Shubh Loans, the mobile-based platform for lending, has entered into a tie-up with DMI Finance, the financial services platform, with a view towards boosting overall credit reach lending for the Indian population which was underserved. Shubh Loans has already set its target of including approximately 10 lakh individuals into the formal banking framework by the year 2020. The aim of the organization is to scale up overall reach and also diversify the overall portfolio for taking care of personal requirements of blue and grey collar professionals who are relatively new in terms of credit and other segments which have not been catered to.
The fast growing aspirations of those who are new to credit and the customer segments which are underserved fused with the financial inclusion blueprint of the Government has sparked huge demand for capital across Indian households. This strategic tie-up with Shubh Loans is aimed at staying in sync with the objectives of DMI Finance for bringing about a more innovative, flexible and impactful lending story with regard to consumption and also personal loans.
Shubh Loans is essentially an app using vernacular language which helps in building up proprietary credit scores cum reports for those applying for loans. The company is focusing on offering personal loans for unserved and underserved segments in the country and also for enabling these segments to fully comprehend their credit standing in a holistic manner. Close to 60% of users are new on the Shubh Loans platform. The Shubh Loans app has already outstripped more than 1.5 lakh downloads since launch while Datasigns Technologies has raised a sum of $1.5 milion in a pre-series A funding round.