Love the idea! But howās it going to work without a credit card / product?
Maybe we can let users do a special FD with a two year term-ish and give them a credit line starting 2X of that, and dial it up the more they pay the bills?
Or maybe keep it as a super special pot, and the more cash I add in, the higher the credit line gets for EMIā¦.
Many of the customers didnāt have any credit history because of no any loan obtained. So just enable smaller ticket loan with shorter tenure. Which helps to create the credit history and ensure the customers to avail the emi feature.
Thanks for the ideas! The FD and special Pots are interesting ideas and we have evaluated it before. As we launch our lending products, we will definitely launch an āasset-backedā loan product
Thatās exactly what we are planning to do. Along with users with credit history, we will also start opening the product to users without credit history and slowly help them build their credit scores and grow alongside Jupiter
This is interesting.
Few questions thoughā¦
Will this be reported to CIBIL?
If yes then will that personal loan or consumer loan.
Personal Loan is big No-No(for me)
It would be even better if you guys could bring a āOneCard inside Jupiterā
Hi Zed - yes all loans have to be reported to CIBIL so this will be too. Regarding loan categorisation, it is under compliance review. But would you mind sharing your thoughts on why consumer loan is preferred over personal loan?
Hey Tanvi, the personal loan was actually a personal experience. NBFCās have created multiple personal loans of tiny amounts on my reports that it has gone down from 860+ to 730(last checked). And they donāt even bother to mark these account āclosedā.
Iām still in conversation with Lazypay and Slice to mark these closed for almost 6 months.