4 Lending platforms facilitating easy access to funds in India

By Gloria Mathias

In India, the financial landscape is witnessing a significant turnover with the increasing availability of small loan ticket sizes, providing individuals and small businesses with easy access to funds. These microloans, often facilitated by digital lending platforms and non-banking financial companies (NBFCs), cater to the needs of underserved segments of the population, offering swift and convenient financial solutions.

This burgeoning trend is not only enhancing financial inclusion but also empowering many to pursue entrepreneurial ventures, manage emergencies, and improve their livelihoods, thereby playing a crucial role in the country’s economic growth and development. Offering quick access to funds without extensive documentation or collateral, small ticket loans are ideal for addressing emergencies, funding business expansions, or making personal investments.

Essentially, companies such as RupeeRedee, Namdev Finvest, Buddy Loan, and Lentra are pivotal in fostering economic empowerment and driving socio-economic development through their small-ticket loan offerings. Moreover, small-ticket loans contribute to building creditworthiness and financial stability, facilitating access to larger financial products and services.

Listed below are 4 Lending platforms enabling small-ticket loans in India:

• RupeeRedee

Incepted in 2018, RupeeRedee is a digital lending platform that allows consumers to fulfil their lending needs in simple steps with the help of technology. The app gives you access to personal loans within a few minutes at your fingertips. It is a tech-driven digital lending platform that leverages technology and data sciences to make lending accessible for India’s massive population of underserved customers. With robust KYC and smooth processes, it makes the consumer journey hassle-free and quick and also safeguards your data.

• Namdev Finvest

Namdev Finvest Pvt Ltd is an NBFC dedicated to providing financial solutions to the MSME sector, enhancing their growth, income, and opportunities. Specialized in small ticket loans, providing convenient and accessible financial solutions to individuals and businesses. The company has expanded its services to include EV and solar loans, demonstrating a commitment to uplifting underprivileged communities. Since its establishment in 2013 by Jitendra Tanwar, Namdev Finvest has rapidly grown, establishing over 112 branches across northwest India and securing a net worth exceeding Rs 410 Crore. The company has garnered recognition for its secure MSME financing and two-wheeler lending, fostering a network of over 50,000 active customers.

• Buddy Loan

Buddy Loan is India’s fastest-growing loan aggregator, dedicated to providing comprehensive credit solutions. With over 5 million users, they have established partnerships with 25+ banks and NBFCs, simplifying the personal loan process and fostering credit-building opportunities. The platform’s extensive application caters to ambition-driven individuals, offering eligibility report-generating tools to streamline the personal loan application process and guide users towards financial stability. Buddy Loan is committed to meeting all its customers’ credit needs, offering small-ticket loans that provide convenient and accessible financial solutions for individuals and businesses alike.

• Lentra

Founded in 2019, Lentra is revolutionizing digital lending by empowering banks and NBFCs with its SaaS platform. Lentra provides small-ticket loans, offering convenient and accessible financial solutions to individuals and businesses seeking quick and hassle-free borrowing options. Through its API-driven modular architecture, Lentra’s platform enables financial institutions to create custom loan products and enhance customer experiences. Currently, its digital lending platform serves over 50 banks, processing over $20 billion worth of loan applications, with 2 million loans processed every month.