Mumbai-based non-banking lenderÂ InCredFinance plans to expand itsÂ loanÂ book about four times by the end of this financial year, disbursing Rs 1,500 crore in loans to buyers of affordable homes, small businesses and students.
The six-month-old company, backed by former Co-Chief of Deutsche BankÂ Anshu JainÂ and industrialistÂ Gaurav Dalmia, has given about Rs 400 crore in loans to more than 2,500 customers across India.
â€śBy deploying technology and data science, we have optimised the customer experience and the loan turnaround process,â€ť said Bhupinder Singh, Founder & CEO, InCred Finance. He earlier headed up Deutsche Bank’s Investment banking business in Asia Pacific.
InCred Finance has also started lending into micro finance business even as it looks opportunity to acquire a company in this segment tapping India’s rural growth potential. The average ticket size is Rs 25,000 with interest rates varying in the range of 23-25%.
InCred’s affordable housing loans seek to provide financing to customers living in smaller towns/cities, and the average ticket size is Rs 10 lakh, with interest rates in the range of 11-13%. InCred’s Education loan business is designed for customers going overseas for a mastersâ€™ degree.
Anshu Jain, Manipal Groupâ€™s managing director and CEO Ranjan Pai and Dalmia, founder and chairman of Landmark Holdings have backed the non-banking finance company with strategic investments.
Two weeks ago, ET reported that InCred is in the race to acquire a controlling stake in the Kerela-based Catholic Cyrian Bank. InCred declined to comment on the matter.