Newcomers in the world of the loans, as a rule, face a number of problems concerning the credits. Inability to access credit-history representation is a primary handicap that can make it an ordeal for people in need of loans, to get them, comprehend how to handle the process, or even explain the nuances of repayment terms and conditions in case there is no borrowing history to begin with.
With the increasing use of online lending products, remedies are already being provided for these challenges. Rupee112 is a lending platform providing Indians with highly convenient and efficient loan services becoming one of the leading platforms nowadays.
Insufficient Credit History
Challenge: Some of the first time borrowers do not have any credit history and therefore cannot be relied on by the traditional lenders to repay the loans on offer.
Rupee112 Solution: Rupee112 is another player that does not rely on the formal credit history and other bureau data; instead of formal credit scores, the company evaluates the ability to repay utilising transaction history, and payment records for utilities etc.
Complicated Application Procedures
Challenge: In contrast, these traditional loan forms often involve tiresome and time-consuming procedures and many requirements making people annoyed and upset.
Rupee112 Solution: To use Rupee112, the process is simple, fast and fully online, without any intermediaries or complexity. Consumers can apply for credit products and receive credit from lenders by using their mobile phones, and paperwork is not necessary.
Elevated Interest Rates
Challenge: Newcomers to the market for credit facilities end up paying higher interest due to perceived risks by the providers hence increasing the cost of credit.
Rupee112 Solution: Similar to many online lenders, Rupee112 has a lower interest rate for those who are borrowing for the first time since the use of alternative data lowers the risk of default in the eyes of the lender thus extending better loan terms.
Uncertain Loan Conditions
Challenge: For new borrowers, it becomes cumbersome to understand the nature of loans to be granted and the repayment options and procedures, not forgetting certain charges which may be concealed such that it may put undue pressure on the borrowers.
Rupee112 Solution: There are no hidden fees and charges from Rupee112 as long as they offer their loan terms and simple repayments on a clean slate.
Restricted Credit Access
Challenge: Most first time borrowers especially from the agricultural or other hard to reach areas lose their chances of sourcing funds because there is little or no formal financing system.
Rupee112 Solution: In essence, Rupee112 utilises online service delivery tools to lend to individuals in the hinterland without necessarily any physical branch and thereby expanding credit accessibility.
Newcomers have numerous barriers to obtain loans: from having no credit history, to possible high interest rates and obscure conditions. These challenges are met by Rupee112: a platform that is comprehensible for the new borrower, easy to use and presents all the information as transparently as possible.
Due to its unique features like crowd credit scoring, less formal application procedures and low inter allowable rates, Rupee112 helps first time borrowers especially the rural Indian borrowers access loans easily.
DEV-AASHISH CAPITALS PRIVATE LIMITED is a Non Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI). RUPEE112 is the brand name under which the company conducts its lending operations and specialize in meeting customer's instant financial needs.
