Just like contestants on song-dance shows on TV seek votes, prospective borrowers of Tata Capital, especially those who are financially excluded can solicit ‘salaam’ and pitch for a loan.
Depending on the number of votes they get, the company will sanction personal loans up to Rs 1 lakh. Individuals whose annual household income does not exceed ₹3 lakhs, can avail of these ‘Salaam Loans’
If a proposal gets sufficient ‘likes’ or ‘salaams’, Tata Capital will carry out a qualitative review through personal discussion to assess the veracity of the person’s need and to prevent fraudulent claims.
This initiative serves a larger industry purpose also. It will allow other organized lenders to gain the confidence to understand that these groups of customers are not unworthy of credit.
Kiran Johare, for example, wants a loan of ₹88,000 for higher education. He has posted his story and has so far got 96 ‘salaams’.
Nashik-based RupeshBalarao has posted a video seeking support for his cause. Balarao was afflicted by polio when he was eight years old and wants to run a general store. But his loan application was rejected by banks.Now, his story, uploaded on the Tata Capital site, has so far got 123 votes.
