Aashish Kashyap-led INDmoney (former INDwealth) has been helping users manage investments, loans, expenses and taxes. And now with an idea to eliminate mediators in a loan cycle, the Bengaluru-based firm has started offering third-party loan products. These range from home, personal, against property and against investments.
Several aspects like income, credit score, the collateral value would be factored in before granting a loan to users and INDmoney has tied up with several banks to facilitate the loans.
According to information provided by the company, a personal loan can range anywhere from 12-36% while interest on a business loan is between 12-22%. The firm has also started offering on-demand credit at 9.99% interest rate. INDmoney will compete with a host of credit facilitators such as Capital Float, Aye Finance, and Indifi, among others.
Launched in late 2018, the SEBI-approved personal finance app was one of the few startups in India which received a $30 million seed investment. Kashyap, the former Group CEO of Ibibo Group, also has managed to get funds from the likes of Tiger Global and the firm has raised $58 million risk capital since its inception.
The app helps consumers track their net worth across assets and liabilities such as bank balance, stocks, EPF, PPF, bonds, mutual funds, loans, credit cards, and various other instruments.
Entrackr’s queries sent to INDmoney on its loan product did not elicit an immediate response. We’ll update the story as and when they respond.
The entry of INDmoney in loan segment will be tested among the presence of various competitors. Personal loan, especially on-demand, will cover more consumers for INDmoney, which so far has targeted at the affluent and HNI segments.
As per Sensor Tower data, INDmoney has a little over 78K downloads on Android and iOS. It’s worth noting that unlike many venture capital-backed fintech companies, INDMoney has not been pushing the product with an aggressive marketing push.
Among serial entrepreneurs, Flipkart co-founder Sachin Bansal had also started providing personal loans via Navi. The consumer-facing app, launched in May, targets low income-focused groups. Unlike others, Navi disburses loans through its own book.
