MSMEs are at the heart of the economic development in India and at the moment, is perhaps the only sector creating jobs. In a recent survey by the Confederation of Indian Industry (CII), MSMEs have visibly generated additional jobs drawn up between 13.5 million to 14.9 million per annum over the last four years. There is greater scope for MSMEs to contribute to India’s ambition to emerge as a 5 trillion-dollar economy, should they not be daunted by the limited access to credit facilities. Some of India’s NBFCs have thus taken it upon themