wordpress blog stats
Connect with us

Hi, what are you looking for?

Groww forays into lending, will offer pre-approved credit line to users without paperwork

Despite roots in stock trading, the fintech company will now be joining players like CRED and may enter neobanking too.

Groww, an online investment platform similar to the likes of Zerodha and Upstox, will now be offering credit lines to a few users*. The lending vertical, Credit from Groww, will not require any documents as it will be pre-approved based on the transaction history of its users. Groww has partnered with IDFC First Bank to provide this credit line; the company will not be asking users to pledge collateral against loans, as per the FAQ section in the app. It also said that the interest will be charged on the amount withdrawn and not the limit amount. Users will not be allowed to use this credit line to invest or trade in the stock market. Groww has been looking to augment its revenue after it raised nearly $250 million at a valuation of $3 billion last year. Entrackr reported that the company clocked operating revenue of nearly half a crore in 2020 with losses worth Rs eight crores. Groww’s competitors Credit from Groww will be competing with the likes of CRED Cash, LoanTap, InCred, among others. CRED Cash: The credit line was launched in 2020 offering CRED’s members a pre-approved amount of up to Rs 5,00,000 with no forms, documents, phone calls, or physical visits, according to News18. Kunal Shah said that CRED Cash, its lending tool which has disbursed Rs 2,415 crore in loans to date, has a default rate of less than 1 percent. InCred: The company specialises in lending with a variety of loans like personal, education, and MSME…

Please subscribe/login to read the full story.
Written By

I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