US-based lending start-up Branch International has launched its operations in India.
The mobile-app based lender already has a non-banking finance company licence in the country.
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Branch International services
In India, the company plans to offer personal loans in the range of INR500 to INR50,000, reported The Economic Times.
Unlike conventional lenders which provide loans based on CIBIL score, bank account statements and salary slips, the startup will provide funds based on data collected from the user’s mobile device.
It also aims to cater to the self-employed sector who struggle to procure loans through traditional channels.
Branch International CEO Matt Flannery told Economic Times: “I believe there is a large untapped opportunity in India’s digital lending space with its growing tech-savvy population that is strongly backed by the government’s financial transformation policies and digital drive.
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By GlobalData“We hope to build a fair, secure and robust digital lending ecosystem in India through our world-class financial offerings.”
Currently, the app is available for download from Google Play.
The user can directly create a profile in the app by filling out a form. Once verified, they can apply for loans and receive funds directly into their bank accounts.
Also, they can repay through their bank accounts, debit cards or UPI. By repaying on time, the customers can increase their credit score and apply for larger loans.
