ZET is a fintech platform that offers the Magnet FD Credit Card, which allows users to build their CIBIL score by making a fixed deposit with an RBI-secured bank while enjoying a credit limit of up to 90% of the deposit amount. This solution addresses the challenge of accessing credit for individuals with low or no credit scores, providing them with a pathway to improve their financial standing without the need for income proof.
Funding
$19.9M 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, particularly those new to credit or with low credit scores, face difficulty accessing credit cards and loans, hindering their ability to build a positive credit history and achieve financial stability. Traditional credit cards often require income proof and a pre-existing credit score, excluding a significant portion of the population.
Solution
ZET offers the Magnet FD Credit Card, a secured credit card linked to a fixed deposit (FD) with an RBI-secured bank, enabling users to build or improve their CIBIL score. The card provides a credit limit of up to 90% of the FD amount, allowing users to make purchases and build credit without needing income proof or a prior credit history. By responsibly using the Magnet FD Credit Card and making timely payments, users can establish a positive credit profile, access better loan terms, and unlock various financial opportunities. ZET also offers a Credit Builder Membership that provides personalized credit analysis and expert consultations to help users improve their credit scores faster.
Target Audience
The primary target audience includes individuals with low or no CIBIL score, young adults starting their credit journey, and those seeking to improve their creditworthiness to access better financial products.
Features
- Magnet FD Credit Card secured by a fixed deposit with an RBI-insured bank
- Credit limit of up to 90% of the fixed deposit amount
- No income proof or existing CIBIL score required for application
- Lifetime-free credit card with no joining or annual fees
- Up to 10% rewards on top brand vouchers
- UPI integration for seamless payments
- Free credit score check and detailed credit report breakdown
- Credit Builder Membership with personalized guidance and expert consultation