Prest Loans Inaugurated first branch office in Lucknow, Uttar Pradesh

B2B Infomedia : PREST LOANS (Lord Krishna Financial Services Ltd., an RBI Registered NBFC), based at Delhi and having a wide network of branches across Delhi – NCR, Rajasthan, Madhya Pradesh, and Gujarat is foraying into Uttar Pradesh (UP) with the setting up of its Regional Office at Lucknow.

The first office of Prest Loans in UP was inaugurated today at 2nd floor, Lemed Tower (in front of PNB), 5/142 – Sector 5, Vikas Nagar, Lucknow – 22, (Ph. – 0522 4573339, Email – lucknow@prestloans.com) by Mr Ashok Mittal, Founder and CEO of the Company. The Company has engaged Mr Nitin Saxena, a very senior and experienced financial services veteran as its Chief Advisor who will guide the Company to expand its operations in the state of Uttar Pradesh. The other senior team members who have joined Prest Loans are Mr Ravi Dixit, Mr Amit Bajpai, and Mr Sanyog Saxena who will be developing the network of Prest Loans across UP, along with the other team members. Mr Nitin Saxena has worked in large financial institutions at senior position, has extensive network and knowledge of UP market.

Prest Loans is a new age FinTech company with the mission of providing fast, flexible, and transparent loan products to the Business and MSME sector in India. It uses cutting edge modern technology to speed up the processes for delighted customer experience, excellent operations support and best in class risk management by using proprietary credit underwriting systems. The company is led by a strong and experienced management team from the Financial Services sector.

Prest Loans has the entire gamut of Loan products, to meet the needs of small businesses, including offering Home Loans, Business loans, and MSME Loans (both short term and long term Secured Loans), to name a few, depending on the need and profile of the applicants. The loan ticket size is from 1 lac to 25 lac for the above-mentioned products.

The company has developed a high-end algorithm; not depending on financial information alone but using thorough analysis of alternate data to arrive at the amount, tenure, and rate of interest among other required information. The decision to approve the loan is taken within minutes and post verification, the loan is disbursed within a maximum of 3 days. By using alternate data and non financials parameters it is helping the micro businesses to grow, improve their standard of living and be part of financial inclusion initiative of the government. The Company is creating an impact at the bottom of pyramid in MSME segment.

Prest Loans has built the required experience, knowledge, and technology to handle small ticket collateral-based loans to Businesses without needing complex financial documents like GST returns, ITR or audited financials etc. It shall expand its operations in the entire state of Uttar Pradesh (UP) for Business and MSME Loans and Home Loans, going to the nooks and corners of the state, where the demand is rising post COVID as the economy is bouncing back and businesses are gradually returning to normal. Businesses in specific segments like groceries, pharma, dairy and fruits & vegetables etc. which have generally not been impacted by lockdowns need funds quickly to grow. Prest Loans aims to cater to this unmet need and thus unlock the growth potential for these businesses.

The underwriting is done as per the ‘Prest Score’ algorithm developed by Prest, it considers and gives weightage to non-financial parameters like family and social information to assess ‘intention to pay’ of the borrower along with ‘ability to pay’.

Ashok Mittal, Founder and CEO, Prest Loans said, “We are delighted with our entry in the state of UP as this will help us to increase our presence and expand the reach to offer our Loan products to the Businesses and the MSME sector in UP to the people who are in dire need of funds at this point of time to grow their business.  This will help us to serve the most deserving and underserviced businesses in smaller towns across the state of UP”.

“We are fortunate to have Nitin to guide the team and advise the Company on important strategic matters” he further said.

“I have known Mr Mittal for more than 15 years personally and professionally. I feel privileged to work with him and have prepared a mission to expand the operations in all key markets of the state; within one year UP shall be top performing state in the country with the support of my experienced and committed team members.” Said Mr Nitin Saxena, Chief Advisor of Prest Loans.

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