Revfin to begin solar panel finance by end of 2019: Sameer Aggarwal, Founder & CEO

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Sameer Aggarwal
Sameer Aggarwal, Founder & CEO, RevFin

Revfin implements innovative techniques namely biometrics, psychometrics and gamification in addition to traditional checks for streamlining the loan processing for its customers. We also believe in rewarding our customer as a financially prudent customer will be able to build better credit rating, which will get them access to wider financial services in future, says Sameer Aggarwal, Founder & CEO, RevFin, in conversation with Elets News Network (ENN).

How does Revfin help its consumers in accessing convenient loans?

RevFin offers loans to its customers through Android and iOS applications. Digital delivery of loans means that anyone can apply for a loan from anywhere and at anytime. Apart from this, we also use many innovative techniques like biometrics, psychometrics and gamification in addition to traditional checks.

Using these techniques make it possible for us to approve loans that traditional lenders are not able to approve. The total time to process a loan is typically under 10 minutes, make it even more convenient for customers.

Tell us about REVLOAN. How unique is this offering? 

RevLoan is a revolving credit line facility that we give to our existing loan customers once they have proven their ability to repay a loan. This credit line is available to them for use in case of an emergency or in situations where they need to borrow a small amount for a short duration of time. This facility does not come with any non-usage charges and the charges for usage are very nominal and transparent.

How do you streamline your services for your consumers? Do you run any reward scheme or believe in financial prudence?

We are in the process of introducing our reward program. The objective of this program is to reward customers for being financially prudent. Customers will be rewarded for activities like paying their EMIs on time to start with.

 They will be rewarded though lower interest rates, EMI waivers and other things that help reduce their debt burden, thus making their financial position stronger. A financially prudent customer will be able to build better credit rating, which will get them access to wider financial services in future.

Your firm is offering loans to a segment, primarily for the purpose of financing electric rickshaws. How are your empowering people through this particular project? 

Customers that are taking loans for eRickshaws are typically excluded from mainstream finance. They are daily wage earners, who can treble their income by purchasing an eRickshaw. Most of these people live in Tier 2 and 3 cities and are not very digitally active. For most of them, the loan with us is their first loan. This means, they will have a record in a credit bureau after taking a loan from us.

They will also start using three bank accounts as we collect payments directly from their accounts. A credit footprint and formalisation of income through bank deposits will make them eligible for several other products through their banks over time, thus leading to financial empowerment.

The realisation that they can get a loan through a mobile phone application also expands their view of the world. They adopt digital technology at a faster pace to identify other opportunities to make their lives better.

The increase in their income through an eRickshaw means improvement in their social and economic status. The loan also increases their confidence as they feel more included and accepted. Overall, our loans make a big impact on the lives of customers leading to social, economic, financial and digital empowerment.

Revfin is also planning to expand its arena towards solar panels. Would you like to tell us about this project and its progress?

For now our focus is to expand in to the electric vehicle market, including three and two wheelers. It is our intention to finance solar panels and other clean technology based consumer products over the long term. While we have started doing research in to the solar panel market, we will enter the segment towards the end of 2019.

How do you implement cloud technology onboarding and customer management process? 

Our platform and databases are fully cloud based. This makes it easy for us to scale while also having the benefit of safety and security features of cloud platforms.

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