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What Is 'my loan' app? What Does It Offer?
The app - 'myLoan' is a social profile based personal loan mobile application.
Financial services company Tata Capital has launched a mobile app to extend its personal loans offering to young and mobile savvy audience.
The app - 'myLoan' is a social profile based personal loan mobile application. It will make a real-time assessment of the borrower's loan application through an algorithm, using a mix of digital, social and financial data.
"Digital data allows for a more holistic picture of a customer than financial metrics. With the launch of the app, we aim to sustain our digital presence through new and unique application that uses financial and alternate information during the borrower's credit analysis," Tata Capital's chief operating officer (retail business and housing finance) Govind Sankaranarayanan told reporters. SBI Merger: 7 Things To Know
The app allows users to link up their social media profiles and obtain a score which reflects their potential credit-worthiness.
"The app uses information such as location, utility bill payment history and social data like employment history and interests, obtained from Facebook and Linkedin. These data points along with Cibil score is used to give the user a score," Sankaranarayanan said.
The app offers personal loans up to a maximum of 15 lakh.
The company's COO (digital business) Veetika Deoras, said, "the app makes the loan application process seamless and uses multiple credit under-writing scorecards at the backend, suited to varied customers' profiles. It will offer personal loans to under-served segments such as first-time loan takers and cater to small ticket loans with shorter tenures."
At present digital contributes 10 per cent to the overall personal loan portfolio of the company.
"With the launch of this app we see the contribution of digital going up to 12.5 per cent in the next one year," Deoras said.
The company's retail book currently is close to Rs. 30,000 crore.
Home loans contribute 35-40 per cent to the overall retail portfolio of the company. Personal loan book stands at Rs. 1,000 crore.
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