The product is document light with no demand for invoices as part of documentation hence, making the application process hassle free for the MSMEs.
MUMBAI: NeoGrowth Credit has launched a new loan product called Vendor Finance Express, for the SMEs. Growth and profitability of a business are crucial for its existence and survival. For small businesses who are often troubled with timely and sufficient availability of working capital funds, adhering to the demand of varied supplies becomes difficult. This is further accentuated with delay in payments and long credit cycles.
Vendor Finance Express will provide access to finance for the underserved MSME segment of India. This product is digitally enabled where a loan application is processed with an automated scorecard based decisioning, resulting in disbursals within 48 hours. The product caters to MSME with a minimum business vintage of three years and supplying to large corporates. The product is document light with no demand for invoices as part of documentation hence, making the application process hassle free for the MSMEs.
“Struggling with lack of sufficient working capital along with trying to fulfil orders for the customers is an uphill task. With the launch of ths product, these suppliers will be able to get timely access to funds up to Rs 15 lakh in minutes, with disbursals happening in their account within 48 hours,” said Piyush Khaitan, Founder and Managing Director, NeoGrowth Credit, in a statement.
NeoGrowth Credit has more than 17,000 customers and 800 employees, it has its presence across 26 cities.