NeoGrowth Launches Accelerator Commercial Loan Offering
By Leandra Monteiro
June 27, 2022
- Account aggregator
- Credit score
- Digital Loan
NeoGrowth, the MSME-focused FinTech lender leveraging the digital payments ecosystem, has announced the launch of its new business lending offering, NeoGrowth Accelerator. The company is now live on the account aggregator framework to further strengthen digital lending for MSME borrowers.
NeoGrowth Accelerator is an unsecured term loan of up to INR 20 lakhs for the underserved segment of MSMEs comprising of manufacturers, distributors, traders, resellers and service providers. The product is designed to meet the working capital needs of GST-paying MSMEs based on their cash flow. NeoGrowth tracks data-driven decision-making and leverages dashboards and algorithms for customer assessment.
Through the Account Aggregator (AA) ecosystem, NeoGrowth aims to bridge the credit gap of MSMEs in India and is among the first users in the NBFC sector to integrate it into its processes. The company integrates information from account aggregators, credit bureau scores, proprietary data and other internal metrics to thoroughly assess potential borrowers and provide hassle-free loans that leverage the digital payments ecosystem . MSME customers will now be able to share all their banking information in a consolidated dashboard and receive credit seamlessly.
Arun Nayyar, Full Time Director and CEO, NeoGrowth said: “Our goal has been to improve credit penetration among small businesses with transparent access to loans. Obtaining loans has always been a challenge for small retailers in India due to complex documentation, time consuming procedures and traditional underwriting approach. Accelerator loans offer two convenient and fast options for businesses, with minimal paperwork to help our borrowers easily grow their business. To simplify the lending journey for our MSME clients, we have integrated the account aggregator framework into our processes. »
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