Offering some relief pertaining to cash crunches, Hyderabad-based non-banking finance company (NBFC) start-up Fivifi India Finance Private Limited has announced the national launch of their product FlexSalary.
This is an online virtual unsecured personal emergency line of credit, specially designed to find a way out of the short-term cash crunches of salaried individuals.
“There is no product in India to address short-term cash crunch for few days, few weeks, fortnight or a month to meet daily expenses. With FlexSalary, people can borrow any amount ranging from Rs 2,000 up to a maximum of Rs 2 lakh even for a few days,” said Anil Kumar Pinapala and Srinath Kompella, founders of Fivifi.
As of now, the start-up is self-financed but it is definitely looking forward to raise Rs 100 crore towards lending capital and operations. As per the company sources, Fivifi charges Rs 70 as interest on a loan of Rs 10,000 for seven day period.
“Consumers, especially millennials, are more comfortable using technology to find and sign up for quicker credit,” said Patrick Kishore, Chairman of the company.
Patrick has earlier served as the chief operating officer at Institute for Development and Research in Banking Technology (IDRBT).
“FlexSalary is an open-ended line of credit, where borrower decided the loan tenure,” said Srinath, Co-founder and COO, Fivifi.
The company makes use of machine-learning based credit decision model to decide the loan eligibility of a customer.