Tata Capital launches digital platform for MSMEs to avail loans up to Rs 2 Cr in 48 hours
Tata Capital claims MSME customers can now use this enhanced digital platform to avail working capital loans up to Rs 2 crore within 48 hours with minimal documentation.
Tata Capital, the financial services arm of the Tata Group, today rolled out Version 2.0 of its digital platform to provide faster and easier loans exclusively for MSMEs and small businesses, the company said in a press release.
Tata Capital claims MSME customers can now use this enhanced digital platform to avail working capital loans up to Rs 2 crore within 48 hours with minimal documentation. Loans are available across various categories i.e. channel finance, sales invoice discounting and equipment finance.
MSME customers can also avail loans up to Rs 50 lakh within four hours, and the platform needs minimal documentation which makes it 90 percent faster and simpler, Tata Capital added.
"Tata Capital's Version 2.0 digital platform for MSMEs offers a series of value added features which are an automated credit scoring engine across all loan products, digital underwriting capabilities using over 1000 data points, and seamless integration with a host of third-party information sources such as Udyog Aadhar, PAN, GST, ITR, CIN, bureau data, bank statement analysis amongst others, to eliminate data entry and enable immediate decisions," the release said.
Abonty Banerjee, Chief Marketing and Digital Officer, Tata Capital, said, “As we enhance our existing digital SME offering, the approval process has become significantly faster with minimal data entry and documentation. Based on early usage data, we see an overall employee productivity increase of over 50 percent. With more and more SME customers adapting to digital platforms, we will continue to innovate and bring in differentiated services to the segment.”
Tata Capital’s latest digital platform for MSMEs is another offering in the firm's collection of digitised services. Along with voice-bot TIA and other focused digital initiatives, Tata Capital seeks to meet the diverse needs of MSMEs.
Tata Capital also provides consumer finance, advisory services, commercial finance, infrastructure finance, securities, investment banking, private equity advisory, credit cards and travel and forex services.
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