VN Finance launched their business app to automate the process of helping customers to get business loans. People who need unsecured loans and have no security or no existing assets, can directly approach VN Finance and share their creditworthiness and repayment capacity.
Mohit Kakkad, Managing Director, VN Finance, in a statement said, “Our focus is to provide quick decision making to customers, who need loans. Our app, , VNFinance, helps provide the best possible customer experience and fast decision making in loan appraisal and disbursal processes. More than 90% cases take less than 24 hours for final decision and disbursement. Our approach is to deploy 24×7 service and disburse loans within a day with the least number of documents and hassle-free interaction using technology.”
The company is deploying digital solutions to different customer segments. In addition to sourcing and assessing loan applications, it is using technology to assess creditworthiness and loan limits for the customers based on machine learning algorithms. VN Finance has built an ML based supervised learning algorithm to automate loan application processes and is currently testing it.
VN Finance has grownin the last 1.5 years and now plans to to expand its network to get closer to its customers more widely. It recently announced gold loan to help people unlock their dreams. It also offers secured loans such as Loan Against Property (LAP) and loans against inventories. The company is also helping NGOs and self-help groups in assisting migrant labourers.
The company is mainly engaged is providing the small and medium size ticket loans on secured and unsecured basis. VN Finance has put in place an interest rate policy taking into account relevant factors such as, cost of funds, margin and risk premium, etc and determine the rate of interest to be
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