TradeIndia’s digital lending platform disbursed over INR 500 Million loan to SMEs
Mumbai, 17 January 2023: TI Lending, India’s first digital lending solution for SMEs, announced the disbursement of loans totalling more than INR 500 million to SMEs and MSMEs in the country within six months of its launch. TI Lending is an exclusive digital loan solution initiative by TradeIndia.com, India’s largest B2B marketplace. TradeIndia.com has collaborated with leading lending platforms like ICICI Bank, Mintifi, Indifi, Flexiloans, IIFL, EFL and Moneywide to offer seamless loan credit to its customers.
Launched in July 2022, this offering by TradeIndia.com is a complete digitised solution with zero paperwork and offers instant business loans up to 50 lakhs with a disbursal time of 24 hours. Within just 6 months of its launch, TradeIndia.com has received more than 50 thousand loan applications from SMEs and MSMEs.
Commenting on the partnership, Ankit Mehta, Co-founder and Chief Architect, Mintifi said, “We are really excited to partner with TradeIndia.com to provide end-to-end electronic invoicing and payment solutions, to assist businesses in ensuring swift and easy digital transactions. MSMEs are the growth engine of Indian economy and we are humbled to use TradeIndia.com’s extensive network to assist Indian MSMEs get capital credits seamlessly.”
Talking about TI Lending, Aditya Shankar, Vertical Head, Lending, TradeIndia.com shared “We are really pleased to receive the overwhelming response from our partners. One of the major hurdles preventing SMEs from taking the entrepreneurial plunge is capital denial and TradeIndia.com is proud of filling this gap and assisting entrepreneurs on their growth journey. TI lending has been a huge success story so far and we are committed to reaching out to millions of other entrepreneurs to help them establish their businesses.”
“Analysing the current trends, customer response and industry potential, we are extremely optimistic and aim to disburse more than INR 2.5 Billion in the next financial year,” said Aditya Shankar.
In the last five years, the credit gap in the country has increased. As per the latest Standing Committee on Finance report, MSMEs, India’s growth engine, face a humongous credit gap of around INR 20-25 lakh crores. Small businesses that require quick access to working capital for their daily operations can have an impact on their earnings and profits in cases of any hindrances in attaining the same. However, other problems such as payment delays, which further lead to reduced investments and growth, may arise, resulting in risk aversion in the minds of entrepreneurs. TI Lending aims to address such varied underlying problems.
Through TI lending, TradeIndia.com envisions to become the first choice amongst SMEs for quick and convenient business loans and enable them to build a strong credit history to become eligible to take bigger loans from the banks. TradeIndia.com has partnered with RBI licensed lenders to ensure maximum safety, and all the information shared by the firms are processed and stored with banking-level security controls.