Fintech is now the buzzword in India and has revolutionized the banking and financial services space in recent years. The entire fintech segment has seen fast growth with multiple companies coming up in categories like insurance, payments, investments and also lending. Many companies emphasize on the SME finance or personal finance categories although not much penetration has been observed in the home finance and mortgage category.
SquareYards, one of India’s most trusted and realty marketplaces, has its own digital lending player in the form of Square Capital which has recently scaled up its market presence. It has now become the predominant distributor (organized) for secured mortgages across India. Square Capital enables around Rs. 300-350 crore of loan disbursals on a monthly basis and 75% of total volumes are accounted for by loans against property and home loans. Square Capital takes care of the total journey of the customer right from discovery to eventual disbursal. Square Capital is now planning to expand its analytical expertise along with technological prowess to build an ecosystem that is completely paperless for home loan borrowers through tie-ups with several NBFCs, banks and real estate developers.
Founded in 2016 with an objective towards becoming a recognized player in the home loan category Square Capital already has partnerships with 65+ partners in the NBFC and banking space, enabling 800+ monthly loan transactions. The Founder & CEO at SquareYards, Tanuj Shori, has already stated retail lending is one segment where home finance will always be the king and hence in the absence of any big fintech entity striving to simplify things, Square Capital aims at filling up a sizable market gap. Enabling home loan deals require valuation based decision making, navigating regulations and documentation and also a latent knowledge of the value chain in real estate. He added that this space can only be enhanced by a key real estate brand like Square Yards via Square Capital.
The company has a pioneering O20 or online to offline system in place with regard to loans in case of service deliveries and acquisition of customers. It can ensure thorough eligibility checks for those applying along with covering credit based regulations and e-KYC along with multiple financial products, NSDL integration, integration directly with loan origination frameworks of banks and Aadhar along with advisory, customer support, sanction and more. Shori has also stated that Square Capital has ensured generation of digital leads on a huge scale while facilitating customer fulfilment via O2O/digitally.
Square Capital now aims at transforming into the biggest such online financial ecosystem in the future and the tech team is already working on a new platform which will cover the entire mortgage cycle, covering customer queries, credit based decisions, checking policies for financial products, integration with backend setups of banks and loan disbursal. Square Capital will be aggregating all offers provided by partner institutions through its unique platform while enabling fulfilment right from credit and risk assessment for customers to final disbursal.
Square Yards is a technology-enabled, global real estate aggregator and India’s largest player for primary residential real estate. It’s subsidiary Square Capital is one of the largest marketplace for secured mortgages in India. Square Yards platform offers an integrated consumer experience & covers the full real-estate journey from search, discovery to research, transactions, home loans and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 2500 employees in 30 cities and ten countries.