CreditMantri Finserve Private Limited
CreditMantri Finserve
Harnessing the way credit is delivered through tech-based credit-improvement and score-building services for India’s credit-challenged population.
BCTA MEMBERSHIP STATUS
Active
SECTOR
Financial Services
HEADQUARTERS
India
REGION OF INITIATIVE
Asia and Pacific
SDG CONTRIBUTION
RELATED NEWS
CASE STUDIES
The Impact Goal
CreditMantri Finserve re-joined BCtA in 2021 with a commitment that by 2024, it will have reached 2.5 million Indians and will have increased the productivity and revenue of about 150,000 low-income individuals; it will have made financial services to about 200,000 Indians, of which, 60,000 are women; and it will have reached its target to provide as much as USD 35 million in loans to low-income individuals.
The Market Gap
India’s economic inequality can be attributed to its population’s inability to access credit at reasonable rates. Available credit is often expensive and most credit-lending institutions such as banks solely rely on credit bureaus for clientele profiling, making the credit process tedious. Over 80% of India’s total population, or about 580 million people, remains credit-underserved; most of these are new-to-credit, have not gained enough credit bureau scores, or have low credit scores due to a history of difficulties in repayment. These are the so-called “credit-invisible” segments. With a potential credit market of USD 19.5 billion , the struggle for many people to access credit has been a critical issue in India that is yet to be addressed.
CreditMantri simplifies and fastens credit decision-making and facilitates financial growth for the "credit invisibles," giving them access to affordable and reasonable credit available in the market.
The Business Solution
With a high number of credit-underserved individuals in India, CreditMantri’s strategy to help consumers take charge of their credit health and guide their borrowing decisions proved to be effective through the use of data and technology. Unlike traditional banks and lending institutions who rely on credit bureaus for their lending approval, CreditMantri profiles customers real time, leveraging alternate data with customer consent. When customers are profiled as credit challenged, new-to-credit, low-income credit healthy or high-income credit healthy, CreditMantri helps them discover credit products that are best matched to their profiles. CreditMantri also makes this data available to its lending partners to facilitate an efficient, fast and cost-effective method of approving and advancing credit to potential clients.
For those who are considered “credit invisible,” CreditMantri aims to reach them and provide them with a good credit standing. It offers credit-improvement services and score-building services for new-to-credit or low-income customers with the help of its network of partner lending institutions that stretch the credit continuum to its maximum. CreditMantri also offers the possibility of co-creating credit products when off-the-shelf products do not meet the needs or capacities of certain underserved segments. These tailor-made credit products are co-created with partner lending institutions who have agreed to use alternative data- and credit-decisioning models.
Photo: Adobestock
About CreditMantri Finserve Private Limited: Incorporated in 2012, Credit Mantri is an Indian fin-tech company that is a one-stop solution for all credit needs. It intends to change the way credit is delivered in India by harnessing the power of technology and digital platforms. CreditMantri was the first company in India to offer a free credit score online to anyone who seeks to better understand and utilize the quality of their credit health