SwitchMyLoan recently closed its pre-Series A funding round led by O2 Angels Network, a Noida-based angel syndicate, and deep tech accelerator. The round also saw the participation of marquee investors Rajesh Ranjan in his personal capacity, Dr. Jaydeep Thaker and family, Angel Scions, and Sirius One Capital Fund, a SEBI-registered alternative investment fund. SwitchMyLoan plans to use the funds for technology development and business expansion, said Chintan Panchmatiya, the startup’s founder,

However, he did not disclose the amount and valuation.“We are working to develop an AI-powered credit underwriting bot and also plan to increase our physical presence pan India,” he said.Founded in March 2021 by Chintan Panchmatiya, Himanshu Panchmatiya, Hemali Bhatt, and Raj Kariya, SwitchMyLoan is a tech-based loan aggregator platform that strives to provide customers with a simple, hassle-free, and personalized experience.

Chintan and the other co-founders identified the gaps in retail lending products, mainly those in the mortgage market. They also noticed that borrowers had difficulty identifying the right lender as per their needs. Finding a loan that suits your needs is a tiresome journey with various steps—right from selecting the lender and getting clarity on the total cost to be incurred to lengthy documentation and following up with the lender on the status of the loan. The latter involves multiple visits to the lender branch.

SwitchMyLoan brings multiple products and lenders under a single roof and guides and assists customers in the end-to-end journey of availing themselves of a loan. It aims to facilitate secured and unsecured loans through a network of more than 85 lenders, including both private and public players. Lenders on the platform include HDFC Bank, ICICI Bank, Axis Bank, TATA Capital, Bajaj Finserv, Aditya Birla, Union Bank of India,

Indian Bank, State Bank of India, Bank of Baroda, Bank of India, and Central Bank of India. “SwitchMyLoan works closely with customers to understand their needs and offer them the best solutions possible. It is committed to educating, guiding, and supporting customers—both for new loans and for switching loans,” explained Chintan. Switching lets users change the type of loan (e.g., fixed versus variable interest rate) and repayment mode without completing a new loan application.