InCred aims to expand loans four times in FY18
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 is backed by former Co-Chief of Deutsche Bank Anshu Jain and industrialist Gaurav Dalmia. It 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, Founder & 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/cities, and the average ticket size is Rs 10 lakh, with interest rates in the range of 11-13%.