* Onboards BigBasket to offer loans under Digital Prayaas programme
In order to facilitate loans to aspiring entrepreneur from the bottom of the pyramid, many of whom are new to bank (NTB), Small Industries Development Bank of India, the principal financial institution engaged in the promotion, financing and development of Micro, Small and Medium Enterprises (MSMEs) has launched the programme ”Digital Prayaas” an App based end to end digital lending tool platform resulting in loan sanction accorded by the end of the day.
Further, to cater to the aspiring youths in the urban area, SIDBI has also tied up with a major aggregator viz., BigBasket, to on board its delivery partners across the country and provide loans at an affordable interest rate for purchase of environment friendly e-Bikes and e-Vans.
Shri Debasish Panda, IAS and Secretary, Department of Financial Services, while launching the two initiatives, appreciated the role played by SIDBI in meeting the financial requirements of the people at the bottom of the pyramid by offering loans at an affordable rate through its Digital Prayaas programme. He said that SIDBI-BigBasket initiative would create digital footprints which would further facilitate loans to the Borrower’s family members for their own micro enterprises. He also emphasized that SIDBI should enter into such an arrangement with many more partner institutions so as to increase its outreach.
Shri Sivasubramanian Ramann, IA&AS and Chairman and Managing Director (CMD) of SIDBI said, “The App facilitates speedy onboarding of loan applicants in a digital and integrated process which has made the entire programme scalable with better risk management and would further improve customer satisfaction. SIDBI is pleased to have BigBasket as its partner institution under the digital programme to provide loans to its delivery partners for purchase of environment friendly e-vehicles.”
Speaking on this occasion, Shri Hari Menon, CEO of BigBasket said that they are delighted that SIDBI has chosen BigBasket for this partnership. The initiative to offer loans will have a positive impact on the livelihood of hundreds of our delivery associates and also fulfills its social objectives.
The Digital Prayaas App is set to digitize the Know-Your-Customer (KYC) process and the process of e-signing and e-stamping of various documents. The onboarding of borrowers including e-KYC and Sanction based on the credit score and analytics based on the algorithms shall get done on an end-to-end basis digitally. The post sanction documentation including e-signing and e-stamping of the documents by the executants shall also be done digitally through the App.