Quicklend is a digital funding platform that offers instant loans against mutual funds, allowing users to access cash within 15 minutes at an interest rate of 11.5% per annum without requiring a credit score check. By enabling borrowers to pledge their mutual fund units while retaining ownership and potential gains, Quicklend addresses the need for quick liquidity without the burden of traditional loan structures.
Funding
$800K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many individuals and small businesses face challenges in accessing quick and flexible funding when they need immediate capital without undergoing lengthy approval processes or credit score checks. Traditional loan structures often require borrowers to liquidate assets or incur high interest rates, creating a barrier to accessing funds for short-term needs.
Solution
Quicklend provides a digital platform that enables users to obtain instant loans by pledging their existing mutual fund units as collateral. Borrowers can access funds within 15 minutes and retain ownership of their mutual funds, allowing them to continue benefiting from market gains. The platform offers a credit line with interest charged only on the amount drawn, providing flexibility in repayment without the need for fixed EMIs. By eliminating credit score checks and offering low processing fees, Quicklend broadens access to quick liquidity while allowing users to grow their investment portfolios.
Target Audience
Quicklend primarily targets individuals and small businesses who own mutual fund investments and require immediate access to funds for short-term financial needs.
Features
- Instant loan disbursal against mutual fund units within 15 minutes
- Interest rate of 11.5% per annum, charged only on the utilized credit line
- No credit score checks required for loan eligibility
- Flexible repayment options with interest-only EMIs and principal repayment as per convenience
- No foreclosure charges, allowing users to close loans anytime without penalty
- Digital KYC verification and loan agreement signing
- Loan eligibility check based on the user's mutual fund portfolio
- Partnership with multiple lending providers, including Bajaj Finserv, TATA Capital, and Piramal Finance