Whether you are an entrepreneur or have a 9-5 job, you can't deny this one fact that we all have been through those lean days when we have had to count on friends and family to deal with a financial emergency. And then there are times, when even they fail to bail you out. Here is where Keerti Kumar Jain’s brainchild AnyTime Loan (ATL) comes into the picture.
An instant loan disbursement peer-to-peer (P2P) lending platform, ATL stands true to its name — offering loans at one touch of your phone without any documents or hassles. Since its inception in September 2014, ATL has already disbursed over INR 68 crore worth of loans to over 38,000 customers.
In course of an interview Jain told the Entrepreneur India how his company operates, touching upon the risks involved in his business.
No Human Intervention While Loan Disbursement
Jain uses technology to give instant credit to those in need sans physical interference or paperwork. The company gives out loans as small as INR 1,000 to a high amount of even INR 30 lakh for a tenure that ranges between one day and 180 days.
The app uses four kinds of technology — predictive science, robotics, Artificial Intelligence and data science — to verify the credibility of the user. “We are the only company to use these technologies. Once the borrower is verified, we feed him/her to the eligible borrowers’ list, following which they can take a loan any time, any day, in an instant. There is no human intervention. The lenders are people who maybe, till date, were making their investments in savings accounts, fixed deposits or purchasing gold or buying or investing in equity markets,” he said.
With interest rates as low as 0.05 per cent per day, Jain said, “We have the philosophy of cutting down the rate of interest every three or six months. We are already the fastest and most convenient loan disbursement platform. Next, our aim is to become the most cost-effective and cheapest lending platform.”
“Married To Risk”
The entrepreneur in Jain understands the risks involved in his business. “I know we are playing with money. I could say, I’m married to risk. We have to safeguard our lenders. We are favourable to our borrowers and responsible towards our lenders. So, the technology behind the start-up is important for us. Till now, our algorithms have worked out perfectly. Of course, there are times when we have had to deny loans too, because the technology tells us it’s a risky borrower.”
Business Ideas From Personal Experiences
Jain, also known as KK in his circle, recounts his experience in setting up ATL. “Back in my engineering days, my father’s business was at a bad place and then he fell sick and was bedridden. I looked around for support and there was no one with us. That is when I realized that when times are bad, there’s no one with you. And these are the times when ATL is with you,” he said, adding, “In today’s world the hard fact is that money comes to those who already have money, I wanted to break this notion.”
His personal experiences only brought him more ideas for his start-up. “My wife is a chartered accountant and we have two kids. Like every father, I want the best education for the both of them. In India, the problem is you get loans easily for higher education, but not for primary and secondary education, which is not cheap either. That brought us to the three categories of loans we provide — need or personal loans, education loans for primary and secondary education and small and medium enterprise (SME) loans.”
Not New To Success
An engineering graduate from Pune University and a pass out of IIM Kozhikode, KK had earlier forayed into financial services. He worked for ICICI Bank for three years and during which he had 17+ national records to his name along with an entry into Guiness Book of World Records.
“On March 27, 2005, I created a record by getting 501 non-ICICI retail insurance policy customers and feeding them into the system in a single day, which basically means that I got 501 non-ICICI customers to take up the bank’s insurance policy. This has not been achieved by any agent till now,” he said with confidence.
KK was also responsible for starting up the first branch of Yes Bank in Hyderabad, which went on to contribute for 68 per cent of their pan India revenue within a span of six months. He was soon made the head for the West and South divisions.
Then he moved on to join Nagarjuna Constructions. “During my time there, I successfully implemented Asia’s biggest residential PPP project, which was for the 34th National Games called Khel Gaon at Ranchi,” he exclaimed.
The Road Ahead
He has big goals lined up. “We aim to disburse INR 100 crore-worth of loans per month. We don’t have yearly targets. We believe it’s good to have baby steps in our approach so we have monthly targets,” he said.
What drives him every day? KK answers that one quickly, “My customers.”