Mi Credit, at present, services 1,500 pin codes across the country, and the company aims to expand its availability to all pin codes by the end of the current fiscal year.
Uncertainty and delay in loan disbursement, high processing fees, lock-in periods, preclosure charges make access to credit near impossible to many entrepreneurs. FinTech firms are disrupting the borrowing space
Studies anticipate 15x growth in digital lending to MSMEs by 2023, owing to rapid digitization and access to easier, cheaper credit facilitated by digital lending companies
In addition to allowing individual's access to personal loans, players in digital lending have also expanded their customer base and their loan portfolios
Gaurav Hinduja spoke to Entrepreneur India on the hottest topic that has created great interest in a cash-crunched economy in India – lending to SMEs and ways to strengthen them.
The easier and cheaper credit through digital lending has the potential to start a virtuous cycle of formalization, so much so that up to 85 per cent of MSMEs could be formal by 2023
According to the Bloomberg Data, earlier this year in August, liquidity in the banking sector was INR 20,200 crore, which by the end the October, tumbled down to 1.16 trillion.
