Paisabazaar.com, Neo Growth Collaborate for SME Loans; Disburse Largest POS-based Loan to Bangalore Restaurant

Paisabazaar.com, India's largest online marketplace for lending products, and Neo Growth, the pioneer in digital lending for SMEs in India, have partnered to provide swipe-machine-based or POS-based loans to small and medium scale enterprises.

Paisabazaar.com and Neo Growth have disbursed POS-based loans worth Rs. 6 crores to merchants from 10 cities in over a couple of months. This includes Bangalore-based 'Oye Restaurants', which received a POS-based loan of Rs. 35 lakh from Neo Growth, within four days of application on Paisabazaar.com, making it the largest POS-based loan disbursal sourced through Paisabazaar.com.

"We are witnessing a surging demand for quick and hassle-free credit on the Paisabazaar platform, from new-age entrepreneurs. In the last quarter, SME loans have grown by 153% for us. One of the biggest enablers in this has been our digital lending partner, Neo Growth, who is transforming the SME lending space with game-changing innovations, such as POS-based loans," said Naveen Kukreja, CEO & Co-founder, Paisabazaar.com.

"Our tech and touch model for POS-based loans enable us to accurately analyze the business potential of an enterprise and offer a tailor-made loan. By partnering with Paisabazaar.com, the marketplace leader in the lending space, we aim to further deepen and widen the reach of POS-based loans," said Piyush Khaitan, MD & Co-founder, Neo Growth.

Neo Growth's POS-based loans, available on the Paisabazaar platform, involve analytical underwriting on the basis of digital spends taking place through card swipe machines at the borrower's outlet, along with other alternate data. These loans also allow daily repayment facility, instead of monthly EMIs.

Neo Growth has successfully partnered with 12,000+ business merchants across 21 cities to grow their business.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)