Kredit Konnection: An Online Marketplace connecting Borrowers with Lenders
Considering the endless possibilities of the financial industry and the millions of minds involved in it, a lender can always
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
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.