Clix > Finance > How Digitalization is Helping MSMEs Access Finance for Growth?

How Digitalization is Helping MSMEs Access Finance for Growth?

Clix June 25, 2018

Earlier this year, the retail industry was buzzing with the news of Walmart’s acquisition of Flipkart for a massive 16 billion dollars. Around the same time, a retail store in Delhi sought a 50 lakh-loan to expand their business — but we’re guessing you didn’t know about that, and we can’t blame you.
Micro, Small, and Medium Enterprises, or MSMEs, are known as India’s ‘Engine of Growth’. From adding 8% to the GDP to becoming the second highest employer — they play a major role in our country’s development. Plus, they occupy 4% share in the manufacturing sector, 69% in the employment sector, and 40% in the exports sector. *

These statistics are proof enough that the MSME sector is and will continue to contribute to India’s economic growth. In spite of this, small businesses on the lookout for funds remain underserved by banks and NBFCs. Let’s see why:

  • Uncertainty/risks associated in the short-run
  • Difficulty in assessing the borrower’s income
  • Incomplete tax disclosures and returns
  • Improper documentation

Unfortunately, complex applications also make borrowers think twice about applying for a loan. After all, lending procedures of banks and traditional NBFCs are exhausting, especially for the MSMEs, since they include:

  • Long, paper-driven borrowing process
  • Exhaustive financial documents and details
  • Long approval and disbursement times
  • Analysis of previous | established credit history
    The good news is that with the advent of digitalization, the lending industry, like many others, is experiencing a complete transformation, and we at Clix Capital are at its forefront.

We’re new-age digital lenders, solving the financing problems faced by MSMEs. And we’re unique — we combine technology with traditional application processes to assess the borrower’s eligibility. This gives us an edge over banks and conventional NBFCs. What’s more, we provide smoother, hassle-free, and faster credit, making us the preferred choice of every MSME looking for funds. Let’s dive in to know more:

Easy application process

Our new-age lending process analyze income and eligibility through unconventional methods such as banking details, ERPs etc. This reduces sole reliance on documents like P&L and Balance Sheet. Applicants can log on to our website for any MSME loan information like eligibility, interest rates, principal amount, loan term, and collateral. Just follow the steps given on our website, and your loan will be processed in just a few clicks!

Crisp and easy-to-fill forms

We understand how tiring it is to fill in a detailed 10-page form. Which is why our forms are simple, crisp, and easy to fill.
Quick loan disbursement
We realize that fundraising can be a slow process for fast moving businesses. So, along with our smooth application processes, our disbursals are super-quick. Depending on your urgency, the MSME business loan is disbursed within 24 to 72 business hours. Can loans get any more efficient? We think not!

Customized repayment terms

Did you know you can have the luxury to opt for a repayment plan that suits your needs and convenience? That’s right! One of the benefits we offer MSME loan borrowers is customized repayment options. This means that you can create your repayment cycle as per your convenience.

Fast and error-free operations

Since we’re almost completely digital, there’s close to zero possibility of glitches. Customer information, loan calculations, and everything else is done online, which reduces the risk of human error and makes the entire process highly accurate.

We, at Clix, want the backbone of the Indian economy — MSMEs — to grow stronger. That’s why, we’re constantly working to provide easy loans at reasonable rates to small businesses. In fact, our digital loan processes have allowed borrowers to apply for funds anytime, anywhere — enabling MSMEs to expand and explore new opportunities.

T&C Apply. Disbursal of the loan shall be at the sole discretion of Clix Capital Services Private Limited and it’s group companies subject to its policies and execution of such documents as maybe necessary

*Source:

http://www.iamwire.com/2017/09/importance-of-msme-sector-in-india/166912

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