Tata Capital, the financial services arm of the Tata Group, today, announced the launch of ‘myLoan’ - a first-of-its kind Mobile App by the company to extend its existing personal loan offering to the emerging younger and mobile savvy audience.
The app enables the user to check his/her loan eligibility and apply for a loan seamlessly using only a mobile device. The app also allows existing customers to view their loan status and details.
Tata Capital, with the myLoanApp is advancing its personal loan services to digital savvy and credit hungry borrowers seeking quick and convenient financial solutions to fulfill their goals. The my Loan app is able to make an intelligent and real-time assessment of the borrower’s loan application via a highly-sophisticated algorithm, using a mix of digital, social, financial and alternate data coupled with Machine Learning. The Tata Capital ‘myScore’ allows users to link up their social media profiles and obtain a score that reflects their potential credit-worthiness.
The myLoan App offers personal loans upto a maximum of 15 lakhs, with an end-to-end journey of less than 5 minutes. Customers have an option to upload their documents on the App, thereby making the application process completely paperless.
“India is a young country with a growing mobile and smartphone population. Digital data allows for a more holistic picture of a customer than financial metrics. With the launch of the myLoan App, Tata Capital aims to sustain its strong digital presence through a new and unique application that uses financial and alternate information during the borrower’s credit analysis. The myLoan App intelligently harnesses this capability and we are confident that this one of a kind product will allow many new customers to avail loans,” said COO - Retail Business and Housing Finance Tata Capital, Govind Sankaranarayanan.
“Over the last few years, we have witnessed an increasing percentage of traffic from mobile and the myLoanApp is another customer-centric digital solution from Tata Capital, which is convenient, user friendly and secure. The myLoan App makes the loan application process seamless and uses multiple credit under-writing scorecards at the backend, suited to varied customers’ profiles. The myLoan App is built to offer personal loans to underserved segments such as first time loan takers and to cater to small ticket loans with shorter tenures,” said COO – Digital Business Tata Capital, Veetika Deoras.
The myLoan app is currently available on Android; the iOS version will be soon launched.