THE EASE OF COMPLIANCE ensured by the Reserve Bank of India (RBI) has welcomed a significant number of fintech companies into the competitive lending space. One such digital lending startup is Revfin. Founded in 2017, the startup finances commercial electric vehicles (EVs) largely in virgin territories like lower-tier cities. The lender has a presence in 18 states and primarily caters to that very risky customer segment that has no credit score. Even though 80 per cent of Revfin’s borrowers do not have any credit score or history, the company’s Co-founder and CEO, Sameer Aggarwal, reveals that the default rate at the company was below one per cent.
Credit score and history of customers help lending companies assess risk while offering a loan. Revfin has its own risk assessment tool. “We measure customers’ intention to repay by using the psychometric assessment tool which we have developed jointly with IIT Kharagpur. The tool analyses customers’ behavioural traits to identify their intention to repay a loan,” explains Aggarwal.
Funding EVs in Small Towns
Currently, Revfin has an average loan size of about Rs 1,18,000. The startup also focuses on delivering after-sales services. “We assess risk on the product side. We look at the risk that comes with EVs. We partner with manufacturers and dealers to ensure that all the services are provided to customers post-sales,” he says.
Diese Geschichte stammt aus der 29 July 2023-Ausgabe von Businessworld India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der 29 July 2023-Ausgabe von Businessworld India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
MEMORIES & IMPRESSIONS
Ratan Tata was an exceptional human being. He was a visionary leader, esteemed industrialist, and a humanitarian, who left an indelible mark on India and the world.
The Robotaxi Market
The robotaxi market is shaping up to be a high-stakes battleground as tech giants and automakers race to transform urban mobility.
And the Nobel Prize Goes to AI
The recent Nobel Prize T awards to AI pioneers affiliated with Google have sparked a broader conversation about Big Tech's influence on research and the limitations of traditional prize categories.
Ola Electrified
Once considered a trailblazer in India’s electric vehicle (EV) ecosystem, Bhavish Aggarwal’s Ola Electric now faces a major accountability crisis.
Sharp Slide in Industrial Output on Eve of Deepavali
India’s index of industrial production (IIP) saw a sharp reversal in August, contracting by 0.1 per cent, in stark contrast to the 4.7 per cent growth in July, mostly because of significant contractions in mining and electricity generation.
Heralding the Solar Era with Sustainable Electrification
RAJEEV KASHYAP on the economics of solar power, the hurdles in scaling it, and much more
A WELL-GREASED MACHINE
The OmniBook X14 laptop runs on first-generation Snapdragon X Elite, which bets big on Al-enabled productivity and battery life, but falls short when it comes to overall experience, says Deep Majumdar
DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH
For a family of four living in a metro, it is recommended to opt for a family floater health insurance plan with a sum insured of at least Rs 15-20 lakh
Disruption Ahead: Beyond Organisation Charts and Structures
ALBERT EINSTEIN FAMOUSLY said, “We cannot solve our problems with the same thinking we used when we created them.
Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment
We are on the stage of global warming, and these technologies not only help prevent further damage but also leave behind a better environment for future generations.
