Fin-tech is changing the finance industry and in the present-day financial sector, finance is ripe for innovation & fin-tech is unquestionably the catalyst needed for change.Even though India is considered to possess a unique culture where every citizen enjoys a habit to save and prefers to spend in cash, with time the term 'credit' has gained importance in the lives of Indians. Still, availing credit for an individual has never been a matter of ease, be it for a small or large amount. Loan application and sanctioning has always been a long and tedious process. Moreover, when opting for a loan an individual is often confused on selecting the suitable product, bank, loan tenure and more. With the help of technology, Loanbaba is trying to make this tedious and cumbersome process, easy, simple, efficient and a lot more customer friendly.

Easy Process, Better Results
The idea was conceptualized by two brothers Satchit Hasabnis, an MBA & CFA holder & Sanket Hasabnis, a Chartered Accountant, who have together garnered an experience of over 15

years in the field of finance. “We believe that customer is the king and we aim to build a strong relationship with them. We understand the whole loan process could get a bit cumber some and thus, we handhold our customers from inception till the loan is disbursed and guide them through the entire process”, says Sanket.

From instant small cash loans disbursed within 24hrs to other traditional personal loans, business loans and mortgage loans,Loanbaba.com is your one stop solution for all loan requirements

Adding on, he says “Any loan application on our website, just takes a few minutes to get processed, and cuts down on any personal visits required by the client to the financial institutions. We have partnerships with various large and mid-sized banks and NBFC’s and are well positioned to offer our clients the best products and interest rates thereby.We strive to offer a transparent view into loan products to ease the decision- making process of customers.”

Satchit quips in, "Recently,we introduced our flagship product, Pay day Loans/Short Term Loans, in Mumbai. This product makes it possible to borrow a small amount of money within a day. What makes the process so fast, is the sophisticated technology applied

by the company. The algorithm is built in such a way that the eligibility of users is calculated within seconds. The algo also takes into account the financial transaction history, online social footprint, their online behaviour and their credit score as well. The customers have to choose "Small Cash Loan” at our website to get instant cash up to Rs.50,000 the same day they apply for the loan, which can be easily repaid within 3 months."

“We also have small ticket sized loans for college fees, tuition fees, school fees, certificate or vocation courses to name a few. We also have customers applying for retail loans such as Personal Loans, Business Loans, Auto Loans, Loan Against Property, Home Loans, and Education Loans for foreign education. Our free-to-use eligibility and EMI calculator helps customers understand the loan amount they are eligible for or need”, adds Sanket.

The Near Future Plans
Explaining on the future a head, Satchit says, “Loanbaba.com’s next stop is peer-to-peer loans on its very own P2P platform, which will connect individual lenders to borrowers, facilitating the lending and borrowing credit process. This will help good borrowers avail loans at a much better and cheaper interest rates than offered by banks, while this also gives Individuals an option to invest into loans which can yield minimum returns of 12 percent p.a. With fixed deposit rates at 6 percent, investment in P2P loans is an attractive proposition.