Cash Suvidha, a startup fintech company has joined hands with HomeCapital to provide unsecured credit at zero percent interest to first-time homebuyers in Pune, Bangalore and Mumbai region.
First-time homebuyers have always been a driving force in real estate because they enable existing homeowners to trade up to bigger homes and create demand for new construction.
Through the tie up, Cash Suvidha and Home Capital aim at changing the way loans are procured, assessed and disbursed and through the Down payment Assistance Program it is targeting the salaried people in the age group 20 to 45 years.
"We extend credit to applicants who don't have access to traditional lending practices. We have developed our own 'Suvidha Social Score' for assessing creditworthiness using social media portals to check educational and professional backgrounds, track lifestyle spending, payments behavior, and spending patterns," said founder Cash Suvidha, Rajesh Gupta.
Digital lending platforms are proving how technology can strengthen lenders' position by providing the benefits of basic efficiency improvements and cost avoidance. Applicants without credit scores are taking the digital journey to procure loans via these alternative digital lenders.
Access to funding can change with the way lenders determine an applicant's creditworthiness. With the new and innovative financial technologies and systems we work on a person's social credit rather than traditional creditworthiness, Gupta added.
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