A sudden medical emergency in the family, a breakdown of the car, buying a new mobile phone, gifting someone on their birthday, payment of school fees, we all face such situations from time to time where our monthly salary suddenly seems inadequate. The amount required could be small but may not available immediately and may be required, within a short time-frame, in many cases,immediately. This is a common scenario faced by almost all salaried individuals from time to time. This is where Short-term loans or Payday loans come handy to assist one in getting relief from such sudden and some times unannounced financial emergencies. Though Payday Loans are extremely popular in the West, in India,it is still considered to be in the nascent stage.

Just to put it in perspective,the Payday Loans market potential in India is currently pegged at Rs.70,000 crores as per a report published in the Times of India. A recent study by Trans Union CIBIL points out that there are 15crore New to Loan Individuals at the lower end of the Income segment who are now eligible for a Loan of around Rs.15,000 but yet to take it. It is this untapped potential and market opportunity that has many fin-tech companies plunging into this burgeoning space.

Based in the financial capital, Mumbai, Ezeefinanz is one such Digital Lending platform with a core focus to provide short-term loans to salaried individuals.

The Inception
Krishnan Subramanian and

Ramaswamy Subramanian,two veterans in the BFSI industry have known each other right since their childhood days. The duos went their separate ways after their Management and have had multiple senior and leadership level stints in large and successful brands such as HDFC Ltd. ICICI Bank, Apnaloan.com, HDFC Bank, Reliance Capital,India Infoline &IndiaFirst Life Insurance. They got together to start Ezeefinanz a couple of years ago after A venture of Finanzmart Services Private Limited,the platform aims at addressing a massive pain point that exists in the market. Spending over two decades in the industry, as they could see the huge gap and opportunity that existed in the lending ecosystem of the country.

Through EzCash,we offer loans ranging from as low as INR 2,500to INR 1 Lakh

“The Short term lending market in India is a highly un-organized one. Not many options exist in the market today to address this particular need of an individual. This massive gap caught our attention and at the same time showcased a huge opportunity to tap into and bring financial inclusion for first time borrowers” says Krishnan.

Range of Product Offerings – Loan Intermediary
Ezeefinanz started off as a Loan Intermediary providing end to end fulfilment and service to Customers across Loan Products.The company today, partners with over 35 Banks and Financial Institutions for the same. As an integrated fin-tech lending platform as well as an end-to-end fulfillment provider, Ezeefinanz services the customer right from the time he needs a loan till the time that the money is transferred to his account. The array of offerings includes Home Loans, Balance Transfer Loans, Personal Loans, Loan against Property, Commercial Property Loans, Business Loans, Working Capital Loans and others.

Digital Lending Platform – EzCash Loans
Ezeefinanz through its key product EzCash Loans - an instant online

loan platform, aims to serve the purpose of providing short-term loans in the lending space. Ramaswamy says,“Through EzCash,we offer loans ranging from as low as INR 2,500 to INR 1 Lakh. The Borrower can apply through the Mobile or Web in 3 simple steps and can actually get the money in his Bank Account in a matter of few hours. It is
completely paperless and does not require any physical signatures. The Borrower’s loan eligibility can go to as high as 65 percent of his Net Monthly Take Home Salary and this is calculated basis his socio-economic profile data by "FLARE" – our proprietary credit algorithm based rule engine.”

Following a B2B2C business model, the company ensures that the risk attached with this form of lending is mitigated to a large extent as compared to most B2C models that exist in the industry. Through the use of Technology, the platform addresses the Risk through multiple levels of risk management and control measures. The process is simple, convenient and works in a completely transparent and inclusive nature as far as the Borrower is concerned. The Venture is now poised to take the Platform to the next level, after a recent successful Beta launch by signing up Corporates and booking Loans month on month on the Platform.

Led by a team of 30 talented employees, Ezeefinanz with its base in Mumbai, Pune and Bangalore soon plans to expand its footprint across Nagpur, Nashik in Maharashtra and a few other cities in other states too. The venture also plans to try and tap the State Government employees in Maharashtra for this unique product offering.

“Our immediate plan is to now take EzCash Loans to the market in a big way. Going ahead, we want to launch a similar technology led offering for the mass MSME segment in the next 9 to 12 months.While we currently offer this product through our Partner NBFC, we also have plans in the medium to long term to acquire our own NBFC license.” he concludes.