New Delhi [India], Jan 18 (ANI): Fintech company Cash Suvidha on Thursday announced the commencement of its operations in Rajasthan with the aim of targeting MSMEs, after possessing a strong foothold in Delhi NCR.
Cash Suvidha plans to extend a variety of loans such as Entrepreneur loans, MSME loans and personal loans in the geography, with the aim of propelling the MSME sector which is going through one of the major funding crisis in the country.
As per a report released by the International Financial Corporation (IFC), small businesses in emerging markets, such as India, are facing a funding gap of USD 2 trillion. Endeavoring to make the entire process hassle-free, Cash Suvidha provides loans within two working days.
"We are glad to make our entry into yet another proliferating market. With the rising digital penetration and growing competition all across industries, we acknowledged Rajasthan as one of next potential markets for Cash Suvidha, especially for investing in MSMEs," said founder Cash Suvidha, Rajesh Gupta.
With the wave of entrepreneurship, percolating across the nooks and corners of the country, Cash Suvidha has been closely monitoring the business environment and helping potential MSMEs to propel by providing effective financial solutions in no time. It also helps individuals to avail personal loans to pursue their aspirations by avoiding the tedious process of accessing funds from larger financial institutions.
Cash Suvidha is driven by information-based lending, online application acceptance; best-in-industry interest rate and viability-based financing. It disburses loans in 48 hours at 19-28 percent on reducing balance EMIs. The decisions are taken based on its logarithms of human behavior, the social quotient of the borrower, etc.
Cash Suvidha receives around 15,000 loan applications per month and has disbursed a total amount of 114 crore since its inception. The company recently raised a debt of USD 2.7 million from various financial institutions. (ANI)