Start-ups are one of the most important sectors that contribute to the growth of the Indian economy. If you have an idea of starting start-up or business you need working capital which is the most important aspect, but getting the capital is the major struggle in the country.
There will be many challenging factors like inflexible guarantee parameters, frustrating lending policies, lengthy disbursements affect their loan appeals and they are not getting the loan on the time because of these factors, customers are very frustrating to solve above all the factors, Usha Financial Services Pvt. Ltd came up with the brand name of Cash Suvidha which is the Fintech Company. Cash Suvidha is the online lending platform which was started with an aim to reduce the wait time and turnaround time for business loans in both urban and rural areas.
How the idea Generated??
Starting off any start-up or business mainly depends on the economic situation of the entrepreneur, even though they start the business with the initial amount thinking that they will easily get the loan from the bank but not that much easy getting the loan Due to the serious gap between the financials and people.
It may be a business loan or personal loan all are facing the problem regarding floating their bank loans; external factors like inflexible guarantee parameters, frustrating lending policies, and lengthy disbursements affect their loan appeals.
To fill the gap between the banking system and entrepreneurs Rajesh Gupta came up with an idea of starting the Cash Suvidha Delhi based startup which is the Fintech Company under the trade name of Usha Financial Services Pvt. Ltd. in the year 2016; with the Rajesh Gupta other two people joined the Anoop Garg and Geeta Goswami.
Cash Suvidha is an online lending platform which redefined the fin-tech disbursement policy. Getting the loan is one mouse click away from You. The Company provides a variety of loans and funds that are used to facilitate further lending to SMEs and to cater to the loan needs of individuals in a simplified manner.
The founder Mr. Rajesh Gupta with the 25-years experience in Business & financial market. He is the present Director of the company and part of Management. He did his B.com (Honours) from the University of Delhi after that he started his carrier as the 1991-2006 in the import of non-ferrous metal scrap, after that, he moved to real estate and financial market up to 2016 before starting of the Cash Suvidha.
Mr. Anoop Garg co-founder of the Cash Suvidha with an experience of over 21 years in various capacities and domains. He has been institutional in the growth story of the company. he is one of the directors of the company. He did his B.com (Honours) from the University of Delhi.
Ms. Geeta Goswami director of the company with 10 Years work experience in business Development and Secretarial consultancy. She is Law graduate and Associate Member of Institution of Company Secretaries of India.
What they provide??
Cash Suvidha provides the loans and they are categorized in two, they are Business loans and Personal loans.
Business loans subdivided into three forms
-> Entrepreneur loan.
-> SME loan.
-> Cash Suvidha for women’s.
Any Entrepreneur want to start they need funding from the initial stage of the start-up, the entrepreneur mainly depends on themselves initially, then from the friends, investors, and venture capitals that is difficult to get from above sources. Due to lack of the capital many entrepreneurs are unable to start even though they start they quitting in the middle due to lack of capital, to overcome this they Cash Suvidha, has taken the opportunity to help the entrepreneurs to grow themselves and growth of the Indian Economy also with best interest rates when compared to banks & financial institutions.
Small and medium scale enterprises are the major sector is one of the most critical contributors to the growth of the Indian economy. The small and medium scale start-ups mainly failed due to lack of the finance. To get away from the unhealthy financial environment the start-up Cash Suvidha came up to provide loans to the SMEs to which are located in both rural and urban areas with best-in-the-market interest rates. The capital is provided to the customer in the form Business loans.
Cash Suvidha for women’s:
This is mainly for the women who are deprived, discriminated and economically neglected women to encourage them to start up a new business which will help them not to depend on others and help other women and empower the other women is the main motto of the ‘ Cash Suvidha for women’s’.
Cash Suvidha is giving money with low-interest rate compared with the banks or from other financial services or financial companies, they are promoting their start-up in the local groups which are running by the women in the rural areas and giving them huge money sometimes they are giving with the nominal rate of interest with this they can fight against odds and challenges which are coming their way.
Personal loans will be taken when something will happen which we don’t expect in our normal life. In that time no one will readily help us instantly. The start-up is giving the loans to the public when they need, without any guarantee.
It will follow the sincere and soulful practices for giving loans to the clients. No paperwork and low-interest rate when compared with market interest rates and flexible repayment based on the client needs. The will give personal loan from 50,000 -2, 00, 000.
Why Cash Suvidha??
The success of the start-up is based on the following the four simple steps, they are
- Apply any time: The best thing about this start-up is we can apply anytime from anywhere when we need the loan. It will take Applications from clients 24/7.
- Upload the Documents: There is no need of mainly submitting the documents just scan them and upload on the website. This can also be done in 24/7.
- Quick Approval: once if we upload the all the documents properly then we will get approval within the minutes from the company. The approval will be instant we need not wait for hours or days.
- Disbursal: After the approval of the loan, the amount will be credited to account within 72 hours from the applying for the loan if the loan is approved.
For the loan to be approved by the company they will check six parameters
- Social Graph.
- Data & Human Behaviour Analysis
- Document Verification
- Business Performance
- Credit Check by CIBIL
- Financial Data
Competitors, Growth and future plans:
In 2016 many started the same business platforms increased in greater speed CapitalFloat, LendingKart, and Rubique are three main competitors of the Cash Suvidha. There are some companies which also giving tough competition to the IndiaLends, P2P lending platform Faircent, and Kudos Finance and Investment.
After starting the Cash Suvidha it has given on-boarded over 3,500 borrowers and claims to have an average loan size of Rs 3 lakh. The start-up tied with many NBFCs and many financial institutions for the giving loans easily to the clients. In the December 2017 raised $2.7 million from six financial institutions.
Recently in the month of March 2018, the company raised pre-Series A funding worth of $1 Million from Initia Holdings Ltd., Vipin Agarwal, Partner in India Industrial Growth Fund and others. Initially, the start-up started based in the Delhi later it expanded its business to major locations in Delhi-NCR, Bangalore, Pune, Hyderabad, Mumbai, and Rajasthan.
Cash Suvidha recently decreased the minimum amount given by loan before that is 50,000 now it is reduced to 20,000 and maximum amount is increased from 2, 00,000 to 5,00,0000. The growth is 4-fold growth in terms of revenue in Financial Year 2017-18 among that RS 122 crores are given as loans to the customers or clients.
As of 31st March 2018, The Assets under Management of the lending platform stood at Rs 60.30 crore. The total amount divide into SME Lending is Of Rs. 46.97 crore and Personal loans Rs. 13.33 crore.
Its future plan is to reach the public at maximum and they put the target of 1 lakh borrowers and create a portfolio of Rs 200 crores by March 2019.