New Delhi. Satin Creditcare Network Ltd (SCNL), one of India’s leading microfinance institutions, has expanded its tech-enabled digital lending app ‘Loan Dost’ to include loans for self-employed individuals. Launched in November 2018 for salaried professionals, the app—available on the Google Play Store—will now offer instant loans up to ₹1.5 lakh to small entrepreneurs and self-employed borrowers, addressing the significant credit gap in this segment.
The enhanced loan offering aims to promote self-employment and support small-scale businesses. Individuals earning ₹20,000 per month or above can apply through the app. Loan Dost enables users to complete the onboarding process by uploading basic identification documents and receive loan approval and disbursal within 20 minutes, without any human intervention.
The platform leverages psychometric-based decision-making tools for stronger risk assessment and improved financial underwriting.
SCNL Chairman and Managing Director H. P. Singh said, “India has witnessed rapid advances in internet connectivity and smartphone penetration. Combined with the Government of India's push for universal bank accounts and digital payments, the digital lending ecosystem is poised for significant growth. Loan Dost meets the instant, small-ticket credit needs of urban and semi-urban consumers and budding entrepreneurs. Our decades of microfinance experience give us a unique vantage point to transform borrowing journeys using our in-house digital expertise.”
Developed entirely by Satin’s in-house technology team, Loan Dost is a critical component of the company’s digital transformation agenda. SCNL has consistently focused on enabling financial access for small businesses and millennials, positioning Loan Dost as a preferred platform for instant credit requirements.
