BranchX Launches India’s First ONDC-Powered Personal Loan

Tags: Economy/Finance

BranchX, based in Bangalore, launches India’s first personal loan via ONDC (Open Network for Digital Commerce).

An Overview of the News

• Aiming to enhance financial access for India’s 1.4 billion people, focusing on the middle class, young professionals, small business owners, and entrepreneurs.

• Emphasizes a paperless and transparent loan process using ONDC framework for digital-first lending solutions.

Features of BranchX's Personal Loan Product:

• Offers a seamless, paperless application and disbursement process, leveraging digital technologies.

• Enhances affordability and financial literacy through voice AI Banking, providing educational resources and personalized financial guidance.

• Plans to extend services with an SME lending product in the future.

Commitment to Financial Inclusion and Growth:

• CEO Rajesh Johnny highlights BranchX's dedication to using technology for the benefit of underserved communities in India.

• Focuses on driving economic growth by expanding access to credit and simplifying the lending process.

• Already serves over 100,000 customers with a significant Gross Transaction Value (GTV) of $50 million.

Innovation in Financial Products:

• Known for innovative financial products like the Raja Rani card for family expense management.

• Offers micro-saving products linked to gold investments and jewelry, catering to diverse financial aspirations.

• Dedicated to fostering an inclusive financial future through AI-driven solutions and leveraging digital infrastructure.