KarmaLife | EWA

Who are we and what do we do?

We are KarmaLife, an Indian fintech company that offers earnings-linked financial services to gig and blue-collar workers in India. We collaborate with organizations to provide their workers with earned wage access and other financial liquidity solutions, aiding them in stabilizing cash flows, increasing earnings, and achieving greater financial resilience.

Who is eligible to use KarmaLife services?

KarmaLife services are exclusively available to whitelisted workers of partner organizations. Users must be Indian residents actively employed by our partners.

Why choose KarmaLife?

Through KarmaLife, users can easily access funds during times of need, promote self-reliance, and improve their credit scores to access future formal credit opportunities.

What Our Customers Like About Us:

• Quick Application-to-Approval Process
• Fully digital flow
• Financial Security and Reduced Stress
• 24/7 Credit Access
• Easy repayment from user earnings
• Proactive Customer Support
• Available in 4 Native Languages

What are the Partner benefits?

• Up to a 50% boost in worker retention with an active KarmaLife profile
• Decreased misuse of Cash-on-Delivery (COD)
• A 10% increase in worker productivity and attendance

Awards & Recognition:

• The Catalyst Fund, Winter 2020 Cohort
• CGAP, Partnership to pilot innovative services for digital platform workers, 2021
• Accion’s Center for Financial Inclusion, Inclusive Fintech 50, 2022 Cohort

What are Fees & Charges?

KarmaLife provides a credit line for workers to access their salary advances, which remains valid for 12 to 24 months. Our transparent fee is based on actual usage and may vary depending on the partner. Users can view the fee upfront in the KarmaLife app before accepting the terms and conditions.

Example transaction breakup:

• Loan amount: ₹10,000
• Minimum repayment period: 3 months
• Maximum repayment period: 12 months
• APR: 23.5% p.a. reducing
• Total interest: ₹625
• Disbursed amount: ₹10,000
• Total loan repayment amount: ₹10,625

We are 100% RBI Compliant.

KarmaLife collaborates with RBI-authorized and regulated NBFCs:

• LenDenClub, owned and operated by Innofin Solutions Pvt. Ltd., an RBI-registered NBFC-P2P (https://www.lendenclub.com)
• Akara Capital Advisors Private Limited RB-registered NBFC (https://www.stashfin.com)