Surat-based digital lending platform Nowofloan.com is revolutionizing the lending industry.
The startup has partnered with several banks and non-bank financial corporations (NBFCs) to launch a membership card that can allow members to get digital loan approval in just 30 minutes.
Since its launch on July 24, 2019, Nowofloan.com has grown into the most trusted multi-bank loan offer membership card provider. The membership card allows loan seekers to approach various lending institutions through the platform and avail fast loans of up to Rs. 15 lakh at attractive interest rates.
Thanks to its specialized loan process and multiple connections, the platform has served over 10,000 clients in a short period of 10 months.
So how does the process work? Individuals or businesses looking for loans submit the necessary documents digitally on Nowofloan.com. The platform, in turn, prepares a dossier and transmits it to several partner banks and NBFC, which match the profile of the potential borrower and give loan approval. In many cases, more than one lender is willing to lend, giving the individual or business the choice of choosing the lender.
âObtaining a loan is a time consuming process as it involves contacting the bank or NBFC, submitting loan documents, requesting approval, submitting more documents if the loan is approved, before to get the funds into their account. Through Nowofloan.com, loan seekers can contact multiple lenders simultaneously with minimal paperwork and get loan approval within 30 minutes, âsaid Arvind of Nowofloan Service India Private Limited.
Another key benefit of the membership card is that the CIBIL score is affected every time a loan seeker goes to a lender. But, with Nowofloan, the file is only opened in banks or NBFCs where the profile matches, and therefore there is no negative impact on the borrower’s CIBIL score.
âThe main goal of Nowofloan.com is to provide a great customer experience, personalized customer service and to grow the lending business through digitization,â said Arvind.
Nowofloan.com offers two types of membership cards for potential borrowers, one premium membership car for personal loans and the second a Platinum membership card for business loans. The card allows users to search the portal for loans and also offers them attractive referral payments. Users also get ten years of free loan advice.
The platform also launched a distribution partner card that allows members to earn extra money in commission on each approved loan file from them.
âAbout 1,000 loans are sanctioned by Nowofloan.com every month now. But this is only the beginning, and we aim to process many more requests in the future,â Arvind added.
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Posted: Thursday, September 16, 2021 3:40 p.m. IST