Loan! – An expression that brings about a series of nightmarish emotions such as complex documentation and an endless scrutiny.
The traditional financial institutions are archaic, slow and inefficient for the millennial population.
We needed a change – a solution to the traditional remedies. The solution is a lending platform that uses minimal documentation and provides quick disbursals. So, keep reading to know more about it…
Digital data is exploding, and so is the requirement for individuals with a skillset to utilize data efficiently. The market has exploded with varied courses and specializations in the domain of analytics. A typical course ranges from 20K to 2 Lakhs or more. This requires the aspirant to have enough funds and if not then to acquire financial assistance. Institutions, which offer such support, treat it as a personal loan. High interest rates are charged and credit history is evaluated.
Most of the aspirants being fresh graduates or young professionals are clueless about all these financial concepts and tend to have a hard time getting a loan.
LoanSingh – An intellectual product created by Seynse Technologies Pvt. Ltd, based out of Goa.
It is a credit model built in-house by Seynse Technologies to leverage digital data with the help of data science techniques (which include statistics, math, data gathering and modeling to name a few). The model evaluates the credit worthiness of a borrower with the help of easily available professional, educational, social and financial data. Currently the default rate of the model is 0%, due to its risk model.
LoanSingh is trying to revolutionize the way lending is done, specific to professional skill enhancement for aspirants with no credit history (around 85% of Indian population).
Loan Process at LoanSingh – A simple digital process comprising of the following steps:
- Social Authentication by the user.
- Loan application is filled by the user- Education, Company Name, and Salary.
- Upload bank statement of last 6 months.
- Loan approved within a minute and EMI is shown to the borrower based on their score.
- Post approval, the borrower needs to submit the Agreement and a Post-dated Cheque. After which, the loan amount is disbursed within hours.
The team of LoanSingh has built a platform that introduces lenders to the borrowers. They are facilitators of the loan process. They are not involved with the transaction process directly.
LoanSingh selects credit-worthy borrowers with the help of their flagship scoring model called ‘Seynse Score’. They make use of demographics and current financial position to perform the credit evaluation of the borrower.
You can track your EMI status through your registered dashboard. Minimal documentation required. No paperwork and quick disbursal.
With a dedicated and experienced team, Loan Singh is quickly becoming a major player in the burgeoning P2P lending scene in India.
To know more, call on 1800 2744747 or drop an email to [email protected]