NeoGrowth to disburse business loans within 24 hours to SMEs

By Leandra Monteiro

NeoGrowth Credit, a SME lender in India, announced the launch of NeoCash Insta Loan, an offering curated to meet immediate fund requirements faced by retailers and small businesses across the country.

The NeoCash Insta Loan for retailers is an INR 100,000 collateral free loan product, with just KYC documents without any financial or bank documents, instant online approval, and daily repayment amount of INR 250. The product was developed as an insight from the company’s flagship retailer program ‘NeoGrowth Sanjivini’.

The important element of this product by NeoGrowth is that the loan applications will be approved instantly without the need for any bank statement, any industry-first feature. Thus reducing the need of excessive documentation for customers. Also it ensures that funds are disbursed within 24 hours.

Small business owners can visit the NeoGrowth website and get immediate approval for the loan by filling in only basic details. Exhaustive digital checks for underwriting and usage of digitally verified alternate sources of data will be used to ensure risk mitigation and governance. This product is an end-to end digital offering and customers will be sourced through direct acquisition channels.

Commenting about the product, Mr. Arun Kumar Nayyar, CEO, NeoGrowth said, “NeoGrowth has always focused on creating a positive social impact by lending to first-gen entrepreneurs and small businesses. Our business offerings are based on the dual axis of customer centricity and economic growth of all stakeholders. While speaking to retailers across the country, we learned that due to complex documentation and delays in loan approvals, they missed out on lucrative business opportunities. NeoCash Insta Loan is created with the specific goal of addressing all these problems faced by retailers across the country and we aim to be an equal partner in charting their growth trajectories. NeoCash Insta Loan is Simple to Apply, Easy to Repay.”

Based in Mumbai, according to the company it serves 70+ industries with a presence across 26 cities in India. NeoGrowth claims to have disbursed loans to 29,500+ customers till date.