AskmePay, the payment initiative by AskMe group, has launched AskmeFin, a program that will provide various financing options to its sellers.
The program will provide varied working capital loans to SMEs including short-term working capital loans, overdraft limit, loans against receivables, and bill discounting facility for sellers to come on its platform.
To facilitate financing for SMEs, Askme group has tied up with Mahindra Finance, Bajaj Finserv, Capital Float, Religare, SMEBank.in and Mandii.com. The program will offer loans ranging from INR 50,000 to INR 1 Cr to its sellers. The loan will be available for a tenure from 15 days to 6 months.
Kiran Murthi, CEO of 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 who are using AskmePay for their offline transactions will also be eligible to avail these financing options.”
Murthi also added that the loan amount will be decided on the basis the transaction history of the seller on AskmeBazaar or AskmePay.
AskmeFin will operate under AskmePay, the payment initiative by AskMe group. However, the program will be extended to more than 14 Mn merchants using AskMe’s umbrella services like AskmeBazaar, AskmePay, AskmeGrocery and AskmeFurniture, and transacting through AskmePay.