ETMoney, a Times Internet-backed company, has announced its entry into the lending business, with the launch of ETMoney CreditLine, in partnership with RBL Bank. ETMoney claims to have four million Indian users, who use it for expense management, investment and insurance solutions.
“With the launch of CreditLine, ETMoney has become India's only integrated platform on mobile with strong solutions across a consumer's financial journey. Borrowing money has always been an anxiety-driven, cumbersome process. Working closely with RBL Bank, we have been able to co-create a unique offering which simplifies borrowing and gives high flexibility to our users,” said Mukesh Kalra, CEO, ETMoney.
ETMoney CreditLine combines the benefits of a credit card and personal loan into one, and is completely paperless. Along with a credit card, with a 50-day interest-free spending power, ETMoney Creditline lets consumers transfer money directly into your bank account, at a much lower interest rate starting at just 14% per annum. You can borrow as little as Rs 3,000 or as high as Rs 5 lakh, and pay back on your terms ranging from a few days to a few years. There are no pre-payment charges or any hidden costs.
“ETMoney CreditLine is a compelling value proposition for an end user. It provides 24x7 access to money and is truly money-on-demand, matching the rapidly changing credit expectation of Indian consumers. CreditLine is our first offering in lending space, and we intend to follow this up with the launch of multiple innovative credit products over the next few months,” said Manav Seth, who recently joined ETMoney leadership team from Bajaj Finance to lead its lending business.
“RBL Bank has been at the forefront of launching innovative product offerings that provide a seamless and reliable banking experience for all our customers. We are proud of our ‘Partners ka Bank’ legacy, as the partnership approach helps us to meet the constantly changing needs of customers. Our partnership with ETMoney for the CreditLine product is a strategic move that will further strengthen our portfolio of digital solutions in the lending space,” said Rajeev Ahuja, Executive Director, RBL Bank.
The repayment also happens from the app seamlessly with smart reminders. Available for both Android & iOS users, the app can be downloaded at etmoney.com.