i-Lend: Looking at the Emerging Alternate Lending Space in India
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Shankara Vaddadi, Founder & CEO
The rapid adoption of digital payments across various sectors has significantly resulted in widening of alternative lending. The massive growth in digital data points with advanced analytics is being exploited by the non-traditional lenders to assess credit risk. By mitigating the risk associated with unsecured lending, the alternative lending providers need to deliver customized loans to meet the aspirational needs of individuals. Headquartered in Hyderabad, i-Lend has been transforming the entire alternative lending sector in India. i-Lend enables online personal loan while connecting individual credit worthy borrowers and potential individual lenders.
Being the first P2P company i-Lend in India has helped nourish the sector by a very responsible approach towards the business. The approach involved ensuring that the organization did not allow usurious interest rates,and self regulation while putting together robust systems to cater to the customer. As a remarkable achievement, i-Lend proved that it is possible to innovate within restricted environments with responsible players and ensure that social equity too, is maintained while growing the sector. A consumer lending platform, i-Lend behaviors to measure and/or predict financial behaviors, assign measurable values to consistency of data across different databases,and move to a fully online process including signing of agreements etc.
i-Lend has been responsibly enabling urban financial inclusion. The company measures borrowr's intent and ability outside of regular linear scoring models. This exceptional parameter considered, allows
i-Lend to make credit available to a large section of the urban population which presently doesn’t have recourse to formal organizations and depends on the unorganized money lending market to meet their needs. Borrowers can avail loans from INR 25,000 onwards with interest rate varying from 18 percent to 24 percent. Lenders can lend to borrowers partially, starting as low as INR 5,000 and earn monthly returns through borrower repayments.
How ever, with so much data avaliable, the question n arrows down to the importance of employee data for unbiased distribution of loans. Therefore, i-Lend ensures that borrowers data is cross verified across multiple data sources and professional profiles. This helps in co-relating financial performance while inducing personal growth leading to a credit decision that is neutral and encompassing.
Much to Look Forward to
i-Lend’s core team consists of two founders and a CTO who lead the effort. Niti Gupta, Bala Ramakrishnanand Shankara Vaddadi have driven the firm to great heights of success. The trio has put together a dedicated technology team as well as a business & credit team working tirelessly to ensure utmost customer satisfaction. The company has already been using cutting edge algorithms for credit decisions. i-Lend is enroute to becoming one of the acknowledged leaders in the alternative lending space in India and has works underway for constant efforts to continue growing and retaining its position.
i-Lend has introduced the usage of social behaviors to measure and/or predict financial behaviors , assign measurable values to consistency of data across different databases
How ever, with so much data avaliable, the question n arrows down to the importance of employee data for unbiased distribution of loans. Therefore, i-Lend ensures that borrowers data is cross verified across multiple data sources and professional profiles. This helps in co-relating financial performance while inducing personal growth leading to a credit decision that is neutral and encompassing.
Much to Look Forward to
i-Lend’s core team consists of two founders and a CTO who lead the effort. Niti Gupta, Bala Ramakrishnanand Shankara Vaddadi have driven the firm to great heights of success. The trio has put together a dedicated technology team as well as a business & credit team working tirelessly to ensure utmost customer satisfaction. The company has already been using cutting edge algorithms for credit decisions. i-Lend is enroute to becoming one of the acknowledged leaders in the alternative lending space in India and has works underway for constant efforts to continue growing and retaining its position.
