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Paisalo launches app for smart loan transactions

SNS | New Delhi |


Paisalo Digital participated in the Opening Bell ceremony at National Stock Exchange (NSE) at Mumbai, which marked the commencement of the day’s trade on Wednesday, 24 January. The bell was rung at 9.15 am, said an official of the company.

Paisalo (pronounced: paisa-lo) was formerly known as SE Investments. The name and symbol of the company was officially changed in the NSE listings today. The new symbol at the NSE is PAISALO.

The company has launched a user-friendly mobile app for quick disbursement of loans.

In an interview to CNBC-TV18, the company’s MD, Sunil Agarwal, said that the app will help eliminate middleman and reduce corruption across the value chain.

He highlighted that users will be able to borrow any amount from Rs 10,000-15,000 from the mobile device.

Agarwal said that the app has been designed in-house.

“We do not promise a quick loan but we promise a fully legal compliant, fair and smart loan transaction with minimum formalities and maximum convenience to the customer,” he added.

He said that the company is expecting a high volume of applications. It is currently capable of handling 5000 applications in a day.

Paisalo Digital does not offer consumption loans via the app. It is currently doing 32 per cent disbursements in income generation loan segment and is expected to do 70-75 per cent of the same in the future, which is expected to grow further.