In line with the Prime Minister’s vision of credit inclusion, Finway has launched its one-of-a-kind product ‘Credit Inclusion Secured Loan’ to offer a second chance to defaulters to improve their CIBIL scores. Currently, no financial institution lends money to faulty borrowers if they had failed to repay their EMIs in the past, even if it was 10 years ago. Once failed to repay the loan amount, the defaulter is excluded from the credit system and there is no way s/he can improve his/her CIBIL score for the lifetime.
Under ‘Credit Inclusion Secured Loan’, Finway will provide an opportunity of credit inclusion and lend secured loans to the borrowers on the basis of a clear marketable property. In the process, the company will not examine the borrower’s past performances, history or even the CIBIL score. The new loan will help them improve their poor credit scores through paying EMIs on time and thus get an opportunity to change their past records and make it better. It will also help them apply and get further funds from other financial institutions as well in the future.
Financial inclusion plays a pretty big role for any individual who has lost all the money but wishes to restart a business. It wouldn’t be fair if the person is not given a second chance to prove his/her worth. Our new product ‘Credit Inclusion Secured Loan’ aims to fulfil that purpose and bring such individuals onboard once again to improve their past records by repaying EMIs on time and create a better and dignified future”, said Rachit Chawla, founder and CEO of Finway.