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Prepay loans with shopping rewards and CC points

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sk767

sk767sk767 is verified member.

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FinTech Founder/Co-Founder
Hey Guys,
I'm Srikanth this side and building EMIswift.
We help users repay their loans faster by converting shopping rewards into cash to prepay EMIs, potentially saving 3 years on a 20-year home loan. We convert all the coupons, cashbacks and other rewards earned by the user on daily shoppings to cash to pay back towards EMIs.
  • Convert all daily shopping rewards towards EMIs
  • Supported most public banks and all stores. Including groceries.
  • No need to visit bank branch
We're in Beta and actively inviting users. I'd love to chat about your loans and shopping habits as we build.

Please do check out and drop your email.
 
Last edited:
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sk767 said:
Hey Guys,
I'm Srikanth this side and building EMIswift.
We help users repay their loans faster by converting shopping rewards into cash to prepay EMIs, potentially saving 3 years on a 20-year home loan. We convert all the coupons, cashbacks and other rewards earned by the user on daily shoppings to cash to pay back towards EMIs.
  • Convert all daily shopping rewards towards EMIs
  • Supported most public banks and all stores. Including groceries.
  • No need to visit bank branch
We're in Beta and actively inviting users. I'd love to chat about your loans and shopping habits as we build.

Please do check out and drop your email.
Click to expand...
Telugu or kannada or both 😅
 
sk767 said:
Hey Guys,
I'm Srikanth this side and building EMIswift.
We help users repay their loans faster by converting shopping rewards into cash to prepay EMIs, potentially saving 3 years on a 20-year home loan. We convert all the coupons, cashbacks and other rewards earned by the user on daily shoppings to cash to pay back towards EMIs.
  • Convert all daily shopping rewards towards EMIs
  • Supported most public banks and all stores. Including groceries.
  • No need to visit bank branch
We're in Beta and actively inviting users. I'd love to chat about your loans and shopping habits as we build.

Please do check out and drop your email.
Click to expand...

I would love to try it.
 
Slayer said:
Novelty trick at best
Click to expand...
Hey Slayer, Thats rather a harsh comment to start with. But we are not trying to trick anyone.
We are super transparent. CC's give reward points and coupons to make you spend more. But, we are actually to trying to make an average user financially independent by saving and paying off their existing loans from these reward points.
Let me know if there is anything specific you would want me to address.
 
Interesting Idea.

However there are many credit cards that give rewards for purchase / shopping etc. What is the additional benefit of using your platform / card?
 
sk767 said:
Hey Slayer, Thats rather a harsh comment to start with. But we are not trying to trick anyone.
We are super transparent. CC's give reward points and coupons to make you spend more. But, we are actually to trying to make an average user financially independent by saving and paying off their existing loans from these reward points.
Let me know if there is anything specific you would want me to address.
Click to expand...
Sorry if i had been less polite but for me (just my opinion) your product is a novelty feature at best also how are you going to increase adoption of your product if you think you have a winner (idea) in your hands?
 
sourpai said:
Interesting Idea.

However there are many credit cards that give rewards for purchase / shopping etc. What is the additional benefit of using your platform / card?
Click to expand...
Completely agree to this. But there is no platform out there that actually lets you use these rewards towards your EMIs which we will support. The additional benefit would be that over time as the repayment increases - we will be able to refinance your loans onto better interest rates.
We look at ourself not as a CC company but rather as loan platform. The goal is to be the single platform for help users to take loan and pay back loans smartly- Be it prepayment or even refinancing.
Think of us of a loan advisor rather than CC.
 
sk767 said:
Hey Slayer, Thats rather a harsh comment to start with. But we are not trying to trick anyone.
We are super transparent. CC's give reward points and coupons to make you spend more. But, we are actually to trying to make an average user financially independent by saving and paying off their existing loans from these reward points.
Let me know if there is anything specific you would want me to address.
Click to expand...
People have abused and used CC for trips, free hotel and flight bookings.

Emi doesn't seem right, also all prepaid cards are currently giving flat 1% as Cashback.
 
Slayer said:
Sorry if i had been less polite but for me (just my opinion) your product is a novelty feature at best also how are you going to increase adoption of your product if you think you have a winner (idea) in your hands?
Click to expand...
I agree, as a standalone, it’s just a feature. We'll drive adoption through real estate companies, tying home loans to a prepaid card. When users take out a loan to purchase the property, they'll have the option to use shopping rewards on this card to pay off the loan. This benefits both users and real estate agents - enhancing the returns.
 
Tejo said:
People have abused and used CC for trips, free hotel and flight bookings.

Emi doesn't seem right, also all prepaid cards are currently giving flat 1% as Cashback.
Click to expand...
Slayer said:
Sorry if i had been less polite but for me (just my opinion) your product is a novelty feature at best also how are you going to increase adoption of your product if you think you have a winner (idea) in your hands?
Click to expand...


And most importantly, Most of the private banks dont allow you to prepay the loan via online means. You'd have to visit the branch physically. They make life harder to prepay because there is no incentive for bank if you close it earlier.
By allowing users to prepay - We will help drive loan adoption of these private banks and help users close faster. More loan adoption will overtime offset the financial burden of prepayment caused to these private banks.
 
sk767 said:
What do you mean by EMI doesnt seem right sir? Can you please elaborate
Click to expand...
Using rewards to pay loan emi

Already several prepaid or cc provides as direct cashback/gold or even if rewards/coupons issued they can be redeemed or can be reselled to others.

sk767 said:
I agree, as a standalone, it’s just a feature. We'll drive adoption through real estate companies, tying home loans to a prepaid card. When users take out a loan to purchase the property
Click to expand...

Also loans powered by fintechs, costs interest (high) ..... for long run it doesn't seem right.

Idea was great but doesn't fit for present competition.
 
Tejo said:
Using rewards to pay loan emi

Already several prepaid or cc provides as direct cashback/gold or even if rewards/coupons issued they can be redeemed or can be reselled to others.



Also loans powered by fintechs, costs interest (high) ..... for long run it doesn't seem right.

Idea was great but doesn't fit for present competition.
Click to expand...
Thank you for the feedback sir. I will do more
 
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