Credit and Finance for MSMEs:, the B2B platform connecting sellers and buyers, announced on Thursday the launch of its MSME financing platform TradeUdhaar. The platform will lend working capital term loans starting from Rs 50,000 and going up to Rs 50,00,000 to MSMEs to help them meet their short-term financial requirements.

The company aims to disburse Rs 800 crore to MSMEs in the next two years. The tenure of the loans will be from 12 months to 36 months and will be available for credit-worthy MSMEs, despite their size, geographical location, area of ​​work, and nature of business, said the company’s spokesperson.

Also Read: NBFC-MFI Fusion Micro Finance sees 17x growth in FY23 PAT; GNPAs improve to 3.46%

The company refused to disclose the interest rate it will charge on the loans. However, it claims to clear the unsecured non-collateral loans within a turnaround time of 48 hours.

To apply for the loan, MSMEs would need to submit their basic documents such as PAN Card, AADHAR card, GST Certificate, six months’ payment history of GST returns, and a bank statement for six months on the TraeUdhaar’s portal.

Aditya Shankar, Head, TradeUdhaar said, “With TradeUdhaar, we aim to bridge the funding gap and empower MSMEs with seamless access to working capital. Our swift and hassle-free loan disbursement process ensures that entrepreneurs can focus on what they do best—running and growing their businesses, contributing to India’s growth and progress.”

Also Read: BetterPlace to offer loans to frontline workers on its platform

TradeUdhaar is a subsidiary of and will disburse loans through its partnership with lenders like Axis Bank, IIFL, ICICI Bank, Arthmate, Flexi loans, Indifi, Mintifi, and NeoGrowth.

Subscribe to Financial Express SME newsletter now: Your weekly dose of news, views, and updates from the world of micro, small, and medium enterprises.

Source link

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *