| File type | APK |
|---|---|
| Version | 1.0 |
| Publisher | Pulkit Garg |
| Release date | Jul 31, 2019 |
| Date added | Jul 31, 2019 |
| Os requirements | Android |
| Requirements | Requires Android 8.0 and up |
| Total downloads | 0 |
| Price | Free |
Description
Introduction
Nidhi is a person-to-person user regulated money-lending service which allows small business entrepreneurs to get much needed capital for their ventures. Nidhi uses a neural network which evaluates every loan request to protect moneylenders from fraud.
Nidhi has two types of users - a lendee and a lender. Both accounts are connected
The risk assessment rating is calculated by taking into account factors like the lendees criminal record, previous loans, in-app user reviews (in the form of imaan points), CIBIL score and income tax history (from the PAN number they provide).
The Nidhi Loan Process
To apply for a loan, a verified lendee posts a public loan request on our platform. Lenders have access to these loan requests which contain the loans risk evaluation (explained below), the lendees Nidhi loan history, income tax history and criminal record.
To express interest in a loan request they have the option of chatting with the lendee. After this initial handshake, the lender submits his bid for the interest rate. The lendee is free to choose any of the investors who have expressed interest in their loan request.
Revenue Model
To make Nidhi an easy-to-use and intuitive app, we decided to make it completely ad-free. We instead decided to take a 5% cut from the interest to create a profit margin.
Lendee Reliability
Upon registration, we ask lendees for their -
Aadhar Number
PAN Number
CIBIL Score
and
Information on pending cases
These parameters give us access to their -
Complete Identity
Income Tax History
and
Criminal Record
Using this information and our risk-assessment neural network, we give lenders a complete evaluation of the risks involved in the loan process on the loan request page, this gives the investors a birds-eye view of the loan request.
Decreasing Interest Rates
Due to Nidhis person-to-person nature, interest rates are automatically driven down since investors are not large organisations who have to pay salaries. This person-to-person nature also adds a human touch to the otherwise impersonal process of procuring a loan.
The competitive interest bidding process also drives interests lower, each lender that shows interest can see all other bids on said loan requests while submitting their bid.
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