PSB Online Loans Raise Rs 50 Crore From HDFC Holdings, TransUnion
Online PSB Loans (OPL) market raised Rs 50 crore from HDFC Holdings, a wholly owned subsidiary of HDFC, and global information and analysis firm TransUnion Strategic Investment (TRU).
The investment will see TransUnion and HDFC take strategic minority stakes in OPL, the company said in a statement. However, he did not mention the stake HDFC Holdings and TransUnion will hold in OPL.
Online PSB Loans is a lending platform that enables borrowers, primarily micro, small and medium enterprises (MSMEs) and individuals, to apply for a loan online and receive approval in principle in 59 minutes or less. ‘a bank or a credit institution.
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The funds raised will be used to help facilitate financing for individuals and MSMEs, the statement said.
“Through this partnership, the three companies will combine their unique strengths and capabilities in data, technology and analytics to explore the development of new products and solutions, which would transform the lending landscape in the country,” said OPL.
Commenting on the development, Jinand Shah, Managing Director and CEO of Online PSB Loans, said, “When we can provide more opportunities to Indian small and medium businesses and individuals through improved borrowing practices, the possibilities are there. infinite. “
“Together with TransUnion and the team at HDFC Ltd., we will expand access to lending services and improve our clients’ analytics capabilities,” added Ronak Shah, Co-Founder and COO, Online PSB Loans .
Meanwhile, Rajesh Kumar, managing director and CEO of TransUnion CIBIL, a TransUnion group company, said that OPL’s technology will enable the company to better serve its customers in India and “strengthen its commitment to small businesses as essential engines of global economic recovery ”.
Renu Sud Karnad, Managing Director of HDFC Ltd, said that “breakthrough innovation” for the MSME sector will benefit all stakeholders, as MSMEs are a major contributor to the socio-economic development of the country.
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“Digitizing the loan process will improve the customer experience and help save significant time and money. This is the preferred method of providing credit to clients, as has been our experience, as over 89% of new home loan applications are received through digital channels, ”she added.
The initiative aims to automate various loan assessment processes so that MSMEs get a letter of eligibility and approval in principle in 59 minutes, and retail borrowers get it in under 15 minutes from everyone. PSBs / major private sector banks and can choose any bank they want.
“The value of the contactless business loans offered ranges from Rs 10,000 to Rs 5 crore. The interest rate is among the lowest. The solution uses advanced algorithms to analyze data points from various sources such as computer returns, GST, bank statements, offices, Fraud Checks, MCA, etc. ”, according to the statement.