Replacing Informal Lenders by Delivering Affordable Micro Loans.
Replacing Informal Lenders by Delivering Affordable Micro Loans.
Project Specs
Overview
Juspay was the first company in India to offer seamless and hassle-free loans to individuals and small-to-medium MSMEs through the innovative OCEN infrastructure (a set of APIs developed by Juspay). As a tech provider, Juspay developed an SDK that can be easily integrated with merchant platforms, enabling a smooth and efficient money lending experience. This allows users to effortlessly apply for small loans or credit directly at the checkout.
Juspay was the first company in India to offer seamless and hassle-free loans to individuals and small-to-medium MSMEs through the innovative OCEN infrastructure (a set of APIs developed by Juspay). As a tech provider, Juspay developed an SDK that can be easily integrated with merchant platforms, enabling a smooth and efficient money lending experience. This allows users to effortlessly apply for small loans or credit directly at the checkout.
(01)
The Challenge
(01)
The Challenge
(01)
The Challenge
Addressing challenges in lending for MSMEs and individuals
Addressing challenges in lending for MSMEs and individuals
Most of India's Financial ecosystem innovations are around lending credit, and the sufferers have been Small and Medium Businesses or MSMEs (who make a vast portion of Indian employment). Traditional lending processes (banks) are time-consuming and fail to provide money when MSMEs need it the most. It also involved massive documentation, physical back & forth, and very slow money disbursement. Lenders do a risk assessment or a background check on the borrower to verify if they are creditworthy (can repay the amount).
As a result, MSMEs reach out to informal lenders and NBFCs who charge high-interest rates since MSMEs is a riskier customer base. In this project, we focused on avoiding the above problems and creating a hassle-free and fast money lending process not only for businesses but also for individuals.
Most of India's Financial ecosystem innovations are around lending credit, and the sufferers have been Small and Medium Businesses or MSMEs (who make a vast portion of Indian employment). Traditional lending processes (banks) are time-consuming and fail to provide money when MSMEs need it the most. It also involved massive documentation, physical back & forth, and very slow money disbursement. Lenders do a risk assessment or a background check on the borrower to verify if they are creditworthy (can repay the amount).
As a result, MSMEs reach out to informal lenders and NBFCs who charge high-interest rates since MSMEs is a riskier customer base. In this project, we focused on avoiding the above problems and creating a hassle-free and fast money lending process not only for businesses but also for individuals.
(02)
The Process
(02)
The Process
Gathering insights and key highlights
Gathering insights and key highlights
We first started solving the primary use case by looking at other players in the market. After creating a competitive analysis, we extracted base user flow by taking the common denominator and adding a few toppings as per the merchant's requirements. We focused on how to make the whole loan journey for the users by adding subtle nudges on WhatsApp as well. Below are the few highlights of the project
We first started solving the primary use case by looking at other players in the market. After creating a competitive analysis, we extracted base user flow by taking the common denominator and adding a few toppings as per the merchant's requirements. We focused on how to make the whole loan journey for the users by adding subtle nudges on WhatsApp as well. Below are the few highlights of the project
(03)
Data Collection
(03)
Data Collection
Easy collection of data
Easy collection of data
The Loan process itself is a very time-consuming thing. So we did not want to collect so much information from the users. We needed their PAN card details and monthly income to check their credit score and income. With that, we were able to fetch some suitable offers for them
The Loan process itself is a very time-consuming thing. So we did not want to collect so much information from the users. We needed their PAN card details and monthly income to check their credit score and income. With that, we were able to fetch some suitable offers for them
(04)
Loan Selection
(04)
Loan Selection
Simplifying Lender Selection and Offer Comparison
Simplifying Lender Selection and Offer Comparison
After calculating the credit score, we could fetch all the possible lenders for that score. For a more accessible selection, we had the recommended lender on the top, followed by the other lenders. On selecting a particular lender, all the possible offers are shown to the users. We also let our users save the application if unsure about the offers. They could always come back and start from where they left off.
After calculating the credit score, we could fetch all the possible lenders for that score. For a more accessible selection, we had the recommended lender on the top, followed by the other lenders. On selecting a particular lender, all the possible offers are shown to the users. We also let our users save the application if unsure about the offers. They could always come back and start from where they left off.
(04)
Repayment
(04)
Repayment
Auto Repayment setup made easy
Auto Repayment setup made easy
Setting up an auto repayment on the go was more straightforward than setting it later with the bank. We made it simple for our users with the help of jusypay's e-mandate system. The mandate was set without leaving the app with an iframe.
Setting up an auto repayment on the go was more straightforward than setting it later with the bank. We made it simple for our users with the help of jusypay's e-mandate system. The mandate was set without leaving the app with an iframe.
(05)
Solution
(05)
Solution
Building accessible and scalable loan
solutions for everyone
Building accessible and scalable loan
solutions for everyone
Our solution has to cater the 90% of use cases within the app and online. We could achieve most of it, including the repayments. Down the line, we wanted even an individual to get a loan of Rs 500 with less/ zero interest from our lenders. That way, people can avoid going to informal lenders. As of now, we have integrated with various clients, and it has been widely appreciated across India.
Our solution has to cater the 90% of use cases within the app and online. We could achieve most of it, including the repayments. Down the line, we wanted even an individual to get a loan of Rs 500 with less/ zero interest from our lenders. That way, people can avoid going to informal lenders. As of now, we have integrated with various clients, and it has been widely appreciated across India.
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I'd love to hear from you and explore collaboration, answer your questions, or simply chat.
Let’s Connect
Monday, December 9
© 2024 — AMRUTHAKUDUVA
I'd love to hear from you and explore collaboration, answer your questions, or simply chat.
Let’s Connect
Monday, December 9
© 2024 — AMRUTHAKUDUVA
I'd love to hear from you and explore collaboration, answer your questions, or simply chat.
Let’s Connect
Monday, December 9
© 2024 — AMRUTHAKUDUVA
I'd love to hear from you and explore collaboration, answer your questions, or simply chat.
Let’s Connect
Monday, December 9
© 2024 — AMRUTHAKUDUVA
I'd love to hear from you and explore collaboration, answer your questions, or simply chat.
Let’s Connect
Monday, December 9
© 2024 — AMRUTHAKUDUVA
I'd love to hear from you and explore collaboration, answer your questions, or simply chat.
Let’s Connect
Monday, December 9
© 2024 — AMRUTHAKUDUVA