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Food delivery firm Swiggy has said that it facilitated the disbursement of loans worth Rs 102 crore to delivery partners in the last 12 months. Of this, Rs 10.1 crore was disbursed in November alone. Swiggy first started enabling delivery partners with loans in 2019.
Swiggy receives over 1.5 lakh loan applications monthly. It has partnered with Betterplace and Refyne to enable loans. There is no limit to the number of loans delivery partners can apply for, provided they maintain a good repayment history. This has enabled delivery partners to take loans up to three times on average during their tenure with the platform.
“Our loans initiative isn't just a programme; it's another way of looking out for our delivery partners. Personal emergencies, needs, and aspirations often need quick access to funds,” said Mihir Shah, Head of Operations at Swiggy. “Like with the recently launched Hospicash policy, where their loans are insured against any hospitalisation, taking off the pressure to repay during an emergency.”
Swiggy recently introduced the Hospicash policy in partnership with Reliance General Insurance. This policy offers coverage to the delivery partner in situations such as death, partial or temporary disability, and hospitalisation. Notably, the premium for this policy is set at a minimal 1 per cent of the loan amount. The company said that the Hospicash policy stands as a safety net, ensuring that in the event of an incident, the financial responsibility to pay the Equated Monthly Instalment (EMI) or the remaining loan amount does not fall upon the delivery partner or their family.
New loan applicants receive guidance through informative messages, loan confirmation, and document support. Swiggy also plans to educate those with reservations about loans. Additionally, a dedicated Central Insurance team, alongside the Loan service and Insurance customer service team, is available to address concerns or complaints.
Early this year, Chargeup, a fintech platform in the Electric Vehicle (EV) sector, partnered with Zomato to enable its delivery partners to get easy financing and leasing options for an electric mobility switch. With Chargeup expanding its battery swapping station network beyond the Delhi-National Capital Region (NCR) to tier-I and tier-II regions, this initiative also enabled Zomato to reduce its carbon footprint across the country.
