MyShubhLife, India’s next-generation digital lending and comprehensive financial services platform, has announced plans to disburse INR 550 crore in loans amid signs of economic recovery and pent-up demand among salaried professionals, workers on demand and small traders. Equipped with an AI/ML driven credit model algorithm built by its Datasciences (CoE) Center of Excellence, MyShubhLife aims to achieve a disbursement target of INR 250 crore by this fiscal year and INR 550 crore the next. .
Since 2016, MyShubhLife has granted loans to a large number of borrowers by focusing on data-driven technology and offering personalized financial solutions. MyShubhLife has expanded its product portfolio to a host of credit products including Unsecured Personal Loans, Chota (Small Note) Loans, Access to Earned Wages (EWA) and Revolving Line of Credit to meet the needs financial resources of employees and self-employed (gig workers, small and medium-sized business traders, etc.). Users can avail a wide variety of loans between INR 3,000 and 2 lakhs with a flexible repayment tenure of up to 36 months.
With an exemplary default rate currently below 3%, MyShubhLife intends to focus more on its financial inclusion goals with an ever-evolving Data Sciences risk model. With a growth rate of 20% MOM, the company disbursed loans worth more than INR 20 crs in one month and grew exponentially month on month. Backed by its own Non-Banking Financial Company (NBFC) named Ekagrata, MyShubhLife caters to underserved target audiences.
Monish Anand, CEO of MyShubhLife, said, “The pandemic has highlighted the importance of giving easy access to credit to disadvantaged people as well as professionals to drive overall economic growth. Offering credit to our customers greatly enhances MyShubhLife product offerings while accelerating our pace of growth. Our consumers are now even better able to use finance to realize their aspirations.
With strong data-driven insights into our user base, we have gone beyond simply offering credit solutions. We have built a full suite of bag-sized financial products such as SIPs, E Gold, Insurance, Bill Payments, Electronic Tax Returns and more. to provide more contextual offers to our customers in the next half billion segment,” he added.
In 2022, MyShubhLife secured funding of INR 100 crore from Gojo & Firm, Inc., a global investment holding company that focuses on facilitating technology-driven financial inclusion in emerging economies. Pravega Ventures, SRI Capital, Saama Capital, BeeNext, Omidyar Network, Flourish Ventures and Patamar Capital had previously invested around INR 115 crore in MyShubhLife.