PRNewswire
New Delhi [India], October 14: RuleMudra, a digital Lending Platform operated by TwoMinutes Fintech Private Limited, has launched a technology-led platform for facilitating short-term personal loans through RBI-regulated lending partners.
The platform has been launched for Indian borrowers who have a genuine need for funds, due to unforeseen circumstances like an unexpected medical expense, delayed payment, urgent travel, education expenses, rent or other family expenses.
The eligible customers can make use of their smartphones to apply for the loan, undergo the process of verification and understand the terms of the loan that suits them. After completion of the above process, the funds are directly transferred to the borrower's bank account.
RuleMudra allows customers to get loan offers between ₹5,000 and ₹1 lakh depending upon eligibility, income, repayment capacity, and the credit policy of the lending partners.
Designed Around Real Financial Scenarios
There may not always be forewarning of a need for financial bridging. This situation could arise between two paychecks or during any other urgent situation where a payment cannot be delayed.
Besides figuring out how to arrange for the money, many consumers have questions about who to trust, the costs involved in the borrowing or whether some vital information is hidden in the fine print.
RuleMudra strives to simplify this process by combining verification, offer evaluation and e-contracting in one process. This process is paperless but includes all relevant KYC, income, credit and repayment capability tests.
The company says the platform has been created to support informed borrowing rather than encourage people to take credit unnecessarily.
A Conversation with RuleMudra's Managing Director
Speaking about the idea behind the platform, Mr. Lavit Dighe, Managing Director, RuleMudra, said that digital lending needs to solve more than the problem of speed.
What prompted the launch of RuleMudra?
"We observed that someone who needs money in the short term always faces two questions simultaneously. One is about getting their problem solved, but the other is whether the platform is credible and if they have understood the process of repaying their debt."
"That is the gap RuleMudra has been designed to address. We wanted to create an experience that feels simple to the customer without removing the checks and disclosures that responsible lending requires."
How does RuleMudra balance convenience with responsible lending?
"Convenience cannot override proper assessment. Although a digital journey could mean less paperwork and less wait time, each applicant has to go through the process of verification. The final decision on loan approval rests on the regulated lending partner's assessment of the client's eligibility and their repayment capacity."
"Our function is to help in the process and make it easier for the user to comprehend the information. We do not believe that responsible credit should be positioned as money available without questions or checks."
Depending on the lending partner and the applicant's profile, verification may include PAN, Aadhaar or other permitted identity checks, bureau information, income assessment, bank-account verification, Video KYC or liveness verification.
Account Aggregator-supported verification may also be used with the customer's express consent, where applicable. This may enable the platform to digitally analyse the financial eligibility and lessen dependency on manual submission of bank statements.
What makes transparency so crucial to the platform?
"When a person is dealing with an urgent expense, it is easy to focus only on the amount being offered. But the interest rate, APR, processing fee, tenure, repayment schedule and total amount payable matter just as much."
"Borrowers should have the opportunity to review these details before accepting an offer. We want customers to understand what they are agreeing to—not discover the cost later."
Eligible applicants can look at the relevant Key Fact Statement and the terms of the loan before digitally accepting the offer. These could be the approved amount, Annual Percentage Rate, fees applicable, taxes, and repayment plan among others.
RuleMudra has a provision for an online RuleMudra Loan Calculator that will enable their customers to calculate the potential finance involved before going ahead and applying for the loan. The calculator displays an approximate EMI, amount of interest to be paid, repayment total and charges applicable if any, by providing the loan amount needed and tenure required. This is not the exact amount but the amount to be calculated is dependent on the customer's eligibility and loan offer made. By making these details easier to review in advance, RuleMudra aims to promote transparency and help customers make better-informed borrowing decisions.
Does automation guarantee that all applications are instantly approved?
"No, and that distinction is important. Automation can make verification and assessment faster, but it cannot guarantee approval. Each application is evaluated according to the regulated lender's credit policy."
"Terms such as 'quick' or 'instant' should describe the potential efficiency of the digital process. They should never be interpreted as guaranteed approval or lending without verification."
RuleMudra also clarifies that "zero paperwork" refers to the paperless nature of the journey. It does not mean that an applicant can receive a loan without submitting the required information or completing KYC and eligibility checks.
What should customers consider before borrowing?
"The first question should always be whether the expense is genuine and necessary. The second is whether the repayment will fit comfortably within the monthly budget."
"A short-term loan can help manage a temporary gap, but it should not create a longer financial problem. We encourage customers to review the complete cost, consider their existing obligations and borrow only an amount they can reasonably repay."
Building Trust Alongside Technology
RuleMudra's platform combines digital verification, automated decision support and paperless documentation with customer consent and clear loan disclosures.
Once everything is approved, all checks have been completed, the funds are then transferred to the borrower's verified bank account. The process might be expedited for those who qualify and have already been verified.
The company thinks that the future of online credit is going to depend not only on speed, but also clarity with which the platform communicates with its borrowers.
"Technology can shorten a journey, but trust is what makes that journey meaningful," Mr. Lavit added. "We want to make short-term lending less confusing and more responsible at the same time."
The Road Ahead
After this successful launch, RuleMudra intends to build its technology platform, expand its pool of licensed lending partners, and make transparent short-term loans accessible throughout India and if things go well maybe beyond the borders.
The company's roadmap also includes enhancing automation-led decision support, developing more personalised customer journeys and strengthening financial education around credit, repayment and responsible borrowing.
Customer consent, data security, regulatory compliance and transparent communication will continue to remain central to the platform's development.
About RuleMudra
RuleMudra is a technology-driven Lending Platform operated by TwoMinutes Fintech Private Limited offering a safe, seamless and entirely digitized experience for obtaining short-term personal loans through RBI-regulated lenders - DECIMUS FINANCIAL LIMITED & BASEL INVESTMENTS LIMITED.
Eligible borrowers may apply online, undertake the verification process, view the loan offer which is relevant to them and digitally accept the same. The loan sanction, loan pricing and disbursal is done by the concerned regulated lender.
RuleMudra: Making Finance Truly Yours
Website: www.rulemudra.com
Media contact: support@rulemudra.com
Phone: +91 8447360240
Important Information
Loans are provided under certain eligibility, KYC, credit rating, repayment capability, and policies of the financing organisation. Timing of disbursement is not assured. Terms such as "instant," "quick" and "zero paperwork" refer to the potential speed and paperless nature of the digital process; they do not mean guaranteed approval or verification-free lending. Applicants should carefully review the Key Fact Statement, APR, applicable charges, repayment schedule and total repayment obligation before borrowing.
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