Technology has been taking over our daily lives and something as minute as booking a cab or finding directions is now being done efficiently with the help of technology. When the financial employed technology to simplify their operations as compared to the traditional financial methods. The best example of financial technology would be the use of smartphones and internet for services like banking and investments. Financial technology, more popularly known as FinTech has both startups and established players.
The biggest advantage of FinTech is its reach. Despite hundreds of banks and traditional financial methods, more than 50 percent of Indians who need money don’t have access to funding because of several reasons such as no borrowing history, low CIBIL Score, unavailability of collateral, etc. But there is huge data availability and these FinTech players are cashing in on the data using technology to give small credit. FinTech firms are trying to modify the small money lending market by involving technology and making the processes simpler and more transparent.
These FinTech firms are using unconventional sources of data like social media footprints in addition to the traditional sources of data to quantify the creditworthiness of loan applicants. These platforms are giving instant access to credit to loan seekers and provide them with a transparent loan processing wherein they can track their application on a daily basis. For people who have no collateral to take a loan against, these platforms are a boon as they don’t require you to pledge anything. These platforms provide financing opportunities to both individuals as well as small and medium enterprises. The way these FinTech startups and platforms are progressing, they will soon be leading the way to India’s financial inclusion. The biggest factors for the success of FinTech will be accessibility, usability, and affordability that these platforms offer.
One such FinTech platform is TachyLoans, a digital lending marketplace that allows borrowers and lenders to connect with each other. TachyLoans has introduced various products that are making the lives of loan seekers easier. One such product is Corporate HR Loans. With Corporate HR loans, employees can avail loans starting from Rs 50,000 to Rs 5,00,000 with an interest rate of 11.5% to 25%. Through this TachyLoans aims to make a win-win situation wherein the employee gets easy access to credit and the employer establishes a friendly and significant relationship with its employers. TachyLoans also provides loans for education of any kind. Whether you need money for school fees, university education, a small online course, or a skill development course – you can get easy loans from TachyLoans’ digital lending platform.
Technology is playing a big role in making credit accessible to all and TachyLoans is banking on technology to make the individuals and businesses financially free. To apply for a loan visit, www.tachyloans.com