Right from Lending to Investment Advisory and Wealth Management to Insurance, Finway offers a holistic financial platform to individuals and small businesses alike. This unconventional NBFC (Non-Banking Financial Company) deals in both Secured and Unsecured products, which are strategically moulded as per the needs of market and customers. It is an organisation that motivates people to fulfill their dreams, which otherwise would be difficult to achieve due to the inaccessibility to right financial consulting and solutions.
In the recent years, the borrowing sentiment has improved a lot in India and people are keener on taking loans to accomplish their life goals – whether it’s building a house or starting a private business. As a result, Finway has witnessed growth at a very fast pace in the past couple of years and is now providing innovative solutions to people’s financial needs.
Finway, which began with a credit book estimation of Rs. 1.0 crore, has today arrived at 14.00 crores. What’s more, with zero NPAs, the organization is developing at a pace of 20% on MoM premise.
A TAT (Turn Around Time) of 24 hours was the greatest assignment for the administration that was duly accomplished, after the implementation of the best innovations and practices. Today, Finway prevails with regards to lessening the TAT to 24 hours for unbound advances and 72 hours for credits, which is something that not many NBFCs can offer.
Financial Inclusion and Financial Literacy are the two key areas where Finway is trying to focus on its CSR (Corporate Social Responsibility) objectives through seminars, webinars, and social media platforms. Besides this, Finway also provides 24X7 free of cost investment advice to people via a telephonic service.
Though, in spite of the advances that have taken place, our country is still plagued by financial illiteracy – especially in the rural and suburban areas. To counter this problem, Finway has launched a financial literacy program on its YouTube channel to educate people about the Dos and Don’ts of dealing with financial products. This program has been helping people to make better financial decisions and prevent themselves from any financial mishaps.
Currently, due to the COVID-19 lockdown, the entire business machinery has come to a standstill. People are either being laid off or are facing salary cuts; businesses are going bankrupt and families are burning through their savings really quickly. As each and every sector has changed its guidelines to work around this pandemic and nationwide lockdown, the financial sector too has had to alter its ways because of its direct link with the economy.
Since the lockdown, Finway has always been into extensively advising people for their financial investment, independence and increment, and has been encouraging them to make right decisions by presenting them with facts and exceptional ideas to move forward. The crumbling economy, lost jobs and pay cuts have made it very difficult for the people to maintain their balance. Right Investment and saving is the need of the hour. Finway has changed its guidelines for people to understand the importance of investment and is now helping people with hassle free online loans with minimum formalities. People who are running short on cash can opt out for this option along with proper financial guidance as to where they can put their money in this time and get maximum benefit out of it.
To make it easier for people to borrow loans and to give people the opportunity to earn from home during these trying times, Finway has launched its FLAP (Finway Loan Assist for Partners) app. The app will help the aspiring entrepreneurs to accomplish their business goals by giving them the opportunity to become Finway’s channel partners.
The partners or finpreneurs as the company likes to call them, connect the company with the potential customers looking for a loan. After the application has been reviewed, the loan can be transferred digitally. The company has currently set the minimum and maximum borrowing limits at Rs 50,000/- and Rs 10,00,000/- respectively. If the borrowers have a good credit history, they can get the loan on lower credit rates as well, which is especially helpful during this pandemic scenario as many people are in need of loans.
The major objective of the app is to consolidate the market, easily find the people who are in need of loans and provide them with loans in a fast, efficient and transparent manner. For every successful transaction that takes place, the finpreneurs get 1% to 3% commission on the total amount of capital disbursed.
Finway is employing technologies like Artificial Intelligence (AI), Machine Learning (ML), big data and various patented algorithms in order further optimize the process of disbursing loans. In the near future, the organization might also add a number of other potential products like insurance and dmart which will become a part of the FLAP app. If the lockdown extends, more companies will make a switch towards the digital format and those who join this race early will have a competitive advantage in the future.