How startup EzCred can help you build a credit profile
, ET Bureau|
Updated: Apr 13, 2017, 09.09 AM IST
MUMBAI: Former MD of Zephyr Peacock India Sachin Maheshwari and ZipDial cofounder Amiya Pathak have come together to launch EzCred, a fintech firm that aims to enable consumer lending for those who have no credit profiles.
With several businesses and multiple lenders on board, the platform will be rolled out in April. EzCred connects lenders with businesses that seek to offer credit at the point of sale.
"Our premise was to enable credit to those who don't get access to credit now.The question is how do we build credit history and a profile (for such people)? For that, we need to start out by giving them small amounts of credit, for eg, say Rs 15,000," explains Maheshwari.
EzCred's app is linked with Aadhaar, thereby reducing the paperwork involved in KYC and verification processes, enabling instant loans at a retail outlet.The firm uses various platforms including social media to gather alternate data about consumers, which enables building of the credit models for those who don't currently have CIBIL scores.
EzCred has partnered with online distribution platform YMS Mobitech to roll out its platform in over 300 cities and reach 10,000 customers in the next one year.
With several businesses and multiple lenders on board, the platform will be rolled out in April. EzCred connects lenders with businesses that seek to offer credit at the point of sale.
"Our premise was to enable credit to those who don't get access to credit now.The question is how do we build credit history and a profile (for such people)? For that, we need to start out by giving them small amounts of credit, for eg, say Rs 15,000," explains Maheshwari.
EzCred's app is linked with Aadhaar, thereby reducing the paperwork involved in KYC and verification processes, enabling instant loans at a retail outlet.The firm uses various platforms including social media to gather alternate data about consumers, which enables building of the credit models for those who don't currently have CIBIL scores.
EzCred has partnered with online distribution platform YMS Mobitech to roll out its platform in over 300 cities and reach 10,000 customers in the next one year.