TradeIndia (TI) Lending, a digital lending service offered by B2B marketplace TradeIndia, has disbursed loans totaling Rs 50 crore to micro, small, and medium enterprises (MSMEs) in the six months since its launch.
According to Aditya Shankar, Vertical Head, TI Lending, the company’s goal for the next fiscal year is to reach Rs 250 crore.
TI Lending was established in July of last year with the goal of addressing the difficulties that MSMEs face in obtaining business loans. To provide loan credits, it has partnered with a number of lending platforms, including Mintifi, ICICI Bank, Indifi, Flexiloans, IIFL Finance, Electronica Finance, and MoneyWide. It also provides same-day loans of up to Rs 5 lakh within 24 hours of application.
According to the company, it received over 50,000 loan applications in six months and has addressed the issue of capital denial that MSMEs face.
According to TI Lending, it provides a fully digitised solution to MSMEs. After completing an online application form, the borrower is contacted by a company executive who verifies documents such as bank statements, GST returns, KYC documents, income tax returns, balance sheet, and profit and loss account. According to the company, the loan is disbursed directly into the borrower’s bank account after verification.