VN Finance Announces Small Ticket Loans – ‘Shramik Loan’ and ‘Rozgar Loan’ for Migrant Workers and Financially Excluded

Small Loans 

* 24X7 service; Within 1-day loan disbursal; minimal no of documents

* Funds even for those who cannot provide security or existing assets

In sync with the Prime Minister and RBI Governor’s clarion call to provide credit/ loans to the financially excluded and the unbanked, VN Finance, a tech-enabled NBFC, has announced small ticket loan offerings – ‘Shramik Loan’ and ‘Rozgar Loan’ for migrant workers and financially excluded small business men and women on the eve of Independence Day 2020. In the aftermath of Covid-19 and the problems faced by lakhs of people, VN Finance's approach is to deploy 24X7 service and disburse loans within a day with the least number of documents and hassle-free interaction using technology.

The ticket size of the loan starts from Rs. 25,000 onwards. Those people, who need unsecured loans and have no security or no existing assets, can directly (or through intermediaries) approach VN Finance and share their creditworthiness and repayment capacity. They will get the funds at the best of terms to achieve their dreams.

VN Finance also offers Secured Loans such as Loan Against Property, Loans against Gold Jewellery and Loans against Inventories. Every business needs ongoing working capital and this requirement keeps increasing with the growth of business. VN Finance's professional team fully understands business needs and provides funding against the goods and inventories already lying in the shops/godown. The small business owner just needs to furnish the inventory list, its value and their needs.

Mohit Kakkad, Director & Founder, VN Finance, said, “We stand committed to our vision of changing the society by helping people to follow the dreams by easy and quick financing. We are focusing on the segments who cannot afford to wait and cannot meet or understand the complex and time-consuming processes of conventional lenders. We work tirelessly to develop delivery mechanisms with technology to make our disbursal process easy, efficient and widespread. We plan to expand aggressively in Mumbai MMR region, Maharashtra State and gradually across India.”

VN Finance is also developing a network of banking intermediaries, Self-Help Groups (SHGs), NGOs and correspondents who can help facilitate credit to migrant workers, unbanked and financially deprived business men and women. Since the target segment is not necessarily highly literate and educated in technology, VN Finance is using technology to help them and the financial intermediaries in the easiest of ways.

Mohit Kakkad firmly believes that if India has to achieve financial inclusion in the true sense, NBFCs such as VN Finance have to play a significant role in enhancing financial literacy, seeking minimal collateral, shorter processing time and building distribution network while grappling with lack of credit history, absence of formal identity, cyclical income and paper work.

The Union Government and regulators have taken various initiatives such as Basic savings bank deposit account (BSBDA), Lead banking scheme (LBS), Pradhan Mantri Jan Dhan Yojana (PMJDY) and set up payments’ infrastructure like BHIM, UPI, DBT to jumpstart the process of financial inclusion. The Reserve Bank of India (RBI) in its National Strategy for Financial Inclusion 2019-24, announced that public credit registry has to be made fully operational by March 2022 so that authorised financial entities can leverage the same for assessing credit proposals. NBFCs can also access and analyze data from Google Pay, Walmart-owned PhonePe and Whatsapp Pay (to launch soon).

About VN Finance

VN Finance Pvt. Ltd. (VNF) is an innovative financial company Incorporated in March 2019 as a Non-Deposit taking NBFC (ND). The company is founded by 31-year old Mohit Kakkad with a vision to use technology to provide finance to hitherto unbanked section of society. The company is mainly engaged is providing the small and medium size ticket loans on secured and unsecured basis. Unsecured loans are being provided based on creditworthiness and repayment capacity of the borrowers. The senior management of the company consists of senior leaders from banking industry and mentored by some of the highly qualified professionals. VN Finance has put in place an interest rate policy, adopted by the Board, taking into account relevant factors such as, cost of funds, margin and risk premium, etc and determine the rate of interest to be charged for loans. It has a robust KYV Policy, Fair Practices Code and Corporate Governance Policy.

Home Credit India Offers Easy Smartphone Loan Options in Unlock 3.0

Smartphone Loans

* Own a smartphone sitting at home with customer-friendly schemes from Home Credit

* Customers can now process loans from their homes with the help of Home Credit’s robust online program

As the nation sees ease in lockdown, businesses have also started to open. Having been closed for business for over two months, retailers are still unsure about customer walk-ins and how to service their demand. Home Credit India, a local arm of the international consumer finance provider with operations spanning over Europe and Asia, is focused to strengthen its partnership with offline retailers. The company has been functioning business actively in Bangalore with 940 key retailers. Big retail chains like Sangeetha Mobiles, Pai International, Devi International and standalone retailers like Colors Mobiles, Hanuman Telecom, Uday Electronics etc. are now open with all the necessary precautions and adhering to govt guidelines.

