We have time and time gone round and round about the perks of digitization. The loan processes that would take months and had such cumbersome requirements are now available at just one click. Thanks to digitization! One such fintech startup is Loanwalle.com founded by Sachin Mittal in 2015.
- Headquarters-New Delhi
- Founders-Mr. Sachin Mittal
- Parent Organization-Naman Finlease Pvt Ltd
About Loanwalle and How it Works
Loanwalle deals in payday loans which are quick emergency loans disbursed in 30 minutes from the time it is applied for. To fulfill the fast money requirements of the customers, the loan approval process is fully automated and is based on an algorithm that assesses the applicant’s creditworthiness and grants loan within no more than 30 minutes.
It is a short-term borrowing wherein the company extends high-interest loans to salaried customers on the understanding that they would repay the loan amount along with interest on the day they get their salary. The maximum tenure of the loan is 30 days. The customer has to repay the loan on the due date along with all the interest or be subject to a penal interest for the subsequent days that he fails to repay the loan. The customer has the option to borrow once again on repayment.
Loanwalle.com offers a fintech loan product that can be approved and disbursed within minutes. This type of loan is unique in the model worldwide, due to the requirement faced by all segments of people and there is hardly anyone to meet these requirements.
It has been designed in such a way that this type of loan stands out as being different from all other loans. It is not personal loans for a long duration but is taken to meet an emergency at home or work. And due to the emergency requirement, this becomes the most approachable option.
Loanwalle.com follows a disruptive lending pattern that uses data-driven algorithms to help people with instant loan requirements 24x7, 365 days a year. It uses an advanced technology system to simplify loan application processes as well as the sanctioning process to allow loans to reach faster to the customer. The app underwrites loans using banks and CIBIL analyzer, data in phone, text, social media connections to determine creditworthiness.
Loanwalle - Target Market Size
Roughly, the payday loan market in India is estimated to be at INR 100 crores, with rapid growth in the market since 2016, when the demonetization happened. As many as 100 start-ups were born over the last three years and similar growth is projected in the next five years.
Loanwalle- Founders and team
Sachin Mittal, Founder of Loanwalle
Sachin Mittal, Founder of Loanwalle
Founded by Sachin Mittal, Director, and CEO, the company has an efficient team of professionals drawn from the banking and financial sector, who run the day-to-day operations efficiently. Operations are led by Abhijit Banerjee, another director of the company with well-carted divisions like Credit, Disbursal, Recovery, Marketing, Telecalling and accounts and finance. Each division is headed by a competent professional. Loanwalle.com has 17 branches across the country with a manager heading each center.
Loanwalle- Startup Launch
The idea for Loanwalle.com was stemmed by observing the inability of banks to extend small and short term instant loans to those who need money for emergencies. Such emergency funds are required in most households and also offices and since there were no facilities available, these people had to borrow from friends or relatives, at the cost of their self-respect. And this is how Loanwalle.com started.
Loanwalle - Name, Tagline, and Logo
“Our customers are middle-class salaried people and we felt an Indianised name would appeal to them more. We are the loan people and hence the name Loanwalle” Says Sachin Mittal.
Loanwalle - Startup Launch
What worked the most for Loanwalle.com is the speed at which it disburses the loan amount to the customer’s account. And Loanwalle.com doesn’t compromise on this aspect. Also, it’s continuous efforts towards technological advancement helps make the process smooth and seamless for the customer.
“We were not the first among this category in the market. Hence we had to have a well-designed strategy with which we could move ahead of our competitors.” Says Sachin Mittal.
It’s strategy since inception has been speed and a wider geographical spread across the country. Both these paid rich dividends to the venture.
Loanwalle - Competitors
The instant loan market is full and filled with players with substantial market standings. Short term loan ventures include PaySense, EarlySalary, Dhani, MoneyTap, MoneyView, FlexSalary amongst many.
Loanwalle - Business Model and Revenue Model
“We were already in the business of money and finance, so for us getting the right customers was not such a challenge.” Added Sachin Mittal.
Since inception Loanwalle.com has adopted digital marketing to attract customers. And that’s how the first 100 customers were landed by the firm.
Loanwalle - Growth
Loanwalle.com is fairly new in the fintech world but the growth has been phenomenal. With technology changing at lightning speed, it has kept adopting the new and latest technology to keep increasing the volume and in the process keep the interest rate at a bare minimum lower than conventional banks also. “Therefore, we are here to bring about a disruption in the lending sector,” concluded Sachin.
What is Loanwalle.com?
Loanwalle deals in payday loans which are quick emergency loans disbursed in 30 minutes from the time it is applied for.
Who is the Founder of Loanwalle?
Sachin Mittal is the founder of Loanwalle. He also serves as its CEO.
What are some Instant loan startups?
Some startups that provide loans are Loanwalle.com, Creditbee, MoneyTap, PaySense, EarlySalary, Dhani, MoneyView, FlexSalary amongst many more.