NeoGrowth launches Accelerator business loan offering
By Leandra Monteiro
NeoGrowth, the MSME-focused FinTech lender leveraging the digital payments ecosystem, has announced the launch of its new business loan offering, NeoGrowth Accelerator. 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. 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.”
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