The retailers have witnessed 75% footfall in comparison to pre-Covid era. Most of the customers are venturing out for key purchases only and are following social distancing guidelines

In the given times, Home Credit has also built a robust online program for customers who choose to not venture out fearing COVID-19. Customers can now own a smartphone and get their KYC/loan approval procedure executed from the ease of their home without being physically present at the retail shop. Post the formalities, the mobile phone is delivered to their doorstep. Online outreach is further supporting the retailers in their sales during these challenging times. 

On the occasion, Mr. Ankush Khosla, Chief Sales Officer, Home Credit India said; “These unprecedented times have brought in significant behavior change among customers. With the country easing lockdown with restrictions, it is time that the Corporates come forward and take innovative steps towards supporting economic revival in the country. Home Credit is extending full support to its retail partners across the country with the hope to support our customers in every possible way, to make their loan taking journey less stressful even during these anxious times.”  

Home Credit India has resumed its operations country wide based on Government directives. The company has its operations spread over 350 cities across 22 States in India with a strong network of around 31,500 points-of-sale (PoS) and a customer base of around 11.3 million customers. 

Panasonic Jaguar Racing Head To Berlin for a Lockdown Showdown

Berlin Tempelhof

* After more than 150 days, Panasonic Jaguar Racing head to Berlin Tempelhof, Germany for the final six races of season six of ABB FIA Formula E

* The pacesetting Jaguar I-TYPE 4 will line up for six races in an incredible nine days on three different track layouts for the most intense finale in motorsport history

* Mitch Evans sits second in the ABB FIA Formula E drivers’ championship

* Panasonic Jaguar Racing are third in the ABB FIA Formula E teams’ championship

* Tom Blomqvist announced as the reserve driver for Panasonic Jaguar Racing

* Lights go green for the Berlin E-Prix at 19:00 local time (CET) on 5 August

After 158 days, Panasonic Jaguar Racing will head to Germany to complete season six of Formula E in a unique lockdown showdown. Berlin’s Tempelhof circuit will witness six races in nine days with three different track layouts.

Sitting second in the drivers’ championship, Mitch Evans, and teammate James Calado will look to push for more points, podiums and wins during the ABB FIA Formula E Berlin E-Prix with the pacesetting Jaguar I -TYPE 4.

Tom Blomqvist is confirmed as the reserve driver for the remaining six races of the season, replacing Alex Lynn who will drive for Mahindra. The British-Swedish driver previously drove for the Andretti Formula E team in 2018.

James Barclay, Panasonic Jaguar Racing Team Director:

“We’re going into the final six races in Berlin in a great position. Whilst it’s going to be an  intense challenge for all of the team to complete six races in nine days we are looking forward to it and feeling positive that we are ready to give it our all to fight for the drivers title with Mitch and achieve our best result to date in the team standings. At Panasonic Jaguar Racing our season six objective was to compete for more points, podiums and wins and so far, we’ve done just that. It’s been a long break in the season, but we are hungry to pick up where we left off and finish the season successfully. The whole team has been working incredibly hard during lockdown to ensure that we maintain our positive momentum. We never underestimate the quality of our competition in Formula E though and the challenge that the team and the drivers will face in Berlin but we are fully prepared and ready to give it our all. It’s ultimately within reach so we will be doing our all to achieve our goals together.”

Mitch Evans, Panasonic Jaguar Racing Driver #20:

“This season we’ve tasted success and I am really proud of my performance, particularly in the last three races. We achieved Super Pole and a Podium in Santiago, we won in Mexico City and we made history in Marrakesh by gaining 18 places and finishing P6 after starting from the back of the grid. Being second in the drivers’ championship puts me in a good position heading into Berlin but I know I can’t underestimate the challenge that we have ahead. Our Jaguar I-TYPE 4 is incredibly quick so I’m hoping to show the everyone that we can be in the fight by 13 August.”

James Calado, Panasonic Jaguar Racing Driver #51:

“I’m looking forward to getting back into the Jaguar I-TYPE 4 at the Tempelhof circuit. I started in P10 in Marrakesh and felt like I had made some solid progress. I want to give my best performance in Berlin. My role is to support Mitch and the team and secure as many points as possible. I’m sure it will come with its challenges and this break has definitely added the pressure but I’m ready for the lights to go green and finish the season on a high.”

