NeoGrowth launches Vendor Finance Express, a fast approval loan product for supply chain finance requirements of SMEs in India
Mumbai: NeoGrowth Credit, a leading fintech NBFC lending to MSMEs, has launched a new loan product called Vendor Finance Express, which is a faster, leaner, and simplified version of supply chain financing solution for suppliers of large corporates.
Growth and profitability of a business are crucial for its existence and survival. For small businesses who are often troubled with timely and sufficient availability of working capital funds, adhering to the demand of varied supplies becomes difficult. This is further accentuated with delay in payments and long credit cycles.
Vendor Finance Express is NeoGrowth’s latest initiative to provide access to finance for the underserved MSME segment of India. This product is digitally enabled where a loan application is processed with an automated scorecard based decisioning, resulting in disbursals within 48 hours. The product caters to MSME with a minimum business vintage of three years and supplying to large corporates. Moreover, the product is extremely document light with no demand for invoices as part of documentation hence, making the application process hassle free for the MSMEs.
“Ever since its inception, NeoGrowth has continuously been striving to develop an ecosystem focused on the betterment of large MSME sector and one that is necessary to sustain India’s long-term growth trajectory. Struggling with lack of sufficient working capital along with trying to fulfil orders for the customers is an uphill task. Now, with the launch of Express version of Vendor Finance, these suppliers are now able to get timely and hassle-free access to funds up to Rs 15 lakhs in minutes, with disbursals happening in their account within almost 48 hours.” said Mr. Piyush Khaitan, Founder & Managing Director, NeoGrowth Credit Pvt. Ltd.
NeoGrowth Credit caters to the under-served market by adopting an innovative approach and validating the creditworthiness of the business. NeoGrowth has taken its business forward at a fast pace. With 17,000+ customers and 800+ employees, it has now presence across 26+ cities. On technology front, it has invested heavily 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.