Financial technology platforms these days are helping to fill the credit gap in the economy. Different types of digital lending models are processing loan applications based on information such as psychometric analysis, social profiles, credit score, and have gained great traction and faith from borrowers.
Here is a list of four popular, leading fintech players serving on different market models:
LoanTap is a fintech consumer lending platform delivering flexible Equated monthly installments (EMI) free loan products to salaried professionals. The platform uses technology to deliver smart and innovative products for millennials.
Borrowers can choose custom made loan products from an array of offerings like overdraft facility, credit card takeover loans, rental security deposit loans, advance salary loans and consumer durable loans.
OHMY Technologies Private Limited is the owner and operator of OMLP2P, an online Peer-to-Peer (P2P) lending platform for individuals and businesses (Micro, Small and Medium Enterprises (MSME) segment).
The company facilitates loans online from lenders (investors) in a transparent, convenient, and effective manner by assessing creditworthiness of a prospective borrower using its proprietary algorithm. The platform monitors a loan till it's fully repaid and does appropriate follow ups with the borrower for timely repayment, making it easier for lenders to lend on the platform.
Aye Finance is a commercial institution built around the mission to solve the funding challenges of MSMEs and enabling their inclusion into the mainstream economy.
The platform differentiates itself by creating a technically enabled process that builds credit insights through a variety of available businesses and behavioral data. This effective credit appraisal coupled with the use of modern workflow automation, and a small but engaged workforce is helping bridge the gap between the MSMEs and organised lending.
CoinTribe is a leading online loan disbursement platform that provides quick and easy collateral-free loans to small businesses and individuals. It is the only online lending platform which has back-tested its credit model with large banks.
The marketplace model facilitates loan origination and credit assessment through CoinTribe before it is shared with the banks. Platform as a Service (PaaS) enables banks and Non-Banking Financial Companies (NBFCs) to utilize CoinTribe's platform for effective risk analysis and recommendations to digitally underwrite their own consumers.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)