ETMONEY, belonging to the Times of India group, and RBL Bank have together launched a mobile app-based money lending platform, called ETMONEY CreditLine. This marked ETMONEY’s entry into online lending space. Manav Seth, who was with Bajaj Finance, will head the new venture. Combining the benefits of a credit card and personal loan, ETMONEY CreditLine opens a line of credit for its consumers based on their profile. When the users need cash, they can use the CreditLine to transfer money directly to their bank account, repay on their own terms from few days to few months. Interest is charged only on the amount withdrawn and starts at just 1.2% per month. CreditLine also comes packaged with a credit card, which ensures user get up to 50-day interest-free spending power for online & offline purchases. The company has also introduced an ML-based proprietary scorecard to enable users with no credit score to get a CreditLine.
