Happy Loans, a digital micro-lending venture on Monday announced the disbursement of 4000 micro loans worth Rs. 10 crore (USD 1.7 million) within six months of launch.
With borrowers in 167 cities and 25 states, Happy Loans partners with merchant acquirers, money transfer networks and other partners to offer instant, short-term business loans for small enterprises (SMEs). Happy Loans successfully partnered with MSwipe, EKO, Itzcash, Payworld, Ongo, InstantPay, Wapo, Farmart and others, creating a total addressable base of over one million SMEs.
Happy Loans enables on-tap borrowing for underserved small merchants through an easy and completely paperless process. Offering loans as small as Rs 2000 and for as short as 30 days, Happy Loans helps merchants meet short term cash flow mismatches without drawing on savings or existing capital. Customers can access funds right from their phone, with options such as flexible tenure and daily repayment to reduce the burden of a lump sum repayment.
"We've built a model to give our customers a Happy borrowing experience, unlike traditional methods that require visits to branches, extensive documentation, and signing endless forms. We've seen very strong uptake of our loans and with the support of current and upcoming partners, we aim to achieve the Rs 100 crore (USD 15 million) disbursement mark and a prospect base of over 5.5 million merchants by FY 18," said Manish Khera, Co-founder and CEO, Happy Loans.
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