Prest Loans uses proprietary algorithm using lot of alternate data which decides loan amount, interest rate and tenure based on internal scoring system.
Prest Loans — a FinTech NBFC, providing online loans to small businesses and MSME segment has expanded its operations by opening new office in Rajasthan.
The company announced that they are opening office in Jaipur at Amrapali Circle, Vaishali, Jaipur as there have been lot of demand from this area for loans. The company has been getting application for all kind of loans to small businesses and SMEs.
“Plans to develop operations in Jaipur, Rajasthan were initiated by very encouraging demand from this area from a variety of businesses. Jaipur is a high growth location where we have seen trading, industrial and services industry expanding better than many other locations. The nearby area around Jaipur is witnessing unprecedented demand for credit. The opening of Prest loan’s new office is an important step towards realizing our goals”, said Mr. Ashok Mittal Founder & CEO of the company. The new branch will be the first of many important changes for the company in 2017. Prest Loans will offer its clients in Rajasthan unsecured business loans up to 3 years, Secured business loans (with collateral) for Short Term of up to 5 years and Secured business loans (with collateral) for Long Term of up to 10 years.
Prest Loans uses proprietary algorithm using lot of alternate data which decides loan amount, interest rate and tenure based on internal scoring system. The Fintech platform gives lot of weightage to the personal, social and family background of the applicant – the non-financial aspects – along with the business data analysed by credit team. The online lending platform approves loan applications within minutes once the required information and documents are submitted.
Commodity and financial market expert Ashok Mittal had recently acquired New Delhi based NBFC Lord Krishna Financial Services Ltd. and rebranded it as Fintech NBFC “PREST LOANS”.
Prest Loans offers short term or long term Loans, with or without collateral security, to new and existing businesses, including Micro, Small or Medium Enterprise (MSME unit) in any kind of business. The Loan tenure is flexible based on the business needs and cash flow analysis.