms are offering instant loans with competitive interest rates and tenure durations. Applying for a loan with these fintech companies isn’t just easy but also quicker than traditional options like banks. Hence, we have curated a list of the Top 5 micro-lending platforms to help you choose a loan by comparing and selecting the best loan as per your requirement.

  1. SmartCoin– SmartCoin is India’s first fully-automated next-gen Fintech company aiming to address the credit requirements of innumerous self-employed micro-entrepreneurs, micro-merchants, and middle/lower-income salaried individuals. At SmartCoin, anyone can avail loan from Rs. 1000 – up to 25,000 with a tenure of 91 days to 120 days. Through SmartCoin, you can avail of instant repeat loans as it also improves the credit history of the customer by allowing them to get higher loans later if the initial loan is repaid on time. Customers get a bank transfer once they finish filling in all details within a few hours on its app. It also offers its customers completely paperless transactions. SmartCoin also offers the Flexi-loan and repayment schedule options to its customers as well.
  2. MoneyTap- MoneyTap is a Bengaluru-based fintech company. It disrupted the digital lending business by offering lines of credit in the form of personal loans for consumers, in partnership with RBL Bank. It recently received an NBFC license, which they intend to use to enter into co-lending space with their lending partners. This allows them to offer better interest rates to customers. MoneyTap has been offering quick collateral-free personal loans to borrowers since 2016. One of its notable features is that it has a very simple documentation process for getting a personal loan. The mobile app also allows you to keep track of all the borrowings.
  3. Shubh Loans: Shubh Loans- a Bengaluru-based fintech startup which is a lending app that is helping a growing number of salaried employees (starting from 12K) in getting a loan of up to 5 Lacs with a long term (up to 4 years) EMI tenure. The smart credit model deviates from the traditional model (where the individual’s repayment capacity is the sole criteria) and replaces it with the Shubh Loans credit model (which analyzes repayment capacity of and intention-to-pay by the individual.
  4. Happy Loans: Happy to assess over 1,000 variables about the merchants to underwrite their micro-business. Its credit model is based on the merchant’s level of business engagement with the partner, his behaviour towards borrowing, APIs, demographics, and business trends. If the merchant is doing healthy business with the partner, he/she is likely to get a big credit line from Happy Loans.  Promising a unique borrowing experience to Indians, Happy Loans provides customised loan offerings to the micro-enterprises’  owners to meet their specific demands. It even offers micro business loans that start as low as Rs 2,000 for the duration of a minimum of 30 days.
  5. KreditBee– KreditBee is an instant personal loan app for young professionals. You can get a loan of up to ₹ 1 Lakh. The loan process is 100% online. The disbursement is done within 15 mins, and the amount is directly credited to your bank account. Launched two years ago, KreditBee is an Instant Personal Loan platform for self-employed and salaried professionals. They can apply for Personal loans starting from Rs 1,000 up to Rs 2 Lakhs as per their requirement. The documentation required is very minimal, and the entire process – starting from registration on our app to loan disbursement does not take more than 15 minutes. They offer Flexi Personal Loans that are the smaller ticket size loans ranging from Rs 1,000 to Rs 10,000, to suffice the needs of salaried and self-employed for small expenses or unexpected emergencies, as also an essential infusion from much-needed funds during cash crunch at the end of the month.
Loan MSME Sector
Business World

5 companies are providing support to the MSME sector

Sep 8, 2020 by Neel Achary 0 Comments #Business Loan, #FlexiLoans, #Happy Loans, #Locus, #MSME Sector, #Ziploan

Among the many parts of the economy that require immediate attention and support as a result of COVID are the micro, small and medium enterprises. While the RBI has allowed a moratorium on term loans, eased working capital financing and deferred interest payment on working capital facilities without an asset classification downgrade, there is a significant loan funding gap in the MSME sector.

Here are 5 companies that are working to help SMEs and MSME sector to evolve and stay afloat during these times –

Crediwatch

Crediwatch is an AI-enabled platform that provides actionable insights and flexible workflows for seamless credit management and faster lending decisions. Crediwatch does this with no human intervention by deploying AI /ML and NLP tools that use scalable deep learning technologies across disparate digital footprints left by private entities (big and small). The company has partnered with respected financial institutions such as – SBI, Aditya Birla Financial Services, Karur Vysya Bank, RBL Bank, APAC Financial etc. to provide credit intelligence of more than 50 thousand businesses. The company has provided insights on 50,000+ businesses and $7 billion loan portfolio.

FlexiLoans

FlexiLoans is an online lending platform which started with an endeavour to solve the problem that MSMEs face in accessing quick, flexible, and adequate funds for growing their businesses. The platform’s technology-powered online marketplace is the best model to meet the financial requirements of MSMEs, who do not have a credit history and hence, cannot avail business loans from traditional banking channels.

Ziploan

Ziploan, a tech-enabled, RBI registered NBFC, helps in providing loans to small businesses. The platform addresses the need of the SME sector, which has been ignored by financial institutions. The platform generates a unique ZipScore for each loan applicant by developing an automated underwriting algorithm.

Happy Loans

Happy Loans Happy Loans provides customised loan offerings to micro-enterprise owners to meet their specific demands. It assesses over 1,000 variables about the merchant to underwrite their micro business. Its credit model is based on the merchant’s level of business engagement with the partner, their behavior towards borrowing, APIs, demographics, and business trends.    The ML-based MSME sector digital lender has launched a ‘Lockdown Loan’. The digital credit facility is developed to address the working capital woes of Indian micro enterprises during the lockdown. It will provide them capital access of Rs 25,000 and Rs 50,000, with bullet repayment after six months.

Locus

Locus, a global B2B SaaS company, has announced the launch of a free tool ‘QuickStart,’ which is a self-serve lite version of the product suite for startups and small and medium enterprises to improve their supply chain efficiency amid COVID-19 pandemic. The company is also providing a free trial for two months from the start of the subscription, which will help them improve their supply chain.