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AskmePay rolls out a wide portfolio of financing options to SMEs AskMe group launches financing options for SMEs with the launch of its new program AskmeFin.

By Entrepreneur India

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In line with its "Grow with Us' campaign, launched earlier this month, AskmePay, the payment initiative by AskMe group, has rolled out a wide portfolio of financing options to SMEs with the launch of its new program AskmeFin.

The move is aimed at providing a variety of working capital loans for SMEs including short-term working capital loans, overdraft limit, loans against receivables and bill discounting facility.

Speaking on the recent development, Kiran Murthi, CEO, AskmePay.com, said, "AskmePay has launched this innovative campaign that does away with the conventional paper-based process of lending and enables speedier working capital finance approval to our SME partners, based on digital information available for SMEs and their sales on our portals. The SMEs, which are using AskmePay for their offline transactions, will also be eligible to avail these financing options."

The working capital loans will be available to any SME that has been selling on any of their portals and transacting through AskmePay. The loan amount will be decided on the basis of the turnover or the transaction history of the seller on AskmeBazaar or AskmePay.

To facilitate the faster financing for SMEs, the group has also announced a series of strategic alliances. It has tied up with Mahindra Finance, Bajaj Finserv, Capital Float, Religare, SMEBank.in and Mandii.com. Further it will be offering loans ranging from Rs 50,000 to Rs 1 crore to its sellers, available for tenure ranging from 15 days to six months. The financing options will be in addition to its array of services that serve SMEs from AskMe, AskmeBazaar, AskmePay, AskmeFurniture and AskmeGrocery.

"Our proposition in partnership with AskmeBazaar is 100 per cent digital and sellers will definitely benefit out of the swift processes with disbursement amount up to Rs 1 crore, lower interest rates and benefits like nil part payment and nil foreclosure charges. We will be able to service seller's needs in a smarter way, providing finance for sellers easily and at cheaper costs providing AskmeBazaar seller loyalty as well as improved inventory management due to the availability of finance," said Devang Mody, President Consumer Finance, Bajaj Finance Limited.

The alliance partners will be extending easy and quick disbursement of finance to SMEs at competitive interest rates. The unsecured loans will be collateral free and available through easy documentation, thereby equipping them with more working capital. The other USP of the loans offered by AskmeFin is quicker approval for loans as well as pre-approved offers and easy repayment methods.

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