The potential to grow can often be understood with a little support. When it comes to individual growth, capital seems to be the primary element. But what caught the attention of Abhinav Kohar, an IIT Patna graduate while publishing national employability reports based on different assessments was that the access to capital for lower-segment of the population was cumbersome in nature. Though the fin-tech revolution has made the choice, access and experience easier for the customers who can afford it, Indian banks still found it difficult to service a large group of people who needed money to fulfill their emergency needs due to lack of credit scores or collateral. In line with the growing fintech industry, there was a dire need to facilitate a strong connection between the borrowers and lenders efficiently. This thought imparted so deep in Abhinav that it led to the launch of KreditKonnection, an online lending platform in 2015, to empower people with financial inclusion.

Considering the endless possibilities of the financial industry and the millions of minds involved in it, a lender can always

be willing to provide a loan connected to a dedicated borrower. This lack of information is the reason why Abhinav thinks Kredit Konnection can be impactful to the industry. “The lack of capital access and unavailability of proper financial documents is one of the major causes why the financial state of the average income population of the country is unable to rise”, says Abhinav.

KreditKonnection acts as a one-stop solution for borrowers to check the best interest rates along with managing documentation with multiple lenders simultaneously, build credit score and financial literacy

KreditKonnection is an online lending marketplace that helps individuals by providing them simplified and convenient personal loans. It not only provides easy personal loans to individual borrowers but also acts as a one-stop solution to check the best interest rates along with managing documentation with multiple lenders simultaneously.

Why Kredit Konnection
The need for a credit score in order to get a loan approved is considered primary. “It is one of the most important factors that affect your loan approval. A good credit score and report is a positive indicator of your credit health”, says Abhinav. He adds, “If

this score is available or in it’s absence for an applicant, along
with proper balance in the algorithms related to social media presence, network structure, and other digital footprints, we create an internal “CIBIL” score and then it is sent out to the lenders and if it is approved then the loan amount is transferred to the applicants' bank account.”

Ensuring a hassle-free process, the company assists the lenders in customer acquisition, credit assessment, documentation andloan asset management. Kredit’s target audience includes sub-prime individuals - who do not have a credit score and normally not served by banks. For the same, in order to understand whether the borrower is loan-worthy or not, the company applies Machine Learning algorithms. Currently, the company disburses loans without collateral or guarantor in just four steps – online application, gives interests rates that suits the requirements and borrowers profile, provides support documents right at the doorstep, and credits amount within one business day of loan approval.

Kredit Konnection, since inception, has acquired customers through word-of-mouth, the company has grown 80 percent YoY and the journey has been really rewarding. Currently, it has partnered with five private banking and seven Non-banking Financial Institutions. Soon the company plans to launch a mobile app and integrate a special feature in its platform to help customers manage their savings in a better way, using the spend analysis feature.