RattanIndia Finance, the flagship financial services arm of RattanIndia Group announced the launch of its personal loans offering for salaried customers. Its retail lending offering is powered by a newly developed technology platform and backed by strong data analytics to provide customers with an easy and seamless experience.
RattanIndia Finance was launched at the start of the year post a committed joint investment of Rs. 2,600 crores (USD $400 million) by Rajiv Rattan and affiliates of Lone Star Funds in the NBFC. Mr Rattan, Chairman of RattanIndia Group and co-founder of the Indiabulls Group was instrumental in the establishment and the overall build-out of Indiabulls Housing Finance, a company that today is one of the largest NBFCs in India by assets.
Based on the currently estimated capitalization, RattanIndia Finance will be among the top 10 NBFCs in India. Rajiv Rattan and Lone Star own 50% of RattanIndia Finance respectively.
"India is home to over 1 billion people, and we are greatly looking forward to filling a vast gap in credit availability and penetration. Our key objective at RattanIndia Finance is to empower Indians to fulfil their aspirations and help them with their credit needs. We are building a retail platform which will extend across India. Our team is committed to building an institution that strengthens our communities and enables people and businesses to realize their growth potential", said Mr Rajiv Rattan, Chairman & CEO, RattanIndia Finance about the opportunity.
"We will implement a newer model of distribution backed by data analytics and technology to expand our presence in the current market. We plan to be a multi-city franchise within our first year of operations catering to retail and SME segment," added Mr Amit Mande, Head - Retail & SME, RattanIndia Finance.
RattanIndia Finance retail lending business currently offers Personal Loans, Business Loans and Loan Against Property to salaried and self-employed customers. It plans to add more products in the consumer and SME space during the year.
Key Highlights:
· Aims to build USD 1 bn loan book in 5 years
· Already built Rs. 1200 crore loan book across Corporate, Retail & SME segment
· Launched SME Secured & Unsecured loans in Q2 FY19
· Personal Loans up to Rs. 25 lakhs with quick approval
This story is provided by BusinessWireIndia.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)