True Credits, an RBI licensed NBFC wins ASSOCHAM’s Digital champion award
New Delhi : True Credits, a lending arm of RBI authorised a fintech app True Balance operated by Balancehero India Private Limited, the wholly owned subsidiary of Balancehero Co. Ltd. Korea has won the Digital Champion award by ASSOCHAM, in the National E-summit & awards, that was concluded on 29.04.2021. True Credits though a start-up, stood winner while competing against 14 other noteworthy players.
Since its inception in 2019, True Balance has earned the trust of its users through its seamless digital financial services in a very short span of time. With all the necessary RBI authorisations/registration in place, True Balance has aggressively expanded its portfolio to low-income citizenry making ‘finance available for all’. The company’s loan book has grown over manifolds since April 2020, specially across two key products Cash Loans and Level Up Loans. With these key products, the company will be catering to customers within the income bracket of INR 15,000-35,000. Customers in this income bracket can avail loans from INR 5,000 to 50,000 through mobile app in a hassle-free way. The company uses its internal Alternative Credit Scoring system (ACS), tool to support and fund new to credit (NTC) users and users with low credit score.
The primary reason for True Credits winning this award is credited to the company’s core vision and fastest loan disbursal process. It’s a real time disbursement of loans which is only a five-minute process. Other factors which sets the -platform apart is that the minimum documentation requirement which leads to the ease of lending process. It is a completely digital and advanced process, that leaves no scope of mistake on either side. True Credits systems are enabled to compile the collection activity in full, without missing on to any details. A promise of complete transparency, ensuring security and safe lending experience to its users every time.
On this coveted win, Victor Choi, Managing Director, True Credits Private Limited said, “True Credits has always strived to ensure finance for all, and this recognition is a feather in its cap, strengthening its resolve to keep the momentum going. We strongly believe in ensuring that we follow every protocol and rule set by the regulatory bodies, and this has also been an important factor in enabling us to gain the trust of our consumers. Thank you to our customers for their faith. It is due to this that we have been able to sail through even in the toughest of times. We are proud of this recognition as this gives us the opportunity to strive towards our goal of ensuring finance for all.”
Even during the onset of pandemic, True Balance focussed on small loans across India, while several other players got out of the loans business – in light of the credit crisis. The company has grown from strength to strength, maintaining responsible lending is one way of pulling the Indian economy out of the COVID-19 precipice.
True Credits recently raised debt funding from the likes of Northern Arc and others, which will largely fuel its mission to achieve breakeven point for its business and achieve profitability by Q3 of FY22.