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Tapping huge business opportunities in the digital lending platform, Manappuram Finance has ventured into this burgeoning sector with the introduction of an app called Ma-Money to offer hassle-free loans at the click of a mouse.
“Manappuram has always been at the forefront when it comes to embracing new technology to make life easy for customers,” said V P Nandakumar, Managing Director and CEO, Manappuram Finance. “Also, digital lending presents a huge opportunity, as more and more people are taking to the digital way of doing things,” he added.
Ma-Money, therefore, is the need of the hour. The objective of introducing the new app, which will cover all the products of the company under one umbrella, is to make the loan process simpler, quicker, and more convenient, he said.
Quoting figures, Nandakumar said the digital lending market is expected to touch $350 billion by the end of 2023 at a growth rate of 11 to 12 per cent annually.
Also read: Manappuram Finance, Digital University Kerala tie-up for employee training, product development
Asked about generating business in the first year through the app, he said “We have pioneered digital gold loan and will look to scale it up. The advantage of Ma-Money is that the customer will be able to apply for the various products under one umbrella. So, we expect this super app to play a major role going forward.
The app will cater to all segments but we will focus on tier 2 and 3 cities as that’s where the growth is expected to come from.
To a question on the guarantee sought from customers who opt for digital lending, he said, “As with traditional lending, we will not compromise on due diligence and scrutinise their repayment capacity and Credit Bureau (CB) records.”
The product and services from the app include instant personal loans, business loans, consumer durable loans, loans to the healthcare industry, food industry, small-scale industry, school finance to improve infrastructure, car loans, home improvement loans, farm equipment loans etc.
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