RupeeLend has launched a unique application to put an end to the short term financial needs of young professionals who face problems in acquiring an instantaneous short term loan at the time of need. The app that was launched in September 2015 provides short term loans ranging from Rs. 10,000 to Rs. 1,00,000 for new customers and a maximum loan of Rs 1,50,000 to repeat customers. We also source customers who are new to credit, therefore we become a viable and quick funding lenders for such customers.
The most wonderful thing about this app is that it absolves you from the need of any paperwork or human interaction, thus making the process hassle free and quick. Any Salaried employee can download our free Android app in few minutes and can apply for the loan for which customer need to upload the KYC documents required for approval, after which we fetch online-real time bank statement, Pan Number validation and eKYC Check with Bureau reports and social networking status. post screening and validation. The app has an A-I driven decision making system with multiple algorithms that give a verdict on customers social quotient and future repaying ability. The risk associated and the predictive analysis for judging the life cycle of a transaction is determined proactively by the app. After the approval from our credit engine the loan is automatically disbursed into the customer’s account.
The interest rate ranges from 0.1% to 1% per day and benefits are provided to repeat customers or those who have referred new customers to the app. The services of the app which is free to download can be availed by any salaried employee who may apply for a loan and all of this takes place within a few minutes. The customer is required to upload a few mandatory documents which are verified online and the approved amount is then directly disbursed into the customer’s account.
Customer acquisition & verification’s are 100% online.Our systems are specially designed to help our users access their loan accounts & credit history and process transaction-related documents digitally without physical lag and then with the help of our credit engine we shortlist borrowers for loan requirements and our interface provides regular updates to involved stakeholders regarding transactional updates.
The app has been very warmly received by a wide range of audience with the first year profits crossing well above 50 lakhs.