Loanify

Problem

An overwhelming 92 per cent of the Indian labour market is engaged in the informal sector. Street vending is an important economic activity and street vendors are broadly defined as self-employed workers in the urban informal sector, who offer their labour for selling goods and services on the street in the absence of any permanent built-up structure. Basically there are 3 types of SV. First, who carry out their regular vending at a fixed place. Second, who carry out their vending at different days and locations like selling in the weekly market. Third type of SV is not having a fixed place, they do their business in move. For example selling vegetables in different streets or selling goods in busses or trains. SV need capital for scaling up that is usually available at very high rate of interest from local money lender. Alternatively, they get goods on credit from fix vendor at increased cost. They are underserved and far away from the formal lending system. The main reason of this problem is that most of the street vendors are not eligible for loans through the formal lending system because they do not have financial foot print and credit history.

Solution

We provide accessible and affordable micro credit to small vendors through the formal lending system. Our loans are instant and the whole process of applying the loan is very easy and convenient. Mobile application is available in English & all regional languages. We use Aadhar database to fill the loan application form. Validation of PAN, UPI id and Bank account happens in real-time. eNach Mandate is being used to collect EMI. The mode used in loan disbursement is IMPS. Our dynamic Loanify profiling, credit scoring and real-time business monitoring AI technique will help the lenders to optimise risk in lending. We monitor the Vendor's business activity in real-time and on that basis, we send SMS alerts and automated voice calls to vendors in order to ensure business and financial awareness.

How it works

Loan Disbursement

Loan Collection

Team

Ajay Kumar Shukla

Founder & CEO

Masters in International Business with over 18 years of experience in Retail Banking, Rural Credit Financing, Operation, Collection and Nidhi Company Management.

Anuj Jha

Software Engineer

B.Tech (IT) having deep knowledge in multiple computer languages and Database.

Why Choose Us

EFFICIENCY

Reduce the time and effort it takes to get funded. Visit the app, complete a short form, and receive a decision in under ten minutes. Review the terms of your loan, e-sign if agreeable, complete eNach mandatee, and receive the loan amount in your bank account in realtime. There cannot be an easier way to get a loan. Start your request today to connect with a lender right for you.

GET A FULL DISCLOSURE OF TERMS

It’s important to have and review a full disclosure of loan terms. That’s why the Truth in Lending Act made it a requirement. Your lender must disclose all fees and rates to you prior to you accepting a loan. If you sign a loan contract, you will be held to the loan terms including the rates and fees established in the agreement. It’s imperative that you read your loan agreement thoroughly before you sign.

SECURITY

While many lending sites claim to connect you with a lender, many of them are infected by viruses or malware that can tap into your network and steal your sensitive information. Beware of any unsecured site that asks for you to submit personal information. At Loanify, we prioritize protecting your privacy. Our app is secured with encryption technology.