This husband-wife duo makes AnyTimeLoan a reality
Summary
Coping with the situation somehow, I decided that I would solve this huge problem - that of easy availability of money,” says Keerthi Kumar Jain, 36, Founder of AnyTimeLoan. One can borrow and lend from its website and mobile application, available on Android and iOS platform, at any point in time, all days of the week. Starting with a sole purpose to maximise returns for lenders, and minimise cost for borrowers, today ATL claims to have successfully disbursed over 43,000 loans, aggregating over Rs 80 crore with gross non performing asset ratio of less than 0.63 percent. Talking about the challenges and how he overcame them, Keerthi says, “The journey has been quite exciting and full of learnings for ATL; on one side we had to educate people with savings, to consider lending as an alternate asset class and generate better returns for themselves; while on other side, ATL had to develop a scientific and data-driven algorithm that could not just assess borrowers worthiness but also self-learn from its mistakes (if any), as more and more data passes through its system in a paperless, contact less and presence less, digital ecosystem." However, startups such as LendingKart, IndiaLends, Faircent, Kudos Finance and Investment, and Capital Float are making it easier for SMEs to receive loans by leveraging technology and alternate data sources to underwrite.