Could you elaborate on Ram Fincorp’s core offerings and how they differ from traditional financial institutions?
Ram Fincorp is different from traditional financial institutions because they focus on providing accessible, technology-driven lending solutions to people who are underserved by traditional banks. Its core offerings include personal loans, business loans, and short-term loans for salaried professionals, gig workers, and first-time borrowers. Unlike traditional banks, which rely on CIBIL or credit scores and lengthy documentation work, Ram Fincorp uses alternative data and machine learning-powered risk assessment models to evaluate creditworthiness. Due to this, the company can approve 40% of applications within minutes.
Our vision goes beyond disbursals; we help our users to rebuild their credit journeys responsibly. By providing paperless applications, transparent interest rates, repayment terms and zero hidden charges and making borrowing a transparent and trustworthy experience for customers.
With the digital lending market in India expected to grow at a CAGR of 22% between 2021 to 2025, reaching USD 350 billion by 2025. With the customer-first approach and future-ready advanced technology, Ram Fincorp is set to redefine the future of lending and make it easily accessible for underserved individuals.
How is Ram Fincorp leveraging data analytics to personalise loan products and improve customer experience?
Unlike traditional banks that often rely on CIBIL scores, Ram Fincorp uses data analytics to evaluate creditworthiness, and they evaluate alternative data such as salary patterns, employment history, and digital behaviour, and the platform’s fully digital approach makes sure that users get instant approvals with a paperless application process. Furthermore, Ram Fincorp’s commitment to help users to start or rebuild their credit journeys responsibly by giving complete clarity on interest rates, repayment terms and zero hidden charges build trust and satisfaction among borrowers.
In short, using data analytics for the lending process not only personalises loan products but also enhances the overall customer experience, showing that Ram Fincorp is not just a loan provider but also a catalyst for economic empowerment.
How is technology helping Ram Fincorp streamline loan disbursement and collection processes, especially in underserved areas?
Ram Fincorp uses advanced technology to make loan disbursement and collection processes easier for underserved areas. The platform is fully digital and enables a paperless application process, instant approval within minutes that removes the burden of delaying and lengthy documentation work and getting cash in the bank in minutes. By using alternative data and digital KYC and limited documentation, making loans accessible even in remote areas. Flexible repayment options are available, allowing borrowers to manage their EMIs according to their financial situation.
How do you ensure the fairness and transparency of algorithm-based credit scoring models used in loan approvals?
At Ram Fincorp, we understand that fairness and transparency are fundamental when using algorithm-based credit scoring models used in loan approvals. Our approaches start with designing models that are diverse and have relevant data points and not just traditional banks that use CIBIL scores to evaluate the creditworthiness of borrowers. This ensures that borrowers, particularly those in underserved areas, are not excluded from loan access.
To ensure transparency, we clearly communicate the key factors influencing loan decisions to applicants and help them to understand how their eligibility is evaluated and what steps they should take to improve it. Additionally, we follow strict regulatory guidelines and conduct regular audits of our models to ensure accuracy. By continuously monitoring and refining these systems, we strike a balance between innovation and responsibility, making decisions more inclusive, transparent, and trustworthy.
What strategies are in place to ensure that technology-driven solutions remain inclusive for users with limited digital literacy?
We recognise that technology can be genuinely useful, and even more so if it is inclusive, particularly for people with limited digital literacy. With that in mind, we prioritise simplicity with user-friendly interfaces in all regional languages to ensure borrowers have an easy time using our platform and can navigate without difficulties.
To alleviate confusion and improve the experience without compromising privacy, we have incorporated step-by-step guidance, tooltips and visual cues throughout the user journey. We also offer customer support through accessible channels, whether through chat, phone, or video support, so that our users can engage in real time if they ever need assistance. By pairing user-friendly design means, multilingual support, and active support, it enables technology-based solutions to benefit every user who engages. They can engage in our platform with comfort, regardless of their experience with digital or technology tools, and obtain services implementing digital tools.
How do you envision the future of personal lending in India, and what role do you see Ram Fincorp playing in the next five years?
The future of the personal loan market in India is projected to grow at a CAGR of 26.55% between FY2025 and FY2032. With the help of technology, financial inclusion, and changing consumer expectations, the personal loan market in India is poised for significant expansion. We see an ecosystem that is more open, transparent, and customised to meet the needs of each individual, where data-driven insights and digital platforms work together to make borrowing easy and responsible.
Over the next five years, Ram Fincorp will be leading this shift by providing cutting-edge technology and solutions to the underprivileged individuals that traditional banks overlook. Our goal is to enable borrowers to obtain credit with ease by offering smooth, safe, and intuitive experiences. Ram Fincorp intends to grow rapidly while promoting financial inclusion and literacy through a customer-focused strategy. We aim to give loans, but more importantly, to become a platform that every borrower trusts while setting their feet on the path to financial stability and growth.
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