True Balance is a digital platform that offers instant personal loans ranging from ₹5,000 to ₹1,25,000, utilizing a paperless process and minimal documentation for quick disbursal. The application addresses the need for immediate financial support by providing hassle-free access to cash for users facing financial emergencies.
Funding
$22.8M 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 sources of small personal loans to cover immediate financial needs. Traditional lending processes often involve extensive paperwork and lengthy approval times, creating barriers for those needing urgent funds.
Solution
True Balance offers a digital lending platform providing instant personal loans ranging from ₹5,000 to ₹1,25,000 with minimal documentation and a fully online process. By leveraging a streamlined KYC verification and credit scoring system, True Balance enables eligible users to quickly access funds for emergencies or other financial needs. The platform aims to provide a hassle-free borrowing experience with fast disbursal directly to the user's bank account. True Balance also offers options for bill payments and recharges through its integrated wallet.
Target Audience
The primary target audience includes salaried and self-employed individuals in India seeking quick access to small personal loans, as well as students and new-to-credit users.
Features
- Instant personal loans from ₹5,000 to ₹1,25,000
- Level Up Loans from ₹1,000 to ₹30,000 for students and new users
- Interest rates starting from 2.4% per month
- Loan tenures ranging from 6 to 12 months
- 100% paperless KYC process using PAN, Aadhaar, and selfie
- Auto-debit repayment options
- Integrated wallet for recharges and bill payments with cashback offers
- Credit scoring based on applicant details and financial history