Amit Bansal of BharatLoan on Revolutionizing Digital Lending for Salaried Professionals in India

StartupTalky presents Recap'24, a series of exclusive interviews where we connect with founders and industry leaders to reflect on their journey in 2024 and discuss their vision for the future.

Digital lending market in India is experiencing quick growth, followed by high demand for accessible financial solutions. By 2029, this sector is going to see potential expansion, driven by in AI-driven credit assessments and a shift toward paperless, hassle-free lending experiences.

In this article of Recap'24, we feature BharatLoan, a fintech company revolutionizing digital lending for salaried professionals. StartupTalky had the privilege to chat with Mr. Amit Bansal, Founder of BharatLoan, who shared insights into the company’s growth— simplifying the loan approval process to leveraging AI/ML for great customer experiences. Bansal chatted on BharatLoan’s growth, milestones, and vision for the inclusive financial ecosystem. It includs new offering like Green Loans and self-employed financing solutions.

StartupTalky: What inspired the creation of BharatLoan, and how does it address the financial needs of salaried professionals in metro cities?

Mr. Amit Bansal: BharatLoan was inspired by the need to provide salaried professionals in metro cities with quick access to emergency funds. The platform simplifies the borrowing process through a hassle-free, 100% digital experience, offering loans even to those with less-than-perfect credit scores. By focusing on speed, convenience, and accessibility, BharatLoan effectively addresses the financial pressures faced by this demographic.

StartupTalky: What has been BharatLoan’s biggest milestone in 2024, and what factors contributed to its rapid growth?

Mr. Amit Bansal: BharatLoan’s biggest milestone in 2024 is becoming the fastest NBFC to surpass 1 million app downloads in June and the company has now achieved over 5 million app downloads. This achievement reflects its strong customer adoption, driven by a seamless, 100% digital loan process, an inclusive approach to lending, and leveraging AI/ML-powered solutions to streamline loan approvals and enhance customer experience.

StartupTalky: How does your 100% digital and paperless loan process differentiate BharatLoan from traditional lenders and other fintech platforms?

Mr. Amit Bansal: BharatLoan’s fully digital and paperless process eliminates cumbersome paperwork, long approval times, and complex procedures commonly associated with traditional lenders. Its streamlined app-based approach ensures faster approvals and disbursals, offering salaried professionals immediate access to funds. This innovation sets it apart from other platforms by prioritizing speed, convenience, and user experience.

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StartupTalky: What challenges did BharatLoan face while entering the traditional lending ecosystem, and how were they overcome?

Mr. Amit Bansal: BharatLoan navigated challenges such as building credibility in a competitive and highly regulated market, earning customer trust, and seamlessly integrating advanced technologies into traditional lending frameworks. These obstacles were transformed into opportunities through unwavering adherence to regulatory compliance, the creation of a secure and trustworthy ecosystem, and the strategic use of AI/ML technologies to provide faster, more reliable, and inclusive loan services.

StartupTalky: AI and ML play a significant role in your operations. How do these technologies enhance customer experience and decision-making?

Mr. Amit Bansal: AI and ML enable BharatLoan to automate credit risk assessments, provide personalized loan offerings, and ensure faster approvals. These technologies help predict borrower behavior, streamline operations, and enhance customer satisfaction by delivering tailored solutions quickly and accurately.

StartupTalky: What new services or loan categories are you planning to introduce and how do they align with your vision of a sustainable future?

Mr. Amit Bansal: BharatLoan is committed to expanding its portfolio with services that align with its vision of creating a sustainable and inclusive financial ecosystem. Recently, the platform introduced Green Loans, designed to provide affordable financing for solar energy solutions and electric vehicles (EVs). This initiative not only promotes environmental sustainability but also makes renewable energy and eco-friendly transportation more accessible to individuals and businesses, contributing to a greener future.

In addition to Green Loans, BharatLoan is planning to launch Self-Employed Loans aimed at empowering entrepreneurs and small business owners. By addressing the unique financial needs of the self-employed segment, these loans will foster economic growth and support individuals in achieving their business aspirations. Together, these offerings reflect BharatLoan’s commitment to driving sustainability and inclusivity while ensuring access to financial products that create a positive impact on both the environment and society.

StartupTalky: Customer satisfaction is critical in the financial services industry. What steps does BharatLoan take to ensure a smooth and positive borrowing experience?

Mr. Amit Bansal: BharatLoan prioritizes customer satisfaction by offering a seamless digital application process, transparent terms with no hidden fees, and quick loan disbursals. It also ensures 24/7 customer support and uses data-driven insights to address customer needs effectively.

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StartupTalky: What marketing strategies have been key to achieving over 1 million app downloads? Can you share any specific growth hacks that worked well?

Mr. Amit Bansal: BharatLoan’s marketing success stems from a combination of targeted digital advertising, referral programs, and strategic partnerships. Data-driven campaigns on social media and search engines ensured visibility among salaried professionals, while affiliate programs bring in new customers. engaging content marketing, and festive campaigns further drove downloads and user engagement.

StartupTalky: What trends and opportunities do you see in India’s financial lending industry in the next 2-3 years, and how do you plan to capitalise on them?

Mr. Amit Bansal: BharatLoan foresees opportunities in expanding digital lending services to underserved markets, such as Tier 2 and Tier 3 cities, and offering environmentally focused financing solutions. The company plans to capitalize on these trends by enhancing its AI/ML capabilities, introducing new products like Green Loans, and targeting a broader audience with inclusive and accessible lending solutions.

Growth Hack: BharatLoan fostering higher user retention and encouraging organic sharing. This approach significantly boosted app downloads and customer loyalty

StartupTalky: For aspiring fintech founders, what one piece of advice would you share from your journey with BharatLoan so far?

Mr. Amit Bansal: The key advice is to focus on customer-centric innovation while ensuring strict compliance with regulatory requirements. Build trust through transparency and leverage technology to create seamless and inclusive financial solutions that address real customer challenges.

Explore more Recap'24 Interviews here.