NeoGrowth, the pioneer in digital lending for SMEs in India and Paisabazaar.com, India's largest online marketplace for financial products, partnered to provide swipe machine-based or PoS-based loans to small and medium enterprises last year.
With this alliance, NeoGrowth and Paisabazaar.com have increased their POS-based loan business by 100 per cent during Oct-Dec 2018 period over the previous quarter.
The disbursals include Chennai-based 'BG Aadhithya Collection', which received a POS-based loan of Rs 40 lakh from NeoGrowth, within four days of application on Paisabazaar.com, making it the largest POS-based loan disbursal sourced through Paisabazaar till date. Many such loan cases have been logged in and disbursed with this alliance, ensuring quick and efficient loan processing.
This is a significant milestone marking the importance of digitalization in the financial services industry, further enhancing the loan accessibility for MSME sector, NeoGrowth and Paisabazaar.com said in a joint statement today.
"I am extremely delighted with this remarkable achievement in such a short span of time and thank the Paisabazaar.com team for their valuable contribution. We surely have a long way to go together and look forward to a growing and fruitful alliance," said Piyush Khaitan, Founder and Managing Director, NeoGrowth.
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"As a market leader, Paisabazaar.com's objective is to make borrowing simple and convenient for India. NeoGrowth has been a great enabler in helping us provide our self-employed consumers with easy access to credit. One of our key focus areas this year will be to further boost lending to the MSME sector through our partnership," said Naveen Kukreja, CEO and Co-founder, Paisabazaar.com.
NeoGrowth's POS-based loans, available on the Paisabazaar.com platform, involve analytical underwriting based on digital spends taking place through card swipe machines at the borrower's outlet, along with other alternate data. These loans also allow daily repayment facility, which is a key product highlight and customer-delight factor.
NeoGrowth has successfully partnered with 13,000+ business merchants belonging to the MSME industry across 21 cities to grow their business. The company has remained focused on creating a positive social impact by lending to women entrepreneurs and first-time borrowers, and also creating jobs and improving the credit profile of its customers.
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