Usha Financial Services, an NBFC having the brand name - Cash Suvidha is enabling 25 fintech businesses in India in order to boost digital lending for personal loans. 15-20% of Usha Financial Services' business comes from these fintech players spread across the country.
These fintech companies are creating an ecosystem to evolve traditional lending methods across spheres of our lives. They extend a variety of loans such as payday loans and personal loans with an average ticket size of Rs. 5,000.
Commenting on the same, Mr. Rajesh Gupta, Founder, Usha Financial Services, says, "We aim at expanding the horizon of financial inclusion in the country and our association with these fintech businesses is a step ahead in this direction. In the last 3 years, we have grown our loan books tremendously by extending a mix of business and personal loans."
The sun is shining bright for NBFCs and fintechs as these, together, are able to serve the customers better with faster processes.
"This has been a fruitful collaboration; while the fintech firms associated with us have been able to gain in terms of our large customer base and expand themselves while equipping to serve the end customers better, we are leveraging the technological advances brought in by these fintech companies to speed up the lending process.", says Mr. Gupta.
In the last financial year, Usha Financial Services substantially disbursed around INR 410crore of loans and targets to disburse INR 1000crore loan amount by the end of March 2020.