Riddhi Siddhi Multi Services Initiative: All data is credit data.

This mantra is increasingly being followed by lenders to use nontraditional sources of data—many of them not directly related to money—to augment their traditional underwriting mechanism. These nontraditional sources of data, coupled with advanced analytics, can be used to assess the creditworthiness of large and previously untapped customer segments, while also allowing for smaller loan ticket sizes. Different transaction-based lending models, especially those centered on peer-to-peer (P2P) lending are being rolled out in India in order to allow good applicants to demonstrate their quality.

As per the Riddhi Siddhi Multi Services analysis on Tracxn report on alternative lending in India, the number of startups in the online consumer lending space has grown significantly from merely 2 in 2013 to 30 in 2015. These firms may function as NBFCs, intermediaries for banks or assist as a peer-to-peer lending marketplace to bring individual borrowers and lenders in contact directly. With a diverse quantity of non-traditional data to evaluate credit risk, these start-ups intend to find out the financial identity of an individual and determine their behavior and ability to pay back the loan. In addition, the ability to scientifically match the appropriate borrower profile to the best suited lender leads to potentially higher chances of loan approvals and lower interest rates.

Riddhi Siddhi Multi Services help you understand that such players charge a registration fee (refundable in some cases) and earn a commission from both lenders and borrowers. Additionally, P2P firms offer customers scope for negotiation of interest rates, enabling borrowers to obtain capital at a lower cost while providing investors an opportunity to earn lucrative returns.

These firms assist individuals and small businesses in obtaining personal, auto, working capital and other loans, and cater predominantly to millennial who might be either salaried or self-employed. The rapid rise in the number of customers over the past few years is a true testament to the simplicity, speed and convenience provided by alternate lending companies. Besides extending timely credit to otherwise ineligible borrowers under the traditional lending system, alternate lending firms provide numerous features and tools for an enriched and seamless customer experience.

Online tools/calculators, knowledge centers, live chats, ability to track application status, etc., are all the features that increase awareness and convenience for customers, thereby resulting in greater customer satisfaction. Apart from that, you can always call Riddhi Siddhi Multi Services for loan consulting and other queries.

Author's Bio: 

Riddhi Siddhi Multi Services is one of the best option to take finance services in low interest rate.