Subscribe

0

  • Sign in with Email

By clicking the button, I accept the Terms of Use of the service and its Privacy Policy, as well as consent to the processing of personal data.

Don’t have an account? Signup

  • Bookmarks
  • My Profile
  • Log Out
  • NEWS
  • POLICIES
  • MSME OPPORTUNITIES
  • BANKING & FINANCE
  • TECHNOLOGY FOR SMES
  • SECTORS
  • GLOBAL
  • Investment
  • LEGAL
  • KNOWLEDGE QUEST
  • Future Ready Forum 2025
  • Ek Nayi Udaan
  • Future Ready Summit 2024
  • ADVERTISE WITH US
ad_close_btn
  • News
  • Policies
  • Banking & Finance
  • MSME Opportunities
  • Web Stories
  • InFocus
  • Technology For SMEs
  • Sectors
  • Global
  • Fashion

Powered by :

You have successfully subscribed the newsletter.
Technology For SMEs Global

Ashok Mittal Acquires NBFC Company to Revamp it into FinTech NBFC - PREST LOANS

“We have acquired this company by investing about Rs 2.5 cr (about US$ 390,000) in it and are in the process of increasing the capital to about Rs 7.0 cr (more than US$ 1 million). The initial investment is contributed by boot strapping from friends and relatives” The company is operating under brand name of Prest Loans.

author-image
SMEStreet Desk
03 Aug 2017 04:40 IST

Follow Us

New Update
Ashok Mittal, NBFC, Prest Loans, Fintech

Commodity and financial market expert Ashok Mittal has acquired New Delhi based NBFC “Lord Krishna Financial Services Ltd.”.

A reputed and well known ex-banker, Ashok Mittal has more than 20 years’ experience in financial services business. He was CEO of commodities and currencies business at EMKAY Global and KARVY. He was CEO of agri finance company prior to acquiring this company.

“We have acquired this company by investing about Rs 2.5 cr (about US$ 390,000) in it and are in the process of increasing the capital to about Rs 7.0 cr (more than US$ 1 million). The initial investment is contributed by boot strapping from friends and relatives” The company is operating under brand name of Prest Loans.

"We have aggressive expansion plans and shall open offices in other parts of Delhi, Rajasthan and Haryana to begin with. We aim to disburse loans of worth Rs. 100 cr within 3 years to small businesses and MSME units. Our aim is to promote and support entrepreneurship in India which will in turn support the government initiatives of Make in India and Skill India.” Mr Mittal said.

 

"Prest” means ‘to stands for’ or Ready or Prepared; it also means advance of money or loan. The word was highly used during 1810 but got lost gradually. We are reviving the word the way we aim is to revive the businesses and we stand for businesses. We are a new age FinTech NBFC, providing all kind of loans to support and encourage the businesses; these loans may be in form of Small or medium businesses, MSME units, E-commerce vendors or inventory funding etc.

The company has developed high-end algorithm, it does not depend on financial information (like ITR, Bank statement etc.) but gathers information from alternate data and arrives at the amount, tenure and rate of interest etc. based on thorough analysis of alternate data. The decision about approval of loan is taken within minutes and post verification the loan is disbursed maximum within 3 days.

The company is currently operating from Delhi and focused on Delhi NCR area however it offers services across India with concentration on Delhi, Rajasthan and Haryana.

Mr. Mittal further says, “Our target clients are micro and small businessmen who are not able to have proper record of transactions, have less banking transactions and may not even be filing ITR like some grocery store in a small area, paan wala, kulcha chhole wala, juice or falooda wala, sweet shop, leather items trader or manufacturer in local area, mobile or computer repair shopkeeper, likes of small traders and manufacturers in old Delhi area or in sub-urban area. These people don’t get loans from banks or other financial institutions due to lack of evidence of financial documents despite of having good turnover and profit margins. They are forced to borrow from local money lenders at 3% to 5% per month."

"Our interest rate is based on our internal scoring system – where lot of weightage is given to their personal, social and family back ground – the non-financial aspects along with the business data analysed by credit team.”

Kind of 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
  • Small or Medium size business or manufacturing units
  • E-commerce Vendor
  • Supplier of goods or services who need invoice funding
  • An Agri trader or Processor; Importer or Exporter
PREST LOANS Lord Krishna Ashok Mittal FinTech NBFC
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news
logo

Related Articles
Read the Next Article
Latest Stories
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news

Latest Stories
Latest Stories
    Powered by


    Subscribe to our Newsletter!




    Powered by
    Select Language
    English

    Share this article

    If you liked this article share it with your friends.
    they will thank you later

    Facebook
    Twitter
    Whatsapp

    Copied!