Digital lending platform RupeeRedee has launched a solution for non-banking finance companies (NBFCs), making a foray into business to business software space and eyeing gains as more customers are expected to go digital in a post-coronavirus world.
GoDigital will help NBFCs take their paper processes down the digital route. It would help other lenders create a digital platform that would be easy, simple and provide real-time integration, the Gurugram-based lending company told Moneycontrol.
“Technology has now enabled organisations to offer customers fast loan approvals, provide end-to-end loan services on mobile, expand easily into new lines of business, geographies and manage a large volume of loans cost-effectively,” RupeeRedee managing director Jitin Bhasin said.
It will reduce the turn-around time for customer applications to a few minutes while giving importance to the evaluation of potential risks.
The company said it was trying to get ready for a post-coronavirus world where every player would be looking at digitised services for its consumers and reduce physical contact.
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Most banks and NBFCs have turned off their lending taps given the uncertainty in the country due to the coronavirus outbreak.
SME-focussed lenders are having a tough time giving out new loans and ensuring repayments. A software solution for NBFCs may help some companies to expand their scope of revenues.
Having started operations in September 2018, RupeeRedee is a captive NBFC that has given out over a lakh loans across 25 cities in India.