Paisabazaar.com, India's largest online marketplace for lending products, and NeoGrowth, the pioneer in digital lending for SMEs in India, have partnered to provide swipe-machine-based or POS-based loans to small and medium scale enterprises.
Paisabazaar.com and NeoGrowth have disbursed POS-based loans worth Rs. 6 crore to merchants from 10 cities in over a couple of months. This includes Bangalore-based 'Oye Restaurants', which received a POS-based loan of Rs. 35 lakh from NeoGrowth, within four days of application on Paisabazaar.com, making it the largest POS-based loan disbursal sourced through Paisabazaar.com.
"We are witnessing a surging demand for quick and hassle-free credit on the Paisabazaar platform, from new-age entrepreneurs. In the last quarter, SME loans have grown by 153% for us. One of the biggest enablers in this have been our digital lending partner, NeoGrowth, who is transforming the SME lending space with game-changing innovations, such as POS-based loans," said Naveen Kukreja, CEO & Co-founder, Paisabazaar.com.
"Our tech and touch model for POS-based loans enables us to accurately analyse the business potential of an enterprise and offer a tailor-made loan. By partnering with Paisabazaar.com, the marketplace leader in the lending space, we aim to further deepen and widen the reach of POS-based loans," said Piyush Khaitan, MD & Co-founder, NeoGrowth.
NeoGrowth's POS-based loans, available on the Paisabazaar platform, involve analytical underwriting on the basis of digital spends taking place through card swipe machines at the borrower's outlet, along with other alternate data. These loans also allow daily repayment facility, instead of monthly EMIs.
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