Top 5 digital lending players focussing on SME loans

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Digital lending players have championed the cause of designing customized financial solutions for several under-served borrower segments. These new-age lenders operate using a tech-first, light-touch approach, thus enabling them to reach a wider range of SMEs across India. Technology facilitates speed of delivery, as borrowers no longer need to wait in queues, or sit by their phone for months awaiting confirmation of funds. Loans are disbursed in a matter of minutes, making them ready for instant use.

Technology facilitates speed of delivery, as borrowers no longer need to wait in queues, or sit by their phone for months awaiting confirmation of funds. Loans are disbursed in a matter of minutes, making them ready for instant use.

Digital technology is the major change that continues to transform the market for startups and SMEs.These platforms below are some of the players that are redefining the SME Industry: 

1. NeoGrowth:

NeoGrowth offers unsecured loans to merchants who accept credit/debit cards or other digital payments from customers using its proprietary technology platform. NeoGrowth loans are short-term and hassle-free with the facility of daily repayment; a key customer delight factor.

At the heart of NeoGrowth business strategy is a mission to have a positive social impact on the financial lives of small and medium business merchants across India, more than 50 per cent of whom are creditworthy but until now have been excluded from accessing loans based on traditional underwriting methods.

2. EpayLater:

ePayLater is a digital payment solution offered by Arthashastra Fintech Pvt. Ltd. that enables a “Buy Now, Pay Later” solution for frequent online purchasers with an interest-free credit term of 14 days. They are recognized as a startup by the ‘Department of Industrial Policy and Promotion’ of the Government of India’s Ministry of Commerce.

ePayLater was started by young dynamic professionals with a goal to optimize the digital payment experience and make it seamless, reliable and secure with an aim to bridge the credit divide that exists in India today. ePayLater is an online platform that provides working capital finance to SMEs in India with flexible, short-term loans that can be used to purchase inventory, service new orders or optimize cash cycles. Their mission lies in bridging the current gap in the market with innovative and flexible credit products for SMEs, delivered in an efficient and customer-friendly manner.

3. RupeeCircle 

Rupee Circle is a new age finance company that’s moving the shift to a bank-less world. It organically is a P2P platform but also deals in SME lending.   They aim to bridge the current gap in the market with innovative and flexible credit products for SMEs, delivered in an efficient and customer-friendly manner.

RupeeCircle is an online platform provides working capital finance to SMEs in India and offer flexible, short-term loans that can be used to purchase inventory, service new orders or optimize cash cycles. Borrowers can apply online in minutes, select desired repayment terms and receive funds in their bank accounts with minimal hassle.

4. Indifi

Indifi Technologies is a debt-financing platform which facilitates SME lending with a focus on customer-product fit. The key innovation in the approach that Indifi is bringing to the market is to design and deliver credit products basis the kind of business the MSME is in.

This industry virtualization brings unique benefits to the customer as product design fits into the business cash flows of the MSME. Indifi has successfully contributed in bridging the gap in SME financing with the perfect amalgamation of technology and access to data; enabling seamless access to funding with flexible repayment options for start-ups and small businesses.

5. Zip Loan:

ZipLoan is a platform that makes Finance accessible to small businesses and strives to ensure easy availability of unsecured Working Capital to small business owners in India believing that availing MSME Loans and SME Loans is the most suited way to increase working capital, buy or upgrade machinery, or to expand the business. ZipLoan offers personal business loan of up to INR 5 lakhs to small business owners that can be repaid over a time period of 12-24 months.

They have so far helped many companies from different sectors, such as clothing company, manufacturing company, pharmaceutical company, electronic company, etc., in their growth by providing private business loans. Their technology-enabled platform allows them to offer credit in a fast and hassle-free manner thus solving the fundamental problem of small business owners i.e. getting easy access to finance when they need it.

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