Mumbai, 19 January 2023: Amid a surge in India’s demand for credit, money management platform Fi Money launched its lending services to offer users instant credit in partnership with Federal Bank as the lender. The instant personal loan service provides borrowers immediate access to credit through a paperless and pre-approved application process.
Instant loans on the Fi Money app will be rolled out in a phased manner, with a certain number of users gaining initial access to avail credit from ₹50,000 up to ₹5 lakh, followed by a full-scale launch for all users in the coming weeks.
With the advent of the use of technology innovations in the BFSI sector, especially digital lending, there have been unintended consequences of mis-selling to unsuspecting customers, concerns over breach of data privacy, unethical business conduct and illegitimate operations.
Fi Money solves some of these issues with a secure, transparent and frictionless borrowing experience for its users. The Bengaluru-based fintech has simplified the overall customer experience to get the loans sanctioned in a matter of minutes. The digital credit services were launched in full compliance with the digital lending guidelines as Fi Money, and Federal Bank moved swiftly to implement the newly notified lending regulations.
The amount is disbursed directly into the user’s Federal Bank savings account, making funds instantly available.
In addition to being fast, safe and convenient, digital loans through Fi Money follows a transparent and flexible policy when it comes to the usage of funds, and Bank charges no pre-closure fees, so users are not charged if they choose to pay off their loan early. All this, in addition to competitive interest rates and transparent fees and charges.
“Our aim is to provide quick and easy access to credit for our users whenever and wherever needed. With Instant Loans, we have ensured that users will have a simplified and transparent borrowing experience on Fi,” said Sujith Narayanan, co-founder and CEO, Fi Money.
The three-year-old fintech startup hit the 2 million active users mark in 2022, achieving the milestone in little over a year of launching the app. Apart from credit, Fi Money offers its users the ability to open a zero-balance online savings account with Federal Bank along with a debit card and an investment platform, including mutual funds and peer-to-peer investing, in partnership with licensed entities.