Getting a loan the conventional way, often gives us all chills, for all the formalities and time associated with it. LoanMeet is curated marketplace of good credit-worthy borrowers, and lenders. It enables individuals to obtain personal loans even if do not have any credit history or low CIBIL score. The approved loan profiles are shared with our pool of lenders, and the loan amount is disbursed in 2-5 business days.
The idea of this startup interestingly came from a simple conversation with people around the founders, some of them were prospect borrowers who were turned down for a loan from the bank due to stringent rules and then there were people who had money to invest for returns, but didn’t want to get into conventional mode of stock or gold.There was an untapped potential in this gap, and it had to be bridged. This is how LoanMeet came into existence.
LoanMeet is a platform that both borrower and lenders can trust. They run multiple checks on the borrower’s profile, and the loan request. If there any red flags ( unusual spending patterns or incorrect answers ), the loan is not listed on the site. Background checks, home address validations, credit report study, loan guarantor- all checks are efficiently made to ensure protection of lender’s investment. Borrowers, just need to provide five set of documents to build their credit profile. The entire process of getting your loan is completed in just few days.
This Bangalore based startup was founded in 2015 by Sunil Kumar (CEO and Co-Founder) and Ashutosh Srivastava (CTO and Co-founder).
Kumar has prior work experience of 14 years, and has worked at the Federal Bank , Cincinnati, Ohio. He did his Mechanical Engineering from IIT – Bombay and then went on to do his Masters in Business Administration from Xavier University, Cincinnati,Ohio. Kumar, has also built Pricing Model for Credit Defaults, SWAPS and Bonds. His work is not limited to the finance sector, Kumar has been a creator in the Mechanical domain as well, he had designed new Suspensions at Chrysler, Detroit, an American automobile manufacturer.
Ashutosh has a work experience of 9 years and has been a VP at JP Morgan, Houston. He completed his MS in Computer Science from Illinois Institute of Technology. Prior to LoanMeet, he had founded another startup which he eventually sold to Citibank. Ashutosh has also built a self-sustaining model for Credit Default Swaps.
The company has a very simple pricing model for both lenders and borrowers, and an even simpler registration and processing process. The interest rates are low and the company also provides Pre-Closure facility. And to top all that, there are no hidden charges. The lenders on the other hand get attractive returns, chance to invest in multiple borrowers , sentimental, expert and big data analysis. LoanMeet has plans to scale up their operations to multiple locations in India,covering all major cities and then expand to abroad as well. The process of team expansion is also happening simultaneously.
In simple words, LoanMeet provides peace of mind to lenders, and help borrowers quickly raise cash.