Solving The Unemployment Crisis: How Finway FSC Managed To Create 10000’s Of Jobs Amid The Pandemic!

One of India’s most reputed financial services companies, Finway FSC has created several job opportunities for people during this time of crisis and unemployment with the help of its FLAP (Finway Loan Assist for Partners) mobile app. The mobile application allows people from all walks of life (salaried/self-employed/freelancer/student) to become its business partners and enhance their monthly income. The only eligibility criterion is that the aspiring entrepreneurs should be at least 21 years of age. With this initiative, Finway FSC has been able to achieve monthly disbursements of more than Rs 20 crores and has made a total YTD of 40% increase from the previous years. 

The business partners, or finpreneurs, as the organization likes to call them, connect Finway with the potential customers looking for a loan or any other financial services like Credit Cards, Insurance, or Investments. After making contact and reviewing the application, the loan can be transferred digitally through the app itself. Thanks to the FLAP app, the organization was able to disburse more than Rs 100 crores worth of loans during the pandemic year, easing liquidity crisis for people who lost their jobs or were facing a downfall in their business.

It is a win-win situation for the borrowers as well as the channel partners, as the borrowers get the loans that they desperately need, given the turbulent financial scenario that is prevailing currently, and the partners can earn 1% to 3% commissions for every successful disbursal. 

One of the agents at FLAP App, Mr.Ashish Ingale from Pune expressed, “Working with Finway FSC has been an exceptional experience. During the lockdown, my income decreased drastically and I was looking for a better-earning opportunity elsewhere. That is how I came to know about Finway’s FLAP App. I started as an agent with Finway, and within 1 year, my income increased with each lead that I generated for them. I have worked with several other companies in the domain, however, I have found Finway to be the most creative of them all; through this app, they encourage us to generate leads and pay every time with each lead. FLAP app gave a lot of relief in terms of movement. I didn’t have to rush from banks to banks to check my earnings, especially during pandemic. The app is very transparent and convenient. I used to check my status every time I generated any lead; the case details and progress were available on the app itself so it was always easy to keep track of everything. So it helped me to know how much I have earned and how much I will be getting for my work. This was true for all other agents as well. 

Mr.Ingale has now come on board with Finway FSC and is working as a Senior Sales Manager. 

Addressing how the launch of the FLAP app has brought a monumental change in the lives of Finway’s partners, Mr.Rachit Chawla, founder, and CEO, Finway FSC, said, “With our FLAP app, we’re trying to create employment opportunities for people, while at the same time, making sure that it also becomes easier for people to avail the loans if and when they need them. If anything can save us from the negative effects of this pandemic, it is innovation. Being a financial services organization, we are well aware of the plight of the people during these difficult times. Many agents have either lost their jobs during the lockdown period or are living in dread that they may lose their job any day – which is not good for their financial and mental health. So far, we’ve received an overwhelming response from agents all over the country and we’ve amassed close to 3000 partners. Our target is to provide support to 10,000 partners by end of this year, pan India, at the soonest, and we’re dedicating all our energies towards the realization of this dream.” 

“We are currently leveraging all the technologies at our disposal to make the lending process as efficient, smooth, and seamless as possible. So far, we have developed and deployed products like Personal Loan, Business Loan, Home Loan, Loan Against Property, Health Insurance, Life Insurance, Credit Cars, and Investment on our FLAP platform and we are looking forward to adding several other products shortly. Hopefully, our efforts would pay off and we will be able to get a step closer to realizing our dream of making India financially independent,” Mr. Chawla further added..