NeoGrowth Launches Accelerator Business Loans Up to ₹ 20 Lakhs for Immediate Dissemination
|Mr.Arun Nayyar,Whole-Time Director & CEO, NeoGrowth|
Neogrowth Launches Accelerator Business Loan; Fast-tracks Loans Up to INR 20 Lakhs – for Immediate Dissemination
Integrates Account Aggregator-based Digital lending across its portfolio
NeoGrowth, the MSME-focused FinTech lender leveraging the digital payments ecosystem, has announced the launch of its new business loan offering, NeoGrowth Accelerator, on the occasion of World MSME Day. The company recently kickstarted its MSME festival and will be undertaking multiple activities to celebrate the spirit of India’s small business owners. The company is now live on the Account Aggregator framework to further strengthen digital lending for MSME borrowers.
NeoGrowth Accelerator is a collateral-free term loan of up to INR 20 lakhs for the underserved MSME segment comprising Manufacturers, Distributors, Traders, Dealers, and Service Providers. The product is designed to fulfill the working capital requirements of GST-registered MSMEs based on their cash flows. This new launch is in tune with NeoGrowth’s ‘Keeping It Simple’ philosophy. NeoGrowth follows data-based decision-making and leverages scorecards and algorithms for customer assessment.
Through the Account Aggregator (AA) ecosystem, NeoGrowth aims to address the MSME credit gap in India and is among the early adopters in the NBFC sector to embed it into its processes. The company integrates account aggregator information, 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 avail credit in a seamless manner.
Arun Nayyar, Whole-time Director & CEO, NeoGrowth, said, “Our objective has been to enhance credit penetration among small businesses with seamless access to loans. Getting loans has always been a challenge for small retailers in India due to complex documentation, time-consuming procedures, and the traditional approach to underwriting. The Accelerator loans offer two convenient and quick options for businesses, with minimal paperwork to help our borrowers scale up their business easily. To make the loan journey simpler for our MSME customers, we have integrated the Account Aggregator framework across our processes.”
With close to a decade’s experience in serving the credit needs of India’s MSMEs, NeoGrowth has a finger on the pulse of small business owners and is constantly innovating to provide the best-in-class credit offerings to its customers. NeoGrowth leverages the latest developments in technology and data science to strengthen its unique product offerings.
NeoGrowth is a new-age digital lender, with a focus on Micro, Small, and Medium Enterprises (MSMEs). We are a Systemically Important, Non-Deposit taking Non- Banking Financial Company (NBFC-ND-SI), offering a wide range of products tailored to the dynamic needs of small businesses. Our data science and technology-led approach enable us to offer quick and hassle-free loans to MSMEs across 70+ segments across 25+ cities in India. We offer a unique daily repayment option to our customers with multi-channel repayment modes. We have served and engaged with 1,00,000+ businesses and supported them with their growth ambitions. We not only help small businesses grow but also drive financial inclusion making a positive social impact.
Founded by industry veterans, our Board of Directors comprises experts, who guide the leadership team toward our strategic goals. NeoGrowth is backed by renowned investors, namely Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, IIFL Seed Ventures Fund, WestBridge, and Leapfrog Investments.
For more details, https://www.neogrowth.in/
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