If demonetization helped India to “accept” digital paymentsthe Covid-19 pandemic further accelerated the growth of the segment. In fact, India is one of fastest growing fintech markets in the world.
The increase in internet penetration has led to the rapid adoption of the products of the new era of Banking, Financial Services and Insurance (BFSI), including digital lending services.
As the name suggests, digital loan involves an online approach to loan applications and the disbursement process. With the widespread use of smartphones, flexibility of the credit range, and convenience by taking advantage of loans, this market is growing at a rapid pace.
According to MarketsandMarkets, the global digital lending market is expected to grow from $10.7 billion in 2021 to $20.5 billion by 2026 at a CAGR of 13.8%.
Additionally, fintech startups in India offer innovative digital loan products go beyond the limits of traditional lending process, restoration in underserved sections of society and help with small loans in a transparent way.
Here are some instant cash lending platforms that will help you meet urgent money needs, with smooth and easy access.
instant personal loans up to Rs 5 lakh with the set KYC process takes place via its mobile application.was founded in 2015 by Bala Parthasarathy, Anuj Kacker, and Kunal Verma. the Start-up based in Bangalore offers
“We are a consumer loan company, so our customers need to know us. At first, it was difficult to explain the product – a line of credit. They constantly asked us why we couldn’t give them a term loan. It took time to explain to them the features and benefits of a personal line of credit and to convince them that it was better because it met their need to borrow small amounts.However, we had to run the risk of losing valuable customers just because they weren’t ready for our product,” said Bala in a previous conversation with Your story.
In January 2020, the startup raised Rs 500 crore in a cycle of capital and debt of Aquiline Technology Growth (ATG), RTP Global and redwood indiato accelerate its growth trajectory, invest more in technology and data science.
Launched in 2015 by Gaurav Jalan, Based in Kolkatais a instant loan app for college students. The principal sum offered is Rs 500, and the borrowing limit increases over time and can be repaid within 1 to 90 days.
“We saw an opportunity to leverage the growing smartphone penetration to create an app. Through this app, tech-savvy students could easily and instantly borrow small amounts of money to meet urgent cash needs,” Gaurav said earlier. Your story.
Founded by Tushar Aggarwal in 2016,offers a innovative line of credit card in association with VISAwhich allows users to access their loan facility with easy monthly payments and no annual fees.
“Our goal is to fuel the aspirations of our customers through a simple and transparent digital credit model. In a short period of time, we need to multiply our customer base by several times. Our partnership with DMI Finance will help us further accelerate our growth and grow our footprint across India. We look forward to creating a differentiated value proposition for our borrowers,” Tushar Recount Your story in a previous conversation.
Founded in 2018 by Jitin Bhasin,is a Digital lending platform based on Gurugram which allows consumers to access personal loans in minutes.
The startup has approximately 4.51 million installs on the Google Play Storeand claims to have an average traffic of 4,00,000 on its website.
“We started with a mission to make loans accessible to all parts of our country, offering small loans to the majority, and through this we also help them build their credit score,” Jitin Recount Your story.
In October 2019, the startup raised $6 million from International digital finance for small consumer loans.
Founded in 2018 by Madhusudan Ekabaram,is an instant personal loan platform for self-employed and salaried professionals who can apply for a Personal loan from as low as Rs 1,000 up to Rs 2 lakh.
The documentation required is minimal and the whole process – from registering on the application to disbursing the loan – takes 15 minutes, and the money is immediately transferred to the user’s bank account. In June 2021, the startup raised Rs 60 crore from Indian SME SIDBI.
In an earlier conversation with Your storyMadhusudan said, “We aspire to be the leading financial services platform offering banking products to the Indian middle class.
Founded in 2015 by Krishnan Viswanathan and Karan Mehta,is a Mumbai-based digital platformoperated by ONEMi Technology Solutions Private Limitedaimed at providing quick and hassle-free credit financing to customers.
“Our goal at Kissht is to offer instant, hassle-free credit on the back of our self-learning, strong underwriting and collection capabilities, paving the way for low-income segments and small business owners,” Krishnan said.
In January 2022, the startup raised Rs 100 crore in debt led by Capital of Trifecta and North Arc to expand its scale of operations and improve its offerings.
Founded in 2016 by Against Raman Kumar, Yashoraj Tyagu, and Yogi Sadana,is a Mumbai-based digital lending platform for young, salaried millennials. CASHe offers quick, short-term personal loans from from Rs 7,000 up to Rs 3,00,000 for a term of up to 1 year to young working professionals based on their social profile, merit and earning potential.
“We wanted to challenge the status quo of digital lending business in India, using technology to change the whole delivery system seamlessly. We looked at the prevailing lending business in India and at abroad to create a unique business model,” said Yogi Sadana. Your story in a previous conversation.
According to him, the aim of CASHe is to provide millennials working in urban areas in India “with a path to better financial health, with the help of technology through their smartphones”.