IVL Finance, the new fintech startup launched by the Indiabulls Group, will soon offer easy, Aadhar-linked personal loans to customers in India through an app. This loan will be credited directly to the bank accounts of customers. This fintech facility is called Dhani and links all banks in India with this one-stop platform and usage of Aadhar, NACH (National Automated Clearing House) and UPI (Unified Payments Interface). It also unites all these financial institutions with credit bureaus in a one of its kind move. NACH is a unique facility for fund transfer that business houses make use of and individuals majorly use UPI.
Banks presently allow their in-house customers to get instant loans which are trasnferred to their accounts. However, IVL Finance will offer loans to customers from all banks which are linked through UPI and NACH systems. The CEO at IVL Finance, Pinank Shah, stated that whenever someone applies for a loan with the app, it will pull out bank statements once it is authorized by the individual with Aadhar. The data will be analyzed carefully and matched with credit information bureau data. Thereafter, a score will be generated, based on which IVL Finance will approve the amount and interest rate. In case the terms of the loan are agreed to by the person with the e-signature (Aadhar enabled), money will be transferred to his/her bank account.
With Aadhar, the app will also be able to facilitate loan e-payments from customers. Shah also added that the product will give customers cmopletely hassle free experiences along with access to instant credit facilities. The product is being tested and will be launched commercially across the country soon according to him. The personal loan segment in the country is currently worth Rs.2.4 lakh crore as per industry estimates and has witnessed 19% CAGR over the last 10 years.