India’s Leading BFSI and FinTech Companies 2023

India’s Leading BFSI and FinTech Companies 2023 | 47 [ INDIAN FINTECH COMPANIES OVERVIEW ] Mahindra Home Finance (Mahindra Rural Housing Finance Ltd.) a subsidiary of Mahindra Finance provides accessible home loans for those living in rural, semi-urban to urban areas to buy, construct, renovate, and extend homes. Recognised as a “Rise business” under Mahindra Group, they challenge the status quo impacting the lives of many rural communities by establishing their creditworthiness. Having helped built over 11.5 lakh+ homes thus far, they have empowered several rural communities, especially women and marginalized sections. The company’s goal from the onset was to Rise beyond the confines of a traditional & urban-centric housing finance business. Earlier, the rural segment remained underserved by banking and financial institutions. This helped Mahindra Home Finance find its sweet spot to design solutions with a loan size of ` 1 lakhs – ` 1.5 lakhs. Today, the company has strong presence across 16 states, providing services to 88,000+ villages through 730+ physical branches. For a customer, their home is the most precious asset which holds monetary and emotional value. Hence, finding the first one or two customers is difficult while starting operations in a new village. However, their immense trust in the Mahindra brand, word of mouth is quick to spread. The company is also responsible for establishing their creditworthiness with its robust credit process which estimates, assesses and underwrites customers with informal and cash sources of income thus, formalizing credit in the deepest pockets of rural India. The company is also responsible for driving towards cashless collections within their customer base by leveraging digital tools such as UPI, Net Banking, and Bharat Bill Payment system. This has helped the business drive more than 50% of their collections digitally, which was once 90% cash collections. Additionally, the company is investing in building a strong IT backbone to create customer experience and delight; thereby boosting the Digital India movement. To bolster their efforts around Housing for All, the Affordable Housing (AH) segment was introduced, catering to the semi-urban market and underserved segments in Tier 2 and Tier 3 cities. Since 69% of MRHFL’s affordable housing disbursements are for self-construction purposes, they have an opportunity to be a differentiated player in this space. Since MHF caters to the aspirational Indians, their Affordable Housing solutions aims at improving the overall quality of life in these cities. With over 10,800+ employees, Mahindra Home Finance hires from communities they lend to, providing sustainable employment opportunities and uplifting the very communities they seek to serve. This helps in aiding job creation and lend support to Skills India’s mission. The company also encourages employees to align with their CSR endeavours through volunteering opportunities, which are focused on improving health, environment and education in local communities. To help achieve the vision of a sustainable India in rural and semi-urban areas, Mahindra Home Finance is also committed to international endeavors like BCTA (Business Call to Action) of the UNDP since 2012 to create a meaningful impact. It is one of those organizations that lives by its vision of ‘Transforming Lives’ every day. [ BR D D CONTENT Dun & Bradstreet