With regards to the capital needs, the MSMEs sector in India is facing a gap of Rs. five trillion, as estimated by the industry. This has multiple reasons including, no bank accounts, collaterals misplaced, lack of financial literacy, dearth of infrastructure, etc.
Platforms offering micro credit have emerged as a new poverty reduction tool contributing towards financial freedom of MSMEs. This need for immediate financial inclusion literacy gave birth to diverse lending platforms and NBFCs in the country, offering determined support for MSMEs who earlier had to rely on local lenders or chit funds.
Where earlier a small shoe maker would not even have a bank account, now he is being assisted by NBFCs to collect documents and get funds digitally.
Aye Finance is one such commercial institution built around the mission to solve these challenges of funding MSMEs and enabling their inclusion into the mainstream of the economy.
Aye Finance differentiates itself by creating a technically enabled process that builds credit insights through a variety of available business and behavioral data. This effective credit appraisal coupled with the use of modern workflow automation, and a small but engaged workforce is helping bridge the gap between the MSMEs and organized lending.
KapitalTech is addressing the documentation challenges for MSME lending. KapitalTech offers collateral-free short-term business loans with customized loan repayments for its MSME customers. These loans are tailor-made to each customer segment. KapitalTech's strength lies in its depth of experience and its proprietary technology that enables it to deliver quick and hassle-free short-term business loans to MSMEs with minimal documentation.
TAB Capital for the MSMEs who require quick loans in order to maintain their finance flow. The USP of TAB Capital lies in not following the conventional route and making funding quicker and hassle-free. The platform has commissioned an advanced proprietary algorithm that leverages big data and analytics to simplify and accelerate loan application, verification, approval and disbursement. As a consequence, TAB Capital promises a turnaround time of only two business days for collateral free business loans, an exemplary feat in the MSME lending space.
CoinTribe is a leading online loan disbursement platform that provides quick and easy collateral-free loans to small businesses and individuals. It is the only online lending platform which has back-tested its credit model with large banks.The marketplace model facilitates loan origination and credit assessment through CoinTribe before it is shared with the banks. PaaS enables banks and NBFCs to utilize CoinTribe's platform for effective risk analysis and recommendations to digitally underwrite their own consumers. CoinTribe's PaaS is equipping lenders across the country to become digital ready and enhance efficiency of their lending process.