NeoGrowth to disburse business loans within 24 hours to retailers with instant approval
SME lending in India announced the launch of NeoCash Insta Loan
NeoGrowth Credit Pvt. Ltd., a pioneer in SME lending in India, announced the launch of NeoCash Insta Loan today, an offering specially curated to meet immediate fund requirements faced by retailers and small businesses across the country.
The NeoCash Insta Loan for retailers is a Rs. 1 lakh collateral free loan product, with just KYC documents without any financial / bank documents, instant online approval, and daily repayment amount of Rs. 250.
The product was developed as an insight from the company’s flagship retailer outreach program ‘NeoGrowth Sanjivini’.
The most defining element of this offering by NeoGrowth is that the loan applications will be approved instantly without the need for any bank statement, any industry-first feature. Not only will this reduce the hassle created by excessive documentation for customer but will also ensure funds are disbursed within 24 hours, enabling retailers and sole proprietors to fulfil their urgent working capital and business needs.
Small business owners can visit the NeoGrowth website and get immediate approval for the loan by filling in only basic details. Exhaustive digital checks for underwriting and usage of digitally verified alternate sources of data will be used to ensure risk mitigation and governance. This product is an end-to end digital offering and customers will be sourced through direct acquisition channels.
Commenting about the product, Mr. Arun Kumar Nayyar, CEO, NeoGrowth said “NeoGrowth has always focused on creating a positive social impact by lending to first-gen entrepreneurs and small businesses. Our business offerings are based on the dual axis of customer centricity and economic growth of all stakeholders. While speaking to retailers across the country, we learned that due to complex documentation and delays in loan approvals, they missed out on lucrative business opportunities. NeoCash Insta Loan is created with the specific goal of addressing all these problems faced by retailers across the country and we aim to be an equal partner in charting their growth trajectories. NeoCash Insta Loan is Simple to Apply, Easy to Repay.”
Headquartered in Mumbai, the company serves 70+ industries with a presence across 26 cities in India. NeoGrowth has disbursed over INR 6,200 crores loans to 29,500+ customers till date. To create a greater social impact by providing easy finance to under-served markets with advanced tech-solutions, the company disbursed loans to first-generation entrepreneurs, women entrepreneurs, and first-time borrowers. On the technology front, it has heavily invested in analytics, machine learning, digitisation of customer journey and digitally verified alternate sources of data, which has helped it reduce the turnaround time for loan sanctions and underwrite basis various types of alternate data. It provides financing to retailers, restaurants, apparel shops, kirana stores, petrol pumps, groceries, pharmacies and other MSMEs with flexible repayment options and customized products addressing multiple business needs.