Jaipur based MS FINCAP turn pandemic thrust into development tryst
A speedy digitization of the loan process & creating 50 competent jobs - this is what MS Fincap, an upcoming NBFC in Rajasthan was able to achieve in the five-month-long restraint business period owing to Covid-19. For a barely 3-year old company operating in the uncertain finance market - even this seemingly small number is quite a feat.
In the
words of Mukund & Shridhar Modi, Directors, MS Fincap - “It took a while to
move beyond denial and accept that businesses across the globe have been hit
but at the same time we were collected enough to fathom that this is the time
that every visionary entrepreneur eyes to be able to write the sequel of their
business story.”
Amidst
the global distressed economic phase, MSFC has kept its hopes & workings
high with strategic partnership and expansion strategies in place. With a loan
book of 115 crores, the company plans to reach 250 crores by 2022 i.e. 117%
growth. This is definitely achievable considering that NBFCs provided
approximately 20% of all credit in India till March 2018 with their total asset
size being over 25 lakh crores.
The
quintessential part of MSFC’s future story is its venture into the education
sector via a 15% stake in Financepeer, a
fintech powered impact solution company that facilitates school fee payments in
instalments. MSFC has invested into the country’s education system, the price
of which has risen in direct proportion to its quality. In an effort to save
the common man from facing the brunt of these dynamics, MSFC in partnership
with Finacepeer provides no-cost easy finance for education fees, keeping their
core business of lending intact and leveraging the wide-spread reach of their
partner.
At the
heart of their unbridled growth approach is their young tech-savvy team that
has metamorphosed the operations into a 100% transparent and automated process.
There is a bigger picture to this than just enhancing customer service. The
3rd-gen entrepreneurs have withheld the values of family legacy business
ensuring that the purpose to serve is carried with the view to help people come
out of the unorganized finance debt-trap. Abandoning exploitation of their lack
of knowledge, the company has utilised this time to create a completely
transparent process that is cost-effective and induces trust in the semi-urban
and rural borrowers i.e the unbanked cohort.
MS
fincap has tried its best to induce simplistic tech advancements. The company
launched a customer App with a user-friendly interface & a separate
application for on-ground sales team that digitizes the login process saving
manual repetitive labour. The crux of digitisation is to bring in economies of
scale which is otherwise limited by mobility and self-presence; But that has to
be done without undermining the target audience’s familiarity with the tech
portals. Hence, MSFC has worked on the most used social platform in India-
WhatsApp and introduced a WhatsApp chatbot for filling in the loan application
that is easy-to-use, time-saving & accessible from any location.
The non
- banking financial industry is growing rapidly by serving retail and MSME
segments which are the backbone of India’s growth story. There are around 55-60
million MSMEs in India, contributing to about 30% of India’s GDP. NBFCs play a
huge role in the growth of this sector that is seldom served by banks who find
it expensive or unviable to serve these segments.
This
sector had a credit demand of about INR 45 lakh crore in 2018 out of which 40
per cent was served by informal credit. As a result, there’s a big opportunity
in the coming years for NBFCs to capture this unserved population. Counting on
the same, MS Fincap is set to introduce 7 additional branches by March 2021 to
tap the unaccessed rural market in Rajasthan. One can’t obviously ignore the
competition and that’s where MSFCs USP comes into play - Always walking an
extra mile to work hand in hand with the customer with the vision of uplifting
the rural society.
Clearly,
the role of NBFC has become more pivotal in providing the last mile finance to
the unserved & MSFC has taken on the mantle themselves. Leaving no stone
unturned, MSFC highly values its customer relationships. Believing in the
philosophy that little droplets of water make a mighty ocean, the company is
brainstorming on micro as well as macro levels for best possible growth
outcomes.
Website And Social Media Pages:
Website - https://msfincap.com/
Facebook - https://www.facebook.com/msfincap/
Instagram - https://www.instagram.com/ms.fincap/
LinkedIn - https://www.linkedin.com/company/ms-fincap/
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