/ Credit for Platform Based Gig- Workers / Deploy
Piloting the Solution
The primary aim was to collect firsthand insights from gig workers, delving into their daily routines, financial behaviours, aspirations, and the hurdles they encounter
Product Framework
The solution was piloted with select drivers across three leading gig platforms. Gig workers were displayed an advertisement about the product, which redirected them to the lender’s progressive web app (PWA), where they could seamlessly apply for a loan.
Step-by-Step Loan Application Process
Step 1:
Step 1
Gig workers registered on the lender’s platform using their mobile number and provided personal details.
Step 2:
Consent and Data Fetching
Consent was obtained from the gig worker to retrieve their gig platform activity and credit bureau data, ensuring a holistic assessment of their financial profile. The driving license served as a universal identifier across multiple platforms, streamlining verification. Meanwhile, a credit bureau check acted as a safeguard, filtering out borrowers with existing delinquencies.
Step 3:
KYC Documentation Submission
Upon approval, applicants submitted Aadhaar, Driving License, and PAN Card via DigiLocker.
Step 4:
Video KYC and Product Awareness
A video KYC was conducted to authenticate identity. As part of a human-centred design intervention, RBIH nudged the lender to use this call as an opportunity to educate gig workers about the product’s features, key terms, and conditions.
Step 5:
Digital E-Signature
Borrowers e-signed the loan agreement, enabling a paperless process.
Step 6:
Auto-Pay Mandate Setup
The lender set up a UPI AutoPay or E-NACH mandate, as per the borrower’s preference, for seamless repayments.
Step 7:
Instant Loan Disbursal
With all checks completed, funds were disbursed instantly, ensuring gig workers had quick access to credit when needed.
We are closely monitoring the user experience, making iterative refinements based on user feedback to enhance accessibility and streamline the loan journey.