Mumbai-based financial services company, Tata Capital has launched an online working capital lending platform. The platform has been built with the purpose to provide an easy, seamless and paperless experience for loans sanction up to $291.8K (INR 2 Cr).
The online lending platform will allow customers to access their loan account details and utilise the loan limits anywhere anytime. Additionally, the customers can avail loans ranging from $15.59K to $291.87K (INR 2 Cr)
Kusal Roy, MD, Tata Capital, said, Our new online working capital platform is designed to make commercial borrowing easier, convenient and super-fast.”
The newly launched lending platform has been developed in partnership with Biz2Credit– a US based fintech company.
Rohit Arora, co-founder, and CEO, Biz2Credit, said, “Our partnership with Tata Capital has expanded access to capital for millions of small and mid-sized entrepreneurs in India. Through Biz2Credit’s proprietary technology and Tata Capital’s resources, we are able to help SMEs quickly and easily secure the funding they need to grow.”
Tata Capital’s commercial finance business arm provides financial solutions for large, medium, small, emerging corporates and value based solutions to government, public sector enterprises and their ecosystems.
In its June 2016 report Credit Suisse had indicated that the global consumer and SME loan market is expected to reach $3 Tn over the next decade, owing to government’s initiatives to provide hassle-free and cashless financial transactions.
This has led to the emergence of a brigade of startups in this space such as Deal4Loans, LendingKart, LenDenClub, Faircent, Credy, Cash Suvidha, Aye Finance, IndiaLends and LoanZen among others.
Also, the reports have surfaced recently that biggies like Flipkart are applying for an NBFC certificate to focus on consumer lending.
Earlier this year, fintech startup MoneyOnMobile also announced to invest $6.2 Mn to fuel its India expansion plans. The company works closely with multiple banks to provide payment services to consumers, basically for the rural and poorer sections of India.