Amidst COVID Crisis, True Balance Commits Itself To The Liquidity-Crunched ‘Uncredited’ IndianPTI | Delhi | Updated: 27-04-2020 16:47 IST | Created: 27-04-2020 16:47 IST
~ Focussed loan disbursal in rural India continues with INR 23 crores in March, 2020 ~ ~ Personal, recharge and instant cash loans doing INR multi-crore volumes~ ~ major disbursements have happened through company’s own lending arm – ‘True Credits’ ~ ~ Providing easy credit solution for 1 billion unbanked Indians continues to be the prime focus ~ Delhi, 27.04.2020: True Balance, fintech app operated by Balancehero India, the wholly owned subsidiary of Balancehero Co. Ltd. Korea, today announced that it has disbursed loans worth of INR 23 Crores in March, 2020. The group has observed strong growth in loan numbers in Q1, CY2020. At a point of time when several players in the lending space have announced they have stopped loan disbursals, the commitment to solving the last mile issue of Indian credit is something that True Balance intends to continue with. Loan disbursements are 100% digital and users can apply and receive cash loan within minutes via True Balance’s mobile application. True Balance hope this brings much needed liquidity to tier-III & IV markets, in India, which account for 45% of India’s GDP.
With a loan GTV of INR 150+ crore disbursed across 6.6 million loans nationwide, True Balance has seen rapid growth in loan numbers, both in loan count, as well as loan size. Within less than a year of service launch, the growth rate for the loans service has reached nearly 30% month-on-month. In Q1, CY2020, True Balance disbursed a total loan figure of ~INR 50 crore, bolstered in great part by the launch of the free credit scoring check feature in partnership with Experian, something that has again seen rapid adoption among the user base.
Charlie Lee, Co-founder & CEO, True Balance opined, “Pre-COVID-19, we knew credit would help revive the Indian economy. There may be turbulent times at play today, but we intend to stand by our commitment of last mile delivery of credit to India. Although we are taking a cautious approach, we also understand that this is the time our customers need us the most. Our stringent technology-led KYC process is helping us in quick disbursement of loans to those in need with good credit history. We are cautiously optimistic about the market and expect normalcy to arrive once the COVID-19 situation is controlled”. The announcement of strong growth in loans comes on the back of the analysts having announced that the loans segment, especially in unsecured loans and more, will remain a cause for concern for the banking industry as a whole, something that may have a strong adverse impact on nationwide PSL loan disbursal.
True Balance’s lending arm, TrueCredits received its NBFC license in October, 2019, and a renewal of PPI license for 3 years from Reserve Bank of India. True Balance is currently raising Series C extension to expedite the growth of lending business across India. PWR PWR.