Financial services company, Finway has lent a helping hand to the aspiring entrepreneurs by offering them an opportunity to become its business partners.
Interested entrepreneurs can register as Finway's business partners digitally via the company's FLAP app – available on Android. The app brings borrowers, facilitators and lenders under the same umbrella and makes the process of loan disbursement more transparent and seamless.
The partners or finpreneurs as the company likes to call them, connect the company with the potential customers looking for a loan. Once the contact is made and the application is reviewed, the loan can be transferred digitally. The minimum amount of loan that can be borrowed is Rs 30,000/- and the maximum borrowing limit has currently been set at Rs 10 lakhs.
The interest rates vary depending upon the credit history of borrowers, and the repayment option starts from 6 months and goes up to 36 months.
Finway has tied up with a number of companies who are providing digital loans during this period of lockdown.
Digital loan transferring is especially beneficial during these times as the agents cannot go out to search for potential lenders. Finpreneurs can search for money seekers on the "Finway Platform" and Finway can then deliver those potential customers to the moneylenders – completing the chain. This is a win-win situation for all the parties as the people get the loans that they desperately need in this time of crisis and agents get the commission for every successful loan transfer – usually the commission 1% to 3% of the total amount disbursed.
"Unprecedented times call for innovative measures and we believe that by partnering with the agents, we have given them an opportunity to earn for themselves from their homes during the lockdown period. Cooped up in their homes during the lockdowns, many agents are worried about losing their job – which, in most cases, is their only source of income” said Rachit Chawla, CEO, Finway.
“We have given them an alternate opportunity where they can continue earning and supporting their family even if they end up losing their job. We are not keeping any commission for ourselves and whatever our finpreneurs earn, is all theirs to keep. We have also created where people who are in desperate need of a loan during this crisis can connect with the lenders who want to help them and have their problems resolved".
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