The Economic Times covers the 'InCred'ible growth of InCred.
Mumbai-based non-banking lender InCred Finance plans to expand its loan book about four times by the end of this financial year, disbursing Rs 1,500 crore in loans to buyers of affordable homes, small businesses and students.
The six-month-old company, backed by former co-chief of Deutsche Bank Anshu Jain and industrialist Gaurav Dalmia, has given about Rs 400 crore in loans to more than 2,500 customers across India. "By deploying technology and data science, we have optimised the customer experience and the loan turnaround process," said Bhupinder Singh, CEO, InCred Finance.
He earlier headed up Deutsche Bank's investment banking business in Asia Pacific. InCred's affordable housing loans seek to provide financing to customers living in smaller towns and cities, and the average ticket size is Rs 10 lakh, with interest rates in the range of 11-13 per cent.
InCred's Education loan business is designed for customers going overseas for a masters' degree.
Anshu Jain, Manipal Group's managing director Ranjan Pai and Dalmia, founder of Landmark Holdings have backed the nonbanking finance company with strategic investments.