In less than one week, the ABB FIA Formula E Berlin E-Prix will commence, with the first race of six taking place on Wednesday 5 August at 19:00 (CET) ahead of the most intense finale in motorsport history.

It’s Time Now to Look Ahead at Life Confidently with Corona Kaavach by HDFC ERGO

HDFC ERGO, the country’s third largest non-life insurance provider in the private sector, announced the launch of ‘Corona Kavach’ policy. This new indemnity health policy will offer cover against medical expenses incurred due to hospitalization of individuals seeking treatment for COVID-19, on positive diagnosis for the virus in a government authorized diagnostic centre. In addition, the policy will also cover expenses incurred on treatment of co-morbidity along with the treatment for COVID-19.

The current pandemic is a grave threat to the health of individuals, whilst also affecting their financial well-being due to the high cost of COVID-19 treatment. But, we must slowly gather the pace to ‘Look Ahead’and move towards the new normal, with confidence. The ‘Corona Kavach’policy indemnifies policyholders for medical expenses on hospitalization for the treatment of the virus and includes the expense incurred on treating co-morbidity along with COVID-19. The policy will also cover road ambulance expenses, in case the service is opted for the purpose of hospitalization due to COVID-19. Home Care Expenses benefit (upto a period of 14 days) will also be covered in the policy for those seeking treatment within the comfort of their own homes, on the advice of a medical practitioner. Additionally, expenses incurred for inpatient care treatment taken under Ayurveda, Yoga, Naturopathy, Unani, Siddha and Homeopathy (AYUSH) systems of medicines will also be covered under the policy. Policyholders will also be liable for Hospital daily cash, which will be 0.5% of sum insured per day for a maximum upto 15 days, during a policy period.

Commenting on the launch of the new product, Mr. Ritesh Kumar, MD & CEO, HDFC ERGO General Insurance Company Ltd., “COVID-19 has brought life to a standstill with many feeling the financial pinch. In such unprecedented times, Corona Kavach by HDFC ERGO will provide customers with the much needed financial respite giving them the confidence to ‘Look Ahead’ in life. We are fully committed in this battle against COVID-19 and will provide our customers with the much required ammunition like access to a wide network of over 11,000 cashless hospitals, swift & hassle-free claim settlements, several services available digitally on HDFC ERGO’s my:health App; all of which will be available to them with our policy.”

The Corona Kavach policy by HDFC ERGO will enable customers to experience superior customer service whereby they can reach out to the Company through various digital platforms which are easily accessible. HDFC ERGO has a robust digital service architecture that has enabled the Company to put in place processes, which are largely paperless. Customers can register their request for filing a claim, policy renewals, and changes in the existing policy, among others through various means like the web portal, mobile apps, IVR, chatbotsand email bots from the convenience of their homes. HDFC ERGO’s settlement of pre-authorized cashless claims withinan average of 14 minuteshas further enhanced customer satisfaction and delight.

As an added advantage, existing indemnity health policyholders can avail a 25% discount and our Health Warriors, i.e. the Health care professionals, especially will be offered an additional 5% discount on purchase of this policy. The policy is available for a minimum sum insured of INR 50,000/- up to a maximum of INR 5,00,000/-. Customers may logon to the Company website www.hdfcergo.com or reach out to HDFC ERGO representatives for more details or purchase the Corona Kavach policy.

About HDFC ERGO:

HDFC ERGO General Insurance Company Ltd. is a 51:49 joint venture between the Housing Development Finance Corporation Ltd (HDFC); India’s premier Housing Finance Institution and ERGO International AG; the primary insurance entity of the Munich Re Group of Germany. HDFC ERGO, the third largest General Insurance provider in the private sector, offers the complete range of general insurance products including Motor, Health, Home, Agriculture, Travel, Credit, Cyber and Personal Accident in the retail space and Property, Marine, Engineering, Marine Cargo, Group Health and Liability Insurance in the corporate space.

Over the last few years, HDFC ERGO has constantly endeavoured to not just align itself to the evolving market needs, but instead be a pioneer in terms of its offerings. Having its ears to the ground has helped the Company create a stream of highly targeted new products and AI-based tools and technology. Be it unique insurance products, integrated customer service models, top-in-class claim process or a host of technologically innovative solutions.

With a wide distribution network and a 24x7 support team, the Company has been offering seamless customer service and innovative products to its customers.For more information on HDFC ERGO and the products and services offered by the Company.

Muthoot Finance Launches ‘Sunheri Soch’ Radio Campaign By Amitabh Bachchan

Muthoot Finance, India’s No.1 Most Trusted Financial Services Brand and India’s largest gold loan NBFC has entered into a unique partnership with RED FM, one of India’s largest and much awarded private radio networks to launch a series of real-life inspirational stories that break stigmas around gold loans in India. With ‘Muthoot Finance Sunheri Soch’ campaign, the financial services conglomerate brings highly successful stories of various common men & women who dreamt big and made their dreams come true by availing gold loans from Muthoot Finance.

Sunheri Soch aims at encouraging and educating masses about actively adopting gold loans and realising their dreams. The campaign is a series of inspiring, real-life stories of common people who took a gold loan from Muthoot Finance and moved ahead in life. Muthoot Finance’s brand ambassador Shri Amitabh Bachchan beautifully narrates these stories in an all-new avatar. As part of this campaign, a melodious Sunheri Soch anthem was launched with Red FM’s top RJs saluting the courage of these successful people who have achieved their dreams in highly challenging circumstances. Sunheri Soch is a celebration of their achievement, and Muthoot Finance is proud to be a catalyst in this journey of millions of Indians.

Commenting on the association, Mr. Alexander George Muthoot, Deputy Managing Director, The Muthoot Group said, “We have always launched path-breaking campaigns that have brought attitudinal transformation in the lives of people. Gold loans have huge potential as Indian households have 26000 tons of gold & just 2-3% of this is monetised by way of gold loans. We at Muthoot Finance are the guardians of trust who empower society to realise the power of their dreams by unlocking the true value of their emotional currency. Our Sunheri Soch campaign brings inspirational real-life stories to life to help common people realise their dreams”

Mr.Abhinav Iyer, General Manager, Marketing & Strategy, Muthoot Finance added, “Sunheri Soch is a series of life-transforming stories that can inspire a million others. As humans-beings, we feel inspired by great success stories. With a little help from Muthoot Finance, these are people who realised their dreams. With +2.5 Lac customers being served every day, it wasn’t easy to hand-pick a few success stories. Mr Bachchan’s incomparable voice and amazing delivery has just brought in the magical touch to this campaign”

Commenting on this association, Ms. Nisha Narayanan, COO & Director, Red FM and Magic FM said, “We are excited to announce our collaboration with Muthoot Finance, one of the most trusted financial services brand in India to feature inspirational success stories and break all the prevailing apprehensions associated with gold loans. With deeper engagement being the primary need of clients, we have taken a different approach in sharing some of the extraordinary real stories of Muthoot Finance Gold Loan customers”

Ms.Ruchi Mathur, Senior VP, Mindshare said:

“Magic happens when real life and storytelling come together. Especially in times like these when consumers and listeners are looking for something positive to latch on to. With this idea, we are not selling a brand or a product, but we are bringing hope to the many who have a dream, but just need the inspiration and a little help. We at Mindshare Content+ are proud to partner Muthoot Finance Sunheri Soch and hope this platform will bring the change we feel it can”,

About Muthoot Finance:

Muthoot Finance is the flagship company of The Muthoot Group which has 20 diversified business divisions. With 5000+ branches, the Group serves over 2.5 Lac customers every day. Muthoot Finance is also India's largest gold loan NBFC and India’s No.1 Most Trusted Financial Services Brand, according to the Brand Trusted Report. It is a reputed ‘Systemically Important Non-deposit taking NBFC’. As part of the core business, Muthoot Finance provides loans secured against household gold jewellery at highly affordable rates and amazing product features. Globally, the Group has presence across, USA, UK, UAE, Costa Rica and Sri Lanka. In the recently announced financial results for FY20, Muthoot Finance posted a record Net Profit of Rs. 3,168 Crores (a 50% growth over FY19). The Consolidated Assets Under Management (AUM) grew by 22% for the same period and stood at Rs. 46,800 Crores.

$215 b losses for UK banks, says Moody’s report

UK banks are less than half way through posting £240 billion ($398 billion) of losses on loans and securities, a reflection of the country’s economic weakness, according to Moody’s Investors Service.

British banks are likely to record losses of at least £130 billion, in addition to £110 billion lost since the beginning of the credit crisis in 2007, Moody’s said in a report on Monday.

The company expects the sustained weakness of the UK macroeconomic environment to feed through into higher loan arrears with ensuing pressure on profitability and capital, it said.

British taxpayers have provided about £1.4 trillion of support to banks, becoming the biggest shareholder of Royal Bank of Scotland Group and Lloyds Banking Group, while seeking to shore up capital eroded by writedowns. British banks have raised about £120 billion of capital from the beginning of the credit crisis to mid-2009, Moody’s said. “We have been underweight on the banks for some time”, said Dave Bradbury who helps manage $6 billion at Canada Life in London.

Agencies