The technology allows SimplyCash to extend support where it is needed; disburses loans worth ₹ 200 cr in 10 months

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The personal credit market is not on a downward trend; it’s just following a different trend.

NEW DELHI, August 4, 2021 / PRNewswire / – The SimplyCash instant personal loan app, which shattered the myth of a declining personal loan market by disbursing instant personal loans worth 200 crore between August 2020 and May 2021, claims that most of its consumers have opted for personal instant loans through its platform because it was easy to use, convenient, and offered quick loan disbursement.

Consumers Prefer Fast Loan Disbursement, Easy To Use Ways To Benefit From Loans

With the COVID-19 situation, more and more consumers, especially millennials, prefer to apply for and receive loans through instant and contactless personal loan platforms. Instant personal loan apps like SimplyCash give them just that – an instant, hassle-free application process and fast loan disbursement.

According to a survey conducted by SimplyCash, 62% of respondents chose the platform because it offers fast disbursement of loans. Meanwhile, 57% found the SimplyCash platform convenient, user-friendly and easily accessible. Trust in the Hero Fincorp brand also played a role in choosing the SimplyCash app for instant loans, according to 51% of respondents. It proves that while customers want convenience, brand confidence was still important to them while receiving loans.

Top Reasons Customers Choose SimplyCash Instant Personal Loan

%

QUICK DISBURSEMENT

62%

EASY CONNECTION

57%

TRUST THE HERO OF THE FINCORP BRAND

51%

FLEXIBILITY OF LOAN TERM

43%

THE LOAN AMOUNT WAS SUFFICIENT

39%

The survey also showed that people preferred the Simply Cash mobile app because it offered them benefits that were not available on traditional platforms. They liked how the app easily explained to them how to get a loan, without even going out to meet a client manager at a bank, and how to repay easily. No documentation, self-explanatory screens and good customer service were also cited as reasons by respondents for choosing Simply Cash.

Because of this ease of technology, Simply Cash was able to tap into clusters of people deserving of credit.

“There are various groups of people deserving of credit who do not have access to fast credit, due to the demands of full documentation or personal interactions on the part of traditional lending institutions. SimplyCash solves this problem through technology and focuses on communicating with deserving Indians who are unserved or underserved, ”says Prashant Chopra, National Director, Digital, Hero FinCorp.

About SimplyCash

Powered by Hero FinCorp, SimplyCash is an instant personal loan application that offers cash loans of up to 150,000 for employees and the self-employed. Driven by technology and fueled by innovation, the SimplyCash mobile app is available on Android game stores such as Google Play Store, Samsung Store, Xiaomi Store, etc. With a widespread presence, SimplyCash currently offers its services in more than 90 major sites in India. This is a duly registered trademark and loan product offered, managed and operated by Hero FinCorp.

About Hero FinCorp

Finances made easy. Three simple words that lead india Next Generation Ultralight Credit Champion – Hero FinCorp Limited. It was incorporated into December 1991 such as Hero Honda FinLease Limited. From March 2021, Hero FinCorp, at consolidated level, reached assets under management of ₹ 27,464 crores.

SOURCE SimplyCash

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