Soon, you’ll be able to get a loan in five minutes, without having a bank account — if you’re willing to allow the lender to study the usage data on your phone.

Israeli start-up eLoan, known for P2P (peer to peer) lending in Israel, is all set to enter the Indian market and help millions of unbanked users borrow small sums from banks and microfinance institutions. They will be able to do so without having to build a credit history.

“There is a massive unbanked population in India, which is today unable to apply for loans because they don’t have a bank account and they don’t have a credit score,” eLoan’s Co-founder and Chairman Yigal Alkaslasy told BusinessLine . Started in 2012 in Tel Aviv, eLoan offers a peer to peer lending platform in Israel and uses advanced algorithms and big data technologies to build credit scores for users.

Lenders can then lend to the user immediately if the person meets the minimum credit score required.

Since December 2013, when it launched its first online product, the company has funded over $5.1 million in loans.

“With our software, we can create a credit score based on the kind of things people shop on their mobile, how often they pay their bills on the mobile and the overall number of financial transactions they do on the mobile,” said Alkaslasy.

The company is entering India with a big bang. Though it has less than 3,000 employees in its Tel Aviv headquarters, eLoan is planning to hire more than 10,000 people in India in less than three years. Most will be field agents.

“India is a big market and we need to reach every individual looking for a loan, which could be as low as ₹5,000,” said Alkaslasy. The company is already working with a few Indian lenders willing to offer small loans with the help of eLoan’s technology, he added.

eLoan is in talks to raise $3 million in India in a first round of funding. The company was part of Reliance Industries’ Gennext Hub incubator’s second batch, which graduated early this month.

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