True Balance Crosses 40,000 Loan Disbursements A Day Nationwide!


True Balance Crosses 40,000 Loan Disbursements A Day Nationwide!

1970-01-01T05: 30: 00 + 0530

(Eds: Disclaimer: The following content is a press release. PTI takes no editorial responsibility for this.) ~ Pay Later product increases 7 times since launch, while Recharge Loan increases 4 times nationwide ~ ~ Instant cash loan disbursements between INR 500 – 4,000 reach 10,000 per day nationwide ~ ~ 100% application-based loans within minutes ~ Delhi, 13.01.2020: True Balance, a fintech application operated by Balancehero India, the wholly owned subsidiary of Balancehero Co. Ltd. Korea, today announced it has crossed 40,000 consistent daily loan disbursements across India. This is even when digital lending in India is expected to be multiplied by 5 to reach disbursement levels of $ 1 trillion in the next 5 years. Loan disbursements are 100% digital, and users can apply for and receive a cash loan in minutes through True Balance’s mobile app. Instant Cash Loans and Personal Loans, among True Balance’s first lending products, launched in September 2019, have an average ticket size of INR 500-7,000, respectively. In addition to cash loans, Pay Later and Recharge loans, launched in March 2019 and June 2019, both increased at an execution rate of 7x and 4x respectively. Instant cash loans that have an average ticket size of 500-800 INR are approved through a combination of True Balance’s Alternative Credit Rating (ACS), online survey, and eKYC. With the number of transactions for instant cash loans reaching 10,000 per day during the last quarter, True Balance plans to increase the size of loans to borrowers with good credit ratings. “India’s unbanked population has not been able to apply for credit for a very long time now, due to the lack of adequate methodologies for measuring creditworthiness. True Balance intends to change that across India for the newly credited population, promoting needs-based financial inclusion through offerings such as e-commerce IMEs and UPIs, which we plan to launch this month. next, ”said Charlie Lee, co-founder and CEO of True Balance. Last October, True Balance’s lending arm, TrueCredits, received its NBFC license and the 3-year PPI license renewal from the Reserve Bank of India. True Balance is currently increasing the expansion of the C Series to accelerate the growth of lending business across India. REP REP

Warning :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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