RupeeRedee is a digital lending platform that utilizes data science and mobile technology to facilitate instant personal loans up to ₹149,000 with a repayment tenure of up to 12 months. The platform addresses the need for quick and accessible financial solutions for individuals with a minimum monthly household income of ₹25,000, eliminating the need for paperwork and bank visits.
Funding
$20.5M 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 in India lack access to quick and convenient personal loans due to cumbersome paperwork and the need for physical visits to banks. This is especially true for those with limited credit history or who require smaller loan amounts for immediate needs.
Solution
RupeeRedee is a digital lending platform that provides instant personal loans to individuals through a mobile app, eliminating the need for traditional paperwork and branch visits. The platform leverages data science and mobile technology to offer loans up to ₹149,000 with flexible repayment tenures up to 12 months. By streamlining the application process and utilizing alternative data for credit assessment, RupeeRedee aims to provide accessible financial solutions to a broader segment of the population. Loan disbursal happens directly to the user's bank account.
Target Audience
RupeeRedee targets individuals aged 18-65 in India with a minimum monthly household income of ₹25,000, including both salaried and self-employed individuals seeking short-term personal loans.
Features
- Mobile app for loan application and management
- Loan amounts ranging from ₹2,000 to ₹149,000
- Repayment tenures up to 12 months
- Annual interest rates starting from 30%
- Processing fees ranging from 10% to 15%
- Direct bank transfer for disbursal
- Digital KYC verification using AADHAAR, PAN, and Net-banking details