#Asia Know your credit score using this app before seeking banks loans

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There are currently more than 230M mobile Internet users in India, most of who have limited knowledge about the importance of a healthy credit score and its uses

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IndiaLends, a Delhi-based credit underwriting and analytics platform for unsecured consumer lending, has launched an app that allows consumers to check their credit score on their mobile phones instantly and for free.

“Credit awareness in India continues to be very low vis-à-vis countries like the US. If you were to ask a consumer in the US what his credit score is, 10 out of 10 people would know it. In India, only a handful of consumers are aware of their credit score,” said Gaurav Chopra, Co-founder, IndiaLends.

“As a result, unaware consumers who apply for loans are more likely to get their applications rejected or be charged higher interest rates and fees. Our app gives consumers the power to access their credit scores for free, and that too instantly. This enables them to make better decisions and negotiate affordable interest rates,” Chopra added.

There are currently more than 230 million mobile Internet users in India, most of whom are using mobile phones for online shopping and financial transactions. However, most consumers have limited knowledge about the importance of a healthy credit score and its different uses to fulfil their credit needs.

“We received an overwhelming response to our online credit score and analytics product that was launched in December 2015 and got over 10,000 credit report applications within the first 45 days. With our app, we will now be able to expand the reach of our services to a larger audience.” continued Gaurav.

The startup, launched in March last year, aims to improve credit scoring techniques in India and help more people get access to organised credit at better interest rates. IndiaLends captures and analyses a variety of relevant data points that help in assessing a borrower’s credit worthiness. This in turn assists lenders that include banks and non-banking financial corporations (NBFCs) in making informed lending decisions with better risk-adjusted margins.

Besides credit awareness, the IndiaLends app has features to simplify the way consumers manage their personal finances. The app offers consumers a suite of services such as the ability to track and manage multiple credit accounts including credit cards, home loans, car loans, gold loans,etc., get recommendations on how to improve their credit score, set EMI payment reminders, and get updates on the best loan or credit card deals.

“Consumers can also use the spend analysis feature on the app to manage their savings better. Having both their credit and expenditure information together, will enable consumers to achieve their financial goals more easily.” said Mayank Kachhwaha, Co-founder, IndiaLends.

The IndiaLends app is currently available on Android, and will soon be launched on iOS.

Last October, IndiaLends raised its second round of funding from prominent investors such as DSG Consumer Partners, Siddharth Parekh, and Gautam Radhakrisnan.

Image Credit: Shutterstock

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