Credit platform Paysense: Loans made fast, simple and hassle-free
People, especially FROM the burgeoning Indian middle class, have many a time encountered this problem: They urgently require a small amount of money to pay for school tuition, home improvement, medical, family care, consumer durables, travel, but banks are not inclined to offer loans of such small sums. A technology and data science start-up, PaySense, founded by Sayali Karanjkar and Prashanth Ranganathan, has now stepped in to fill up this gap. Karanjkar, co-founder of PaySense, says: “With respect to credit, India is a severely under-served market. Our research indicates there is a rising demand for short-term flexible credit across the middle class aspirational youth. People need access to short-term, flexible and quick credit solutions for a variety of needs that improve their life and satisfy their aspirations.” While Karanjkar has spent more than 14 years in the US and Singapore, working in operational and strategic consultative roles in large corporations such as AT&T and AT Kearney in the US, the other co-founder, Prashanth Ranganathan, is a serial entrepreneur who was earlier Paypal’s head of product for Asia Pacific region.
According to Karanjkar, big-ticket loans of more than Rs 5 lakh are offered by banks and NBFCs. It’s the small-ticket requirements, often sudden, that send customers scrambling for credit. “When it comes to small ticket/short duration loans, two things are critically important: First, customers want access to these funds in their bank account within minutes/hours, not days. Second, customers don’t want to jump through hoops, fill out paperwork, produce paper proofs for these loans. Thus, digital proxies play a vital role in preserving a slick experience.” PaySense’s first product is a simple, fast and flexible credit platform that provides a variety of credit options. PaySense EMI is a personalised line of credit similar to a personal loan that can be used to make any purchase, offline or online, instantaneously by putting it on an affordable EMI plan. It is operated very easily using the Android app or website. “One can use the full credit amount available at one time for a big purchase or flexibly use it like a string of multiple EMIs for various smaller purchases, as needed by the consumer. The credit approval of the consumer is instant, and free,” says Karanjkar.
It requires a one-time documentation, which is almost paperless for most customers with Aadhaar. “ We have invested in every aspect of the loan lifecycle, with an affinity graph for assessment, a flexible loan management platform and powerful tools for sales, conversion, customer service collections,” adds Karanjkar.