Lending Opportunity via Pragati
As is the case with products, rural India also presents a large, untapped market for financial service providers, with urban markets approaching a saturation point. Rural customers are rapidly shifting towards digital, with a record number of digital payments made in rural India post-covid.
However, both customers and retail banks face several problems in rural with regard to financial services:
Problems for retail banks in rural -
- Small loan amounts (Rs. 25,000 to 50,000)
- Long distance of customers from branches
- High transaction costs
- Information asymmetry
- Human resource constraints
Problems for customers in rural -
- Travel costs (access)
- Documentation issues
- High interest rates by local moneylenders (upto 48%)
- Lack of awareness and social capital
- Prior rejection by formal banking system
- Non-availability of special products
- Pragati serves as a platform for micro, small and medium entrepreneurs to secure credit in rural areas.
- With mobile phones having a 90% market share in rural India, Pragati’s app-based platform provides a channel for MFIs to become market leaders.
- Additionally, consumer databases created via Pragati providing information about the credit history and financial dealings of the consumers enable MFIs to design customized products and better manage their credit portfolios.
Lending Service Portfolio by Pragati Stores
Loan Origination Services
Built with a state-of-the-art workflow system based on the microservices architecture, we offer fully automated, parameterized and business rule engine powered Loan Origination Services through our stores.
We aid and comply with your ecosystem from amortization to delinquency tracking in one impeccable loan servicing procedure.
Collection Management (coming soon)
A comprehensive, automated debt and receivables system with improved decision making, effective collection strategies and more through our Pragati stores.
Pragati – Loan Aggregator: Multi-Lender Model
In Partnership with Wonderlend Hubs