Bangalore based Fintech firm Capital Float is foraying into consumer finance now. The company which has so far dealt with the B2B customer has launched app-based Consumer Finance solution. The startup said that by using its paperless product, its partners would be able to offer no-cost EMI option to consumers at the point of sale. The company's tech-driven algorithms underwrite the consumer in real-time, ensuring instant approvals.
The Consumer Finance solution operates on a digital model, wherein the application process is completed in under three minutes. Consumers needn't swipe their credit cards or pay upfront. Instead, they can opt for the convenience of paying via EMI by applying for the loan during purchase, said the company.
Through its Consumer Finance solution, Capital Float offers small ticket size loans to consumers aged between 23 – 60, with an average loan value of Rs 50,000 and tenure of 6-12 months for repayment. The loans can be availed for a variety of uses including paying tuition fees, financing travel packages, dental treatment, fitness packages, buying electronic appliances and computers.
“We have carefully built this product over the last year and are fully operational across 75 cities in India. We are witnessing exponential growth in terms of disbursals and on an average, are adding 15,000 new consumers every month, aiming to cross a customer base of 200,000 by the end of this year through this financing solution. We have already partnered with over 250 companies across verticals such as education, vocational training, wellness, elective healthcare, home furnishings, electrical equipment, lifestyle, travel, fitness and consumer durables. We're witnessing tremendous growth by adding 25-30 new partners every month,” said Sashank Rishyasringa, co-founder, Capital Float.