The initiative reimagines and simplifies the overall process of fund raising and has been designed to ease access of credit to MSMEs. This is a unique platform that ensures seamless in-principle loan approval. The initiative aims at automation and digitization of various processes of Business Loan (Term Loan/ Working Capital Loan) in such a way that a borrower gets an in-principle approval (eligibility) letter in less than 59 minutes. The borrower has been given the flexibility to choose lender.
Business Loan In-principle Approvals, with /without collateral, are currently provided for value from INR 1 Lacs to INR 5 Crore. The Rate of Interest starts from 8.5% onwards. The Platform is integrated with CGTMSE to check eligibility of borrowers.