Being a blogger comes with its own perks. Not only does it help you get away from the routine monotony of the life, at times, it also helps you with experiences you can feel good about. I recently had an opportunity to attend a virtual bloggers’ meet wherein I came across a unique lending product – Happy Loans, a savior for the financing needs of the unbanked population.
Happy Loans is an end to end digital micro lending platform for over 60 crore people who do not access to mainstream banking in India. Catering to the lower-end population, the loan amount starts from as low as Rs. 2000 to Rs. 1 Lakh depending on the repayment capacity of every individual. The tenure also is very flexible & ranges from as short as 30 days to support businesses to boost situational working capital requirements. These loans are available at competitive interest rates as prevailing in the market for such niche. However, being technology driven, the financing costs emerge out to be far more affordable when compared with the unorganized lending sector.
The name ‘Happy Loans’ indeed points towards something bringing happiness for someone and when I study the product and the offering, I genuinely believe, it does. The experience of banking & credit particularly is so intimidating that most customers want to refrain from engaging with these products. This product seeks to change this thinking by designing a lending solution that gets him a loan in just a few clicks. The prospective borrower just needs a bank account, Aadhaar Number and a couple of identification proofs to complete the KYC process and get his loan eligibility. Besides this, all the process goes digitally, be it getting the loan or repaying it back, everything is available with just a few clicks. So, here is a product that offers 100% paperless micro lending, an end to end digital (including repayment) and Instant disbursements and all of it comes at an affordable cost.
The offering is being made by ArthImpact Finserve Private Limited, an entrepreneurial venture started off by Mr. Manish Khera, who has been worked in high ranks with ICICI Bank, Fino PayTech and Airtel Payments Bank. I have been even otherwise following Mr. Khera for his earlier stint with Fino Paytech, the largest banking correspondent and now the youngest Payment Bank in the country. Starting this journey in December 2016, the Company has now spread across 100 locations across the country and has already disbursed 5000 loans in the test phase.
However, given the Govt.’s agenda of financial inclusion in the country, the Company is emerging as a banking revolution. Being a pioneer in the digital micro lending space, the Company is all set to tap the opportunity for growth in this sector which is still underexposed.