Most customers looking to buy homes are put off by the never-ending and tedious procedures involved in home loan approvals, paperwork, and so on. Urban Money, the unique mortgage subsidiary at Square Yards, is geared up to solve these customer pain points with aplomb, enabling mortgages for 15,444 customers in FY2022 and disbursing a whopping INR 5,875 crore in loans.
Urban Money was founded as Square Capital back in 2016 and the fintech entity got its new name last year. It began as the online-to-offline aggregator for loans in the country, targeting the home loan business that came from real estate transactions concluded on Square Yards. The brand’s relationships with more than 500 real estate developers throughout the country and abroad, enabled Urban Money to source good business at comparatively reduced costs. In only three years, it became the biggest organized distributor for secured mortgages in India. It already enables more than INR 1,200 crore in loans each month, with 75% coming from home loans and loans against properties.
The Co-Founder and CBO, Urban Money, Amit Prakash Singh, stated that Urban Money is striving to build the biggest ecosystem for mortgages in the country while tapping into capital, technology, and manpower for driving growth and revolutionizing the fintech segment through enabling better credit access for potential loan aspirants. Urban Money is a completely unbiased advisor for loans and a digital aggregator as well, ensuring offers from various lenders and total fulfillment support with one platform. It also has a dedicated offline sales team which manages documentation and client support until the full loan disbursement cycle. The fintech company has also achieved success in tackling varied regulations and compliances through its partnerships with more than 100 NBFC and banking partners, thereby enabling stable fund sources and bigger use cases for its loan portfolio alongside.
Urban Money has advanced technological abilities enabling paperless mortgage disbursals within a few minutes rather than weeks or a few days. Once the customer enters his/her financial needs, the AI-based engine for eligibility works out his/her debt repayment abilities and overall eligibility, while taking only a few seconds to match the customer with the best available lenders. The success rate has already been 90% for this procedure and tie-ups with credit bureaus and NSDL cover the identity verification, e-Signature, and e-KYC part, while direct Bank LOS system integration enables instant sanctioning of loans. This helps Urban Money limit human intervention in the process, while enabling greater efficiencies in terms of overall time and costs alike.
After consolidating its position in the key metro cities, Urban Money is eyeing Tier-2 and Tier-3 cities where there is still limited accessibility towards affordable home loans. It has already set up 150+ offices in several Indian cities, with another 100 expected to open by end-2023. It has also created a network of 150,000 channel partners for all these markets. Urban Money has disbursed INR 18,450 crore in loans till date, the highest such figure for mortgage transactions for any Indian lender.
For a detailed report on this read the articles we were featured in:
DNA India – https://bit.ly/3pOTKO3
MSN – https://bit.ly/3QZy0e9
Ahmedabad Mirror – https://bit.ly/3cq8r7c
Moneylife India – https://bit.ly/3AUJgTG
The Hans India – https://bit.ly/3cqDUpN
Lokmat Times – https://bit.ly/3Ayptbj
The Statesman – https://bit.ly/3RfjZZr
NavaKerala News – https://bit.ly/3R7Ov7I
Published Date: August 29, 2022
