RULOANS Distribution Services, an Indian financial products distributor, has reported a significant uptake in its newly launched digital secured loan offerings on the RUCONNECT app.
The platform, which went live in September 2024, facilitates a completely digital process for securing home loans (HL) and loans against property (LAP), signaling a transformative shift in the Indian lending sector.
Launched in partnership with Piramal Capital & Housing Finance Ltd, RULOANS has introduced what they claim to be India’s first fully digital lending solution for both HL and LAP. This innovation targets not only individual homebuyers but also small and medium-sized enterprises (MSMEs) looking to leverage their property for business expansion.
The RUCONNECT app has already seen impressive traction, with over 7,000 loan applications processed through more than 500 channel partners. This has resulted in the disbursement of loans totaling over Rs 35 crore, with an additional Rs 100 crore in the pipeline awaiting sanction. The platform’s success is indicative of a robust demand for digital financial solutions among both lenders and borrowers.
Speaking on the development, Kaushik Mehta, Founder & CEO of RULOANS said, “In the secured loan space, we have pioneered India’s first fully digital secured loan product on RUCONNECT. The overwhelming response in just 60 days speaks to the market’s readiness for digital solutions. Our collaboration with Piramal Capital & Housing Finance Ltd allows us to offer a seamless experience, and we are thrilled to capitalize on this first-mover advantage.”
The RUCONNECT app enables Direct Selling Agents (DSAs) to handle all aspects of the loan process digitally, from application to disbursement, enhancing convenience and efficiency. This digital approach not only speeds up the loan process but also broadens the reach of secured lending across India, particularly in areas where traditional banking infrastructure might be less accessible.