Mobile app becomes the epicenter of business

Beyond apps, PrestLoans is looking at an end-to-end data rich digital platform:

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Started in 2017, PrestLoans is an NBFC focusing on lending to small businesses and MSMEs. The company, trying to address the affordable credit needs to underserved small businesses, has witnessed robust growth in the last 4 years, building a mixed portfolio of secured and unsecured MSME loans. It has partnered with various larger lenders for debt funding and providing fast and affordable credit to the MSME sector. Ashok Mittal, a seasoned professional having a rich experience of more than 20 years in banking and financial services, is the Founder & CEO of the company.

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PrestLoans has been a tech-enabled digital focused lending company since beginning, where a client can directly apply for a loan, upload documents and view the status of application at various stages in the disbursement process. The internal process of underwriting also involves digital implementation to smoothen the process.

Ashok Mittal states that the company adopted an aggressive strategy post the first phase of covid in March 2020. “We have used social media platforms more efficiently to stay connected with the customers and to keep them updated about various products, services, payments, dues, government announcements etc,” he says.

The company is present on social media platforms like Facebook, Twitter, LinkedIn, YouTube, Instagram, Blogger, Medium, etc. The company has more than 10,000 followers on its Facebook page, which has seen about 50% growth on yoy basis. About 89% of them are male and the rest female; 50% of them are in the 25-34 years age group. “Since we largely operate in Delhi NCR and Rajasthan, most of them belong to this area, and our social media focus is also concentrated in this geographical area,” says Ashok.