Business Wire India
The pioneering online lending platform Viva Money has significantly expanded its operations to a third state in India, Maharashtra. The company is determined to provide credit facilities via its mobile app to both formally employed individuals and self-employed individuals.
George Donchenko, the Country Manager of Viva Money, expressed unwavering enthusiasm about the expansion, stating, "Maharashtra is a fiercely competitive market, and we are unyielding in our goal to simplify access to finance for Indian citizens by focusing on speed, customer-centricity, and innovation."
With this new initiative, Viva Money plans to achieve these 3 milestones with customers in Maharashtra:
- Guage customer behavior in Maharashtra by issuing a limited number of loans up to 2,500 within the next 3 months.
- A sales push is scheduled to begin in September 2024.
- Aim to make its app available in two more states in India by the end of the year.
At present, Viva Money is already operating in two Indian states - Gujarat and Karnataka. The company started being in operation in December 2023. Viva Money has made quite significant progress in just 5 months and now claim to be a family of 3000+ unique customers.
A key feature of Viva Money's services is a generous grace period of up to 51 days, which offers a distinct advantage in the Indian financial services market. Viva Money is unwavering in its commitment, having provided credit lines worth Rs 15 Crores since the beginning of the year, with the portfolio volume projected to increase up to Rs 140 Crores by the end of the year. The credit limit available through the app ranges from Rs 5,000 to Rs 2,00,000, with an average loan amount of Rs 35,000. The app offers three plans of EMI payment options: 5 months, 10 months, and 20 months, and the average loan term stands at 10 months.
