A Journey Through Time: From Physical Cash to Digital Transactions
Going back around 30 years, in the 90s, the Indian rupee stood at around 45 against the dollar. Established financial institutions were scarce, and a cashless economy was a distant dream. Access to credit for the common man was exceptionally challenging, and getting money at the right time seemed nearly impossible. Organized credit analysis institutions like CIBIL and Equifax held little importance, CKYC didn’t exist, and a significant portion of the population lacked even a basic bank account.
The Birth of Khiwasara Finance and Leasing Limited
In this era of financial uncertainty, Khiwasara Finance and Leasing Limited was established. In 1993, after obtaining RBI certification as a Non-Banking Financial Company (NBFC), we began our journey in the lending business.
The Evolution of Lending: Then and Now
Lending today and lending 30 years ago are vastly different. In the 1990s, the process of money lending was cumbersome and time-consuming. The market was dominated by private, unorganized lenders who primarily disbursed loans in physical cash. “Daily financing” was a trending term, and securing funds, often at any cost, was crucial.
As an RBI-registered institution, Khiwasara Finance and Leasing Limited initially took 3–5 days for loan approval. Once approved, crediting the rupee or paisa to the customer’s account took another two days, due to the labor-intensive nature of the process. Identity verification, financial document checks, and other forms of verification were all done manually, making loan approval a significant hassle.
Embracing Digital India: The Transformation
Fast forward to 2024, and we find ourselves in “The New India,” a “Digital India,” driving towards a $5 trillion economy. The rupee is respected worldwide, and accessing cash is as easy as tapping a phone button. Instant loan apps have revolutionized the way we think about money. However, increased digitalization also brings the risk of cyber security threats.
At Khiwasara Finance and Leasing Limited, we continue to value personalization. Loan approvals and fund transfers still involve physical interactions and personal visits to our office. What once took a week now takes just 24 hours. That’s right—from the first visit to the final transfer, the entire transaction is completed in a day. Whether 30 years ago or today, our primary aim remains the same: to drive our customers’ passions and dreams by providing timely loans on reasonable terms.
Our Commitment to Personalized Service
While the future leans heavily towards digitalization, we believe in maintaining our personalized approach. We adapt to changing markets as needed but we always prioritize our customers’ unique needs and experiences.
Khiwasara Finance and Leasing Limited is proud to have played a part in revolutionizing vehicle financing in Hyderabad. Our journey from a manual, labor-intensive process to a swift, digital operation reflects our commitment to growth, innovation, and customer satisfaction. Here’s to many more years of driving dreams and providing reliable financial solutions.