Avail Finance provides the blue-collared workforce with a neobanking platform that aims to include every credit-worthy individual under the financial umbrella. The company wanted to harness technology to enable quick dispersal of small personal loans with low-interest rates and processing fees to the country’s low-income groups.
The credit provider aims to identify credit-worthy individuals in the Indian population who are currently underserved by formalised lending institutions such as banks and NBFCs, according to the press release, and provide them with credit line and instant cash products using an online app that enables access to credit in a few moments.
Avail officials stated that a platform like Scienaptic, which gives the flexibility to integrate alternative data and change strategies rapidly, has already helped determine the financial picture of over 500,000 applicants dynamically.
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