To boost credit flow to small businesses ahead of the festive season, NeoGrowth, India’s leading digital lender serving small businesses, recently announced the launch of ‘Business Loan Carnival’ for MSME customers under its D2C initiatives.
Currently underway in Mumbai, Bengaluru, Hyderabad and New Delhi, the Business Loan Carnival is being organized throughout October and November. The company has simplified and digitalized the process to help MSMEs with hassle-free loans for their varied business needs. The loan approvals for small businesses are fast-tracked with instant approval at the touch point for the upcoming festive season. NeoGrowth is also engaging with the customers through interesting contests with exciting prizes.
NeoGrowth’s new business volumes are already at pre-COVID level, with new products such as NeoCash Insta Loan, Vendor Finance Express, contributing to this growth. The new secured offering, called Plus loans, is addressing larger ticket needs of customers. The new product offerings have various features such as end-to-end digital process, instant approval driven by AI/ML based scorecards. With the Business Loan Carnival, the company hopes to capitalise on this positive market and economy sentiment and take these products to customers.
NeoGrowth’s CEO Arun Nayyar said, “With the second wave behind us, this year, Indian consumers are expected to make purchases at nearly the pre- COVID levels. This will provide the much-needed boost to retailers, small businesses, and the economy at large. NeoGrowth’s customers have a positive business outlook for the next two months, and we aim to help them benefit from relevant opportunities by providing them with super-fast loan approvals through this initiative.”
To help businesses become future ready, NeoGrowth also offers a unique platform called “diGibizz”, which enables small businesses to evaluate their digital readiness and help them upgrade and be more competitive. The company has tied-up with 31 partners and offers 16 services categories for small businesses to digitise their operations as per their requirements; thereby, providing them the option to benefit by identifying the right solutions. So far, over 24,000 small businesses have participated on the diGibizz platform.
NeoGrowth Credit Pvt. Ltd is a Systemically Important, Non-Deposit taking NBFC and a pioneer in SME lending based on the underwriting of digital payments data. NeoGrowth provides finance to small business owners to drive business growth that matches their ambitions. Hassle-free loans are powered by technology innovations and leverage the digital payments ecosystem. It provides financing to retailers, restaurants, apparel shops, kirana stores, petrol pumps, groceries, pharmacies and other MSMEs with flexible repayment options and customized products addressing multiple business needs. It not only helps its customers grow but also drives financial inclusion making a positive social impact. NeoGrowth is backed by renowned investors, namely Omidyar Network, Aspada Investment Company, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, IIFL Seed Ventures Fund and Leapfrog Investments.