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Secure Distribution Company Pvt ltd. foray into the paperless loan disbursement business
Posted on September 29, 2021
Mumbai: For instant approval / disbursement of Personal Loans / Home Loans / Cards, Secure Distribution venture Pvt ltd started in September 2020, under Indian government start up program announced that its company, LoanBazaaronline is launching instant disbursements of unsecured and secured loans through its web portal Loanbazaar application. Besides the convenience of applying for a loan on the go, this app will ensure that loans are processed faster than most financial institutions in the country. The web portal is hosted on the most secure AWS servers and uses DigiCert Wildcard SSL protection to encrypt all communication between the server and the user. Customers will be able to apply to several financial institutions / banks / nbfc from a single interface with very competitive interest rates. Additionally, LoanBazaaronline has ensured that the application process is completely paperless, saving borrowers time and effort.
When Mr. Sarfaraz Nawaz, Founder and Director of LoanBazaaronline.com realized that most borrowers face many problems when applying for unsecured loan, he decided to create a process to make things better. simple and faster. According to Mr. Nawaz, âCurrently, most borrowers fear that their loan applications will be rejected due to a low credit score or a detailed verification process that they are not able to complete. Additionally, many banks offer loans at relatively higher interest rates and prefer physical documents which can be time consuming and stressful for a borrower. I decided to use the LoanBazaaronline platform to create a fully digital loan application process, offering competitive interest rates on loans and giving borrowers multiple options on the same app.
With LoanBazaaronline, borrowers can be assured of faster disbursement of unsecured loans, zero upfront bank / nbfc processing fees, and a 24/7 customer support team to answer any questions. To apply for a loan on LoanBazaar, borrowers need to download the mobile app, fill out the online application form and upload the required documents, then select the loan programs they want to apply for. LoanBazaar will ensure that the request is processed as soon as possible and, upon approval, will release the money within a few hours of the request.
According to pre-Covid estimates, the unsecured loan market in India is expected to exceed Rs 13.8 trillion by 2024. In addition, the overall loan market in India is expected to be between Rs 90,000 and 95,000 crore. per month. From this, LoanBazaaronline expects to gain a market share of around Rs.1000-1200 crore per month. The vision of LoanBazaaronline is to generate 1lakh + jobs until 31.3.2022.
The LoanBazaaronlie app has another important feature. It allows students, housewives, teachers, retirees, traders and everyone else to register as business associates. According to Mr. Nawaz, âWhile we have decided to offer instant loans to borrowers, we have also thought about including people in our growth. Therefore, we launched the Business Associate program where DSA small home loans can register as associates and start making money using technology (karza, equfix, score, banking anylizer, Gst anylizer, income tax anylizer) from Loanbazaaronline. This can be a win-win scenario for all parties involved. Compared to its peers, LoanBazaaronline is the first web portal application to offer an online platform for all loan DSAs and an opportunity to sponsor and obtain. Hence, borrowers can apply for loan / card and earn money also using the same web portal. up to 5 lakh, term life insurance up to 10 lakh Business associates office premises Rental for Dsa loan under the support program.