AskmePay launches host of financing options for SMEs

AskmePay, the payment initiative by AskMe group, on Friday announced the rollout of a wide portfolio of financing options to the SMEs with the launch of its new programme 'AskmeFin'.

This is in line with the group's 'Grow with Us' campaign launched earlier this month and is aimed at providing a variety of working capital loans to SMEs including short term working capital loans, overdraft limit, loans against receivables and bill discounting facility for SMEs.

The group has also announced a series of strategic alliances to facilitate faster financing for SMEs, irrespective of the size of their business.

It has tied up with Mahindra Finance, Bajaj Finserv, Capital Float, Religare, SMEBank.in and Mandii.com, and will be offering loans ranging from Rs.50,000 to Rs.1 crore to its sellers, available for tenure ranging from 15 days to six months.

The financing options will be in addition to its array of services that serve SMEs from AskMe, AskmeBazaar, AskmePay, AskmeFurniture and AskmeGrocery.

The alliance partners will be extending easy and quick disbursement of finance to SMEs at competitive interest rates. The unsecured loans will be collateral free and available through easy documentation, thereby equipping them with more working capital.

The other positives of the loans offered by AskmeFin includes quicker approval for loans as well as pre-approved offers and easy repayment methods.

Speaking about these alliances, Kiran Murthi, CEO, AskmePay.com, said: "AskmePay has launched this innovative campaign that does away with the conventional paper-based process of lending and enables speedier working capital finance approval to our SME partners, based on digital information available for SMEs and their sales on our portals."

"The SMEs, who are using AskmePay for their offline transactions, will also be eligible to avail these financing options," he added.