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How online lending platforms are helping SMEs with smooth finances

April 16, 2020 / 03:27 PM IST

Despite its significant contribution to the Indian economy, small and medium enterprises (SMEs) are still struggling with capital, a constant stumbling block in their growth. Even though the government is taking several initiatives and reforms to streamline financing for such enterprises, the processes aren’t as swift as they should be. On the other hand, loans from private banks aren’t always an easy alternative due to many reasons. In this milieu, several online lending platforms are bridging the gap and helping SMEs secure financing digitally. Here’s a look:

LendingKart

LendingKart aims to transform the ethos of small business lending in India with its non-deposit taking policies. The non-banking financial company (NBFC) relies on analytics to examine thousands of data points from various sources to assess a business’ creditworthiness, making access to credit for viable SMEs seamless and hassle-free.

AYE Finance

AYE Finance also relies on a technology-based process to derive credit insights using a diverse mix of behavioural and business data. This tech-driven process combined with automation in processing of finances is helping this online lending platform create a swift, organised digital lending process.

Indifi Technologies

This lending platform focuses on debt-financing for SMEs. They use technology and data analytics to create a credit delivery system specific to different industry verticals. Their credit approval and disbursement process are swift, scalable and cost-effective.

CoinTribe

CoinTribe holds the distinction of being the only digital platform to have back-test its collateral-free credit model with established banks. The credit disbursement process entails minimal documentation and paperwork. The company leverages e-signatures, e-Aadhaar, digitised versions of bank statements and other documents to makes the process as hassle-free as possible.

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Faircent

Faircent’s operates as a peer to peer lending website – the largest of its kind in India – where people having funds lend it directly to borrowers. This model eliminates intermediaries that saves margin costs.

Think your business could benefit from a fresh inflow of cash? Look up these online lending platforms and settle on the one that resonates most closely with your own business ethos.
TAGS: #Easybiz #SME
first published: Apr 16, 2020 03:27 pm

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