Finserin Online Services Private Limited

In their own words

With the vision of funding the unfunded, FINSERIN has come up with an innovative technology based enterprise to support creditworthy entrepreneurs among the members of SHGs and borrowers of MFIs to directly access larger individual loans from mainstream Financial Institutions for growing their enterprises, thereby bridging the missing middle that is widening between Microfinance and SME finance. Based on our sample study, we find that nearly 30% of the individual members, particularly among SHGs that have a credit limit of over Rs 3 Lakhs, in southern states qualify for larger size loans that may not fall under the category of microfinance as defined by RBI. For successful lending to this segment, say “top of the bottom of the pyramid”, the first and the foremost requirement is identification of creditworthy individual members through specially designed credit rating tool for this segment followed by proper assessment of the viability of their micro-enterprises. At present, as per our estimation, there are around two hundred thousand creditworthy women entrepreneurs (who are having SHG membership) in major cities/towns of Telangana and A.P, who would like to scale up their businesses, provided they have access to finance. This number would exceed five hundred thousand if one takes into account all the urban areas of Telangana and A. P. Though, these women have excellent credit history by way of borrowing from their own Self Help Group the fact is not reflecting in CIC scores. Also, the loan size being small, it is difficult as well as not cost effective for the banks to reach out to this segment. In FINSERIN, we see that there is huge potential to tap in this segment if we have appropriate technology and systems in place. In this endeavor of reaching out to larger individuals quickly, we have been working on appropriate technology and means. What is already achieved? 1. Sourcing creditworthy women entrepreneurs using rating tool: In Telangana and A.P, we have around 10 million SHG members. We are planning to identify only 0.2 million creditworthy women entrepreneurs among them, for the time being, by following certain principles and using our Rating tool. We have the required database for this purpose. Our rating tool is working very well. We have perfected the ways and means of achieving this objective. 2. Technology for loan application, appraisal and documentation process: List of creditworthy entrepreneurs, chosen by a dedicated FINSERIN team after the rigorous process of filtering out, is available for different geographies and that enables our Field Officers to visit those individuals under their jurisdiction and appraise their enterprises and collect necessary information for loan application, appraisal and documentation. We have developed web enabled software application for this purpose that avoids errors and repetitions. FINSERIN branch can download print-ready application, appraisal and other documents for onward submission to the bank. This has been developed in consonance with our banking partner, IndusInd Bank. 3. Technology for Point of Sales (PoS) management and customer messaging 4. One branch is fully equipped with necessary infrastructure and staff for commencing operations in partnership with IndusInd Bank with a capacity to originate 300 loans per month.

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