ETMONEY, a Times Internet backed company, announced its entry into the lending business today, with launch of ETMONEY CreditLine, in partnership with RBL Bank. ETMONEY has 4 million Indian users, who use ETMONEY for expense management, investment, and insurance solutions. ETMONEY is India’s largest mobile platform for mutual funds, having grown 20x in the last 12 months.
“With the launch of CreditLine, ETMONEY has become India's only integrated platform on mobile with strong solutions across consumer's financial journey. Borrowing money has always been an anxiety driven, cumbersome process. Working closely with RBL Bank, we have been able to co-create a unique offering which simplifies borrowing, and gives high flexibility to our users”, says Mukesh Kalra, CEO, ETMONEY.
ETMONEY CreditLine combines the benefits of a credit card and personal loan into one, and is completely paperless. Along with a credit card, with 50-day interest free spending power, ETMONEY Creditline lets consumers transfer money directly into your bank account, at a much lower interest rate starting at just 14% p.a . You can borrow as little as Rs.3,000 or as high as Rs. 5 Lakhs, and pay back on your terms ranging from a few days to a few years. There are no pre-payment charges or any hidden costs.
“ETMONEY CreditLine is a compelling value proposition for an end user. It provides 24x7 access to money and is truly money-on-demand, matching the rapidly changing credit expectation of Indian consumers. CreditLine is our first offering in lending space, and we intend to follow this up with launch of multiple innovative credit products over the next few months”, says Manav Seth, who recently joined ETMONEY leadership team from Bajaj Finance to lead its Lending business.
“RBL Bank has been at the forefront of launching innovative product offerings that provide a seamless and reliable banking experience for all our customers. We are proud of our ‘Partners ka Bank’ legacy, as the partnership approach helps us to meet the constantly changing needs of customers. Our partnership with ETMONEY for the CreditLine product is a strategic move that will further strengthen our portfolio of digital solutions in the lending space” said Mr. Rajeev Ahuja, Executive Director, RBL Bank.
Setting up CreditLine with ETMONEY is quick and hasslefree. All a customer has to do is install the ETMONEY app, and share a few basic details basis to set up a credit limit. If you are already an ETMONEY user, you may see a pre-approved CreditLine, which makes the experience even more seamless. For users with no credit score, ETMONEY has created a machine learning based proprietary scorecard to enable them to get a CreditLine.
Once CreditLine is activated, you can make withdrawals to your bank account instantly, and also use the credit card for regular purchases. The repayment also happens from the app seamlessly, with smart reminders. Available for both Android & iOS users, the app can be downloaded here.