New Delhi, December 11, 2017: Cash Suvidha, a startup Fintech company extending business loans to SMEs, MSMEs, startups, and women entrepreneurs & personal loans to individuals across India, has entered into a strategic partnership with HomeCapital to provide unsecured credit at zero percent interest to first-time homebuyers in Pune, Bangalore & Mumbai Metropolitan Region.
First-time homebuyers have always been a driving force in real estate because they enable existing homeowners to trade up to bigger homes and create demand for new construction. HomeCapital is a fintech company, which is focused on providing down payment assistance to first time home buyers. Together, Cash Suvidha & HomeCapital aim at revolutionizing the first home buying through the Downpayment Assistance Program. They are changing the way loans are procured, assessed & disbursed. Through this partnership, Cash Suvidha aims to target First-time homebuyers, salaried people in the age group 20-45 years, living in Mumbai Metropolitan Region, Pune, and Bangalore.
Commenting on the same, Mr. Rajesh Gupta, Founder, Cash Suvidha, said, “Access to funding can change with the way lenders determine an applicant’s creditworthiness. With the new and innovative financial technologies and systems we work on a person’s social credit rather than quaint traditional creditworthiness, we extend credit to applicants who don’t have access to traditional lending practices. We have developed our own ‘Suvidha Social Score’ for assessing creditworthiness using social media portals to check educational & professional backgrounds, tracking lifestyle spends, payments behavior, and spending patterns”
The founder’s past experience in the Real Estate sector helps in addressing, understanding & overcoming the core problem of Homebuyers, which is making the first lump sum payment. This isn’t the first strategic partnership for Cash Suvidha. Prior to this, Cash Suvidha also tied up with LoanMeet in Bangalore to provide easy finance to smartphone retailers, with RupeeLend to provide easy payday loans for emergency situations, with KrazyBee, an online installment store for students to provide easy finance for personal use with a small ticket size.
Digital lending platforms are proving how tech can strengthen lenders’ position by providing the benefits of basic efficiency improvements and cost avoidance. Applicants without credit scores are taking the digital journey to procure loans via these alternative digital lenders.
About Cash Suvidha:
Cash Suvidha is a Startup Fintech company, which extends business loans to start-ups, SMEs, MSMEs, personal and women entrepreneurs. It is a trade name of Usha Financial Services Pvt. Ltd. It is driven by information based lending, online application acceptance, best-in-industry interest rate and viability based financing. Apart from stirring the journeys of budding and longstanding entrepreneurs, Cash Suvidha, also deals with women empowerment on a micro level.
Cash Suvidha aims to fill the market gap that’s not allowing the visionaries in uplifting their dreams towards the real touch of the business world – the establishment or enlargement of a profit-making agency.
The company is known for its quick digital processing, easy lending services, and processing within 48 hours of receiving all the documents. Cash Suvidha has efficiently served customers right from the era of cash to the emerging cashless economy. Digital banking is an integral part of their operations. Through Cash Suvidha, digitally-savvy entrepreneurs can avail financial services seamlessly as they navigate through their progressively digitized lives.
In terms of the growth story, Cash Suvidha began its operations in June 2016 after which they have been playing a significant role in empowering people to fulfill their ambitions. Within a short span of one year of its operations, the company has tied up with over 15- 20 players to expand business across India and has targeted a 5x % increase in processing loan applications. In terms of the future plans, Cash Suvidha is targeting towards more tie-ups and business expansion.
Since its inception, Cash Suvidha has disbursed to 27,000+ borrowers and it has an average loan size of Rs. 3 lakh.
