Surat-based digital lending platform Nowofloan.com is revolutionising the lending business.
The startup has tied up with multiple banks and Non-Banking Financial Companies (NBFCs) to launch a membership card that can allow members to get loan approval digitally in just 30 minutes.
Since its launch on 24th July 2019, Nowofloan.com has emerged as the most trusted multiple bank loan offer membership card provider. The membership card allows loan seekers to approach various lending institutions through the platform and avail of quick loans of up to Rs. 15 lakh at attractive interest rates.
Through its specialised lending process and multiple tie-ups, the platform has served more than 10,000 customers in a short span of 10 months.
So how does the process work? Individuals or businesses looking for loans submit the necessary documents digitally on Nowofloan.com. The platform, in turn, prepares a file and forwards it to multiple partner banks and NBFCs, who match the prospective borrower's profile and give the loan approval. In many cases, more than one lender is willing to lend, giving the individual or business the choice to pick the lender.
"Getting a loan is a time-consuming process as it involves approaching the bank or NBFC, submitting loan documents, seeking approval, submitting more documents if the loan gets approved, before getting the funds in their account. Through Nowofloan.com, loan seekers can reach out to multiple lenders simultaneously with minimum paperwork and get loan approval in 30 minutes," said Arvind of Nowofloan Service India Private Limited.
Another key benefit of the membership card is that the CIBIL score gets affected every time a loan seeker approaches a lender. But, with Nowofloan, the file is opened only in banks or NBFCs where the profile matches, and hence there is no adverse impact on the borrower's CIBIL score.
"The primary objective of Nowofloan.com is to provide excellent customer experience, personalised customer service, and scale up lending business through digitalization," said Arvind.
Nowofloan.com offers two types of membership cards for prospective borrowers, one a Premium membership car for personal loans and the second a Platinum membership card for business loans. The card allows users to seek loans on the portal and also offers them attractive referral payouts. The users also get ten years of free consultancy on getting loans.
The platform has also launched a channel partner card that allows members to earn extra money in commission on every approved loan file sourced through them.
"Around 1,000 loans are being sanctioned through Nowofloan.com every month now. But this is just the beginning, and we aim to process many times more applications going ahead," added Arvind.