credit card tailored for your desires
You have got heard of instant groceries; now, say whats up to instant credit. Making this feasible is bengaluru-primarily based uni cards, a new-age fintech enterprise with a mission to trade the way people engage with credit . Credit products have typically been one-size-fits-all offerings, with rewards and credit score limits getting used for differentiation. “We want to go beyond that,” says Nitin Gupta, founder & CEO, Uni. “We believe that different users have different needs when it comes to credit.”
An alumnus of iit delhi and iim ahmedabad, gupta started his profession as founder and ceo of khojguru and then led the payu india team as co-founder and ceo. Uni, his ultra-modern agency, aims to provide indian customers more than a few differentiated credit products. The firm is presently doing rs 175 crore in month-to-month disbursals.
Uni pay 1/3 card, the employer’s flagship product, turned into conceived maintaining in thoughts the truth that a big share of customers, regardless of the segment they belong to, face a liquidity crunch once or twice a 12 months.“We realised that most people face such a liquidity crunch, to address which no good solution existed in the market. The solutions available to the consumer in such a situation are not efficient, whether it is borrowing from friends/family, revolving on a credit card with a high interest rate, going for a personal loan, or breaking a fixed deposit,”
gupta factors out.
The pay 1/3rd card splits your transactions into three components, to be repaid over 3 months at no greater fee or interest. If the user desires, they could pay in full within the first month and get 1% cashback. Essentially, the proposition being presented is the power to select among 1% reward and reimbursement over 3 months at no extra costs.
The uni pay 1/3rd card provides a credit limit inside the range of rs 20,000 to rs 6,00,000, varying from patron to patron on the premise of the hazard profile, among different elements. The cardboard has been built specifically for extraordinary-high customers, says gupta.“These are customers with the best risk profiles in the market. Personalisation is the core tenet on which we are building Uni Cards. Given our growth, we have multiple products in the pipeline that would offer different benefits, being targeted at other consumer segments. Overall, creditworthy customers in India constitute our target customer base”
All of us between the a long time of 21 and 60 years who is acknowledged by way of a credit score bureau is eligible to apply for pay 1/3rd. It’s miles available for both android and ios customers, with prospective clients having to down load the app to apply for the card. Powered by using visa, pay 1/3rd is both a physical and a digital card. The physical card works across shops that receive visa cards. The cardboard is brought to the person normally in four-five days of an application, while the digital card can be used instantly submit onboarding for online purchases.
Uni makes its revenues predominantly from interchange, move-sell revenue, subvention earnings from service provider partners, interest earnings when a customer converts transactions into longer tenure emis and late costs. every other source of revenue for us is the deliver-forward fee. In contrast to for a credit card in which a consumer is charged every day hobby on paying their minimum due quantity, we fee customers only a small carry-forward price on the pending balance. They are able to avail this to avoid late price costs
Uni has raised $88.5 million to date from marquee traders like popular catalyst, 8 roads, elevation capital, light speed and accel india. The fintech is presently found in one hundred thirty cities across india, which includes delhi, mumbai, hyderabad, bengaluru, pune, chennai, kolkata, ahmedabad, lucknow, and jaipur. our ambition is to cater to the credit needs of various purchaser segments with customised products. Our product roadmap has multiple services which can be being designed with this in mind, he added.
