Tata’s new ‘Salaam Loans’ will offer subsidized loans to those who lack access to conventional credit
Tata Capital on Monday launched a personal loan initiative under which those who may be ineligible for conventional credit can avail loans on the basis of votes received from people on social and digital media.
With this, the company plans to cater to Indian nationals who may not necessarily have access to personal loans offered by banks due to various reasons.
The initiative, called ‘Salaam Loans’, will offer up to Rs 1 lakh at heavily discounted rates to deserving individuals who may not have access to organised credit, according to a press release issued by the company.
The initiative aims to “salute the unbreakable spirit of those who brave severe circumstances and yet dare to dream big”, the release states.
Under ‘Salaam Loans’, individuals would be able to upload their own story, or stories of people known to them on the website www.doright.in.
These stories would then be showcased across the country via social and digital media. Once the public puts in enough number of ‘salaams’ for a deserving person, the company would process the loan.
“The stories of some of these individuals are extremely worthy and the courage and fortitude they display is commendable,” said Praveen Kadle, Managing Director and CEO of Tata Capital.
“Under Salaam Loans, we have given the power of approval to the public to help fulfill their dreams,” he added.
The company says that access to unsecured personal loans are offered across a range of profiles, but still many individuals are unable to get finance on account of reasons such as insufficient credit history, inadequate or irregular income and improper documentation.