Digital lending platform, FinMomenta has introduced another core loan segment on its platform called “Corporate HR loans” for employees to make borrowing money easier in times of emergency.
This innovative step by the company will allow employees of the corporates to borrow money at preferential rates and ensure instant loan approval in less time. Further, It eliminates the need for the employees of mid-sized corporates to take time off work, physically visit banks to apply for loans and also follow up for approval & then documentation.
Speaking on this new initiative, Naveen Madgula, COO and Co-Founder said, “Digital lending is a paradigm shift for the entire financial industry. Over the years it has proved to be a streamlined lending process. We are honoured to be the first ones in the industry to introduce Corporate HR loans which has the potential for huge immediate growth in the digital lending space. This will be a big value addition to the corporates tying up with us. ”
FinMomenta ties up with Corporates & provide a link within the Corporate’s intranet portal where the employees can simply log-in and apply for a loan. The rest is taken care by FinMomenta with features like digital borrowing screening, quick approval and direct disbursement of loan to the employee’s bank account. The repayment is done in equal EMIs. FinMomenta expects the corporates to deduct the EMI before disbursement of salary to the employee.
In a credit-starved country like India, FinMomenta makes a real difference in the financial inclusion space and attracts both individuals and businesses in terms of being simple, quick and rates that appeal to both lenders and borrowers.
With corporate HR loans, employees can avail any loan starting from INR 50,000 to INR 5, 00,000 with minimum interest rate of 11.50% to 25% per annum with 6 months to 3 years loan tenures available for borrowers in 50 cities in India.