TradeIndia Lending has disbursed loans worth Rs 50 Cr to MSMEs in 6 months
The digital lending service was launched in July last year with the aim of addressing the challenges faced by MSMEs in obtaining business loans.
TradeIndia (TI) Lending, a digital lending service by B2B marketplace TradeIndia, has disbursed loans worth Rs 50 crore to micro, small, and medium enterprises (MSMEs) in six months of its inception.
The company aims to reach Rs 250 crore in the next financial year, said Aditya Shankar, Vertical Head, TI Lending.
TI Lending was launched in July last year with the aim of addressing the challenges faced by MSMEs in obtaining business loans. It has collaborated with many lending platforms such as Mintifi, ICICI Bank, Indifi, Flexiloans, IIFL Finance, Electronica Finance Limited, and MoneyWide to offer loan credits. It also offers instant loans up to Rs 50 lakh within 24 hours of application.
As businesses go online, this platform is helping distributors bridge the digital divide
The company says it received over 50,000 loan applications in six months and has addressed the problem of capital denial faced by MSMEs.
“We are committed to reaching out to millions of other entrepreneurs to help them establish their businesses,” said Aditya.
TI Lending says it offers a completely digitised solution to MSMEs. The borrower needs to fill out an application form online, after which they are contacted by a company executive who verifies documents, such as bank statements, GST returns, KYC documents, income tax returns, balance sheets, and profit and loss accounts. Post verification, the loan is directly disbursed into the bank account of the borrower, says the company.
(The copy was updated to correct a factual error)
Edited by Affirunisa Kankudti
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