Social Media ‘Salaams’ Can Fetch You A Loan

  • 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.
Source: http://bit.ly/2q3aRLA

 

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