ELI - 354 | Atul Monga (Founder of BASIC - Digital Home Loan)

About the spokesperson: https://www.linkedin.com/in/atulmonga-basic/

Atul Monga, an experienced professional in investment banking with prior roles in Hong Kong and Singapore, is the co-founder of BASIC Home Loan. Inspired by the success of entrepreneurship in his own family and his brother's startup sale, Monga ventured into the realm of startups. BASIC Home Loan stands out as India's first automated platform for secured lending.

The company's primary focus lies in providing home loans, a complex product in India due to the absence of a centralized property database. To overcome this challenge, BASIC Home Loan has devised an asset-light model that utilizes a network of agents distributed across 30 cities in India. These agents are responsible for handling the physical documentation and evaluation process while utilizing a digitized credit policy to match customers with the most suitable lenders. Emphasizing the digital journey for customers, BASIC Home Loan offers an app-based system that enables applicants to monitor their loan application progress and receive updates from their designated agents.

Through strategic partnerships with 70 banks and the digitization of their credit policies, BASIC Home Loan boasts an impressive loan approval rate of 75%. Additionally, the platform assures customers of loan approval, pledging to cover the customer's first Equated Monthly Installment (EMI) if the company fails to secure a loan within two attempts. To attract a diverse customer base, BASIC Home Loan employs a variety of methods, including influencer channels, direct online marketing, and collaborations with builders, ensuring multiple avenues for customer discovery and fostering trust.