Online marketplace for financial products Rubique has partnered with more than 60 leading financial institutions to increase its product offerings for the SME segment including Edelweiss and Mannapuram.
Rubique aims to ease credit facilitation for SMEs by allowing quicker decision making and evaluation, thereby reducing the uncertainty of getting their loans disbursed.
With presence in six cities, Rubique plans to expand to four other cities: Ahmedabad, Chennai, Chandigarh and Jaipur.
On the lending space SMEs face high rejection rates and this is where Rubique helps them to approach the right set of financial institutions for their loan requirements.
Banks and NBFCs are increasingly shifting their focus on the SME category, hence to tap the tremendous opportunities presented by this segment Rubique has increased its product portfolio to 155+ product agreements, of which 90 cater to the SMEs in terms of the collateralized Loan against Property (LAP), working capital, term loans, commercial vehicle & equipment financing. The latest tie-ups will further help the SMEs to come under the banking umbrella and ease the loan availability process.
Speaking on this, Manavjeet Singh, Founder and CEO of Rubique, says, “By intensifying our association with more banks and NBFCs, we are aiming to broaden our offerings as well as increase the certainty in getting a loan for the consumer.”
Singh further adds that their matchmaking algorithm makes the initial screening faster to find right fit of banks/NBFCs for the customers. In addition, its assisted online channel offers technology platform to influencers in loan eco-system which allows them to reach out to every consumer segment in the market (who is not digital savvy too) and helps bank to get new customer.
“Through this channel we are also extending the end to end fulfillment, hereby reducing the turnaround time involved in SMEs funding as well as reducing the cost of acquisition for banks/NBFCs significantly,” he adds.
Based out of India’s financial capital, Mumbai, Rubique says it has successfully processed over 39,000 applications to disburse over Rs. 443 crores worth of loans and set up of 12,300+ credit cards since its inception. And till now has closed revenue of Rs. 8 crores so far.