One of the Mumbai-based data analytics firms Spocto is helping around 4 lakh Indian farmers to repay loans monthly via digital means and eventually reducing the delay in recovery for banks.
The venture has India’s top 5 banks and largest banks as clients. It deploys machine learning, and analyses data from banks and third parties to support banks in recovering their loans digitally smoothly as compared to conventional practices.
It uses its expertise and skills through its platform called SMARTCollect to educate the farmers in their preferred language for paying their debts on time.
Moreover, Sumeet Srivastava, CEO, and co-founder said- “We introduced Kisan Pay for the agricultural segment thereby helping farmers pay their debts in time. A farmer typically repays (loan) twice a year based on the crop cycle. Before Kisan Pay, a farmer would travel 20-25 km to pay EMI on the due date and prepare for it two days in advance. We started telling the farmer that it is possible to make payment using UPI as they have Jan Dhan accounts. They are all Aadhaar enabled. We started guiding them through the entire process”.
The startup states that previously the problem was that the farmers tend to forget their EMI due dates due to some odd reasons and that’s why they couldn’t repay the loans in time.
And now with the timely knowledge about different payment ways, online or Digital is helping them to eliminate this problem.
Right now the company is helping almost three to four lakh farmers every month by making an automatic UPI payment.
It has also a chatbot trained with all the queries, and information a farmer needed for a smooth and timely payment. The best part is it can understand nearly 26 languages and dialects.
Additionally, the company is also working on a propensity to pay score which will complement the overall credit score. It has already initiated the project in around 135 countries so far.