More about Kaarva..
Kaarva, is an online Lending platform for salaried individuals founded in 2018 by IIT Bombay Alumni Maheshwari and Agam Goyal. Kaarva offers a unique credit line to salaried individuals at no Interest or fee, but in a unique “pay what you like” model. The user will get 30% of monthly income ( maximum up to 10,000 INR) and the due date is the upcoming salary date by default. Any customer of Kaarva can withdraw up to INR 1500 per day. There is a late of Rs 5 per 1000 If you miss the due date. For example if the du amount is 3000 and delayed for 10 days, late fee would be 100(base)+15*10=250+18% GST.
Kaarva raised a seed fund of $600K from Amit Gupta, Naveen Tewari, Piyush Shah, Gemba Capital, Better Capital, and Lead Angels Network.