Satin Creditcare Network’s ‘Loan Dost’ to now offer up to Rs. 1.5 lakhs loan to Self-Employed
‘Loan Dost’, India’s tech-enabled digital lending app launched by Satin Creditcare Network Ltd (SCNL) in November 2018 which was earlier available to only salaried professionals, is now foraying into lending for self-employed people. The application is available on Google Play Store for Android users. Loan Dost, a digital lending app will now provide instant loans to the self-employed people up to Rs. 1.5 lakhs thereby bridging the massive credit gap. This step of increasing the loan ticket size has been taken to encourage self-employment and small scale entrepreneurs. Anyone earning Rs. 20,000 or above are eligible to apply for loans through the app. The platform’s user-friendly interface will enable applicants to sign up by providing the necessary identification documents and avail loan in their accounts within 20 minutes without human intervention. Coupled with psychometric-based decision making it gives better risk assessment and improved financial underwriting. Mr. H P Singh, Chairman, and Managing Director, Satin Creditcare Network Limited said, “India has witnessed rapid advances in terms of internet connectivity and smartphone penetration over the last few years. This combined with the Government of India’s endeavor to provide a bank account for every adult and investment in digital payments infrastructure will help the digital lending industry reach new heights. ‘Loan Dost’ taps the instant, small loan requirements of the urban and semi-urban population, budding entrepreneurs of small scale businesses so that they can experience seamless transaction with ease. Our decades of experience in microfinance give us a distinct advantage to understand consumers’ borrowing journey and transform it using our in-house digital expertise.” Satin’s in-house technology development center designed and developed the Loan Dost platform and has been instrumental in the digital transformation journey of the company. Satin has been committed and actively involved in working towards uplifting small businesses and creating financial ease especially among the millennials. Loan Dost aims to become the preferred choice of millennials for their instant credit requirement. About Satin Creditcare Network Limited Satin Creditcare Network Limited (SCNL or Satin) is a leading microfinance institution (MFI) in the country with presence in 23 states and around 72,000 villages. The company mission is to be one-stop solution for excluded households at the bottom of the pyramid for all their financial requirements. The company also offers a bouquet of financial products in the Non-MFI segment (comprising of loans to MSMEs), a housing finance subsidiary, and business correspondent services and similar services to other financial Institutions through Taraashna Services Limited, a business correspondent company and a 100% subsidiary of SCNL. In April 2017, SCNL incorporated a wholly owned housing finance subsidiary (Satin Housing Finance Limited or “SHFL”) for providing loans to the affordable housing segment. In January 2019, SCNL received separate NBFC license to commence MSME business. SCNL forayed in digital lending “Loan Dost” to target millennials As of Dec 2018, SCNL had 1,118 branches and a headcount of 11,940 across 23 states and union territories serving 35 lakh clients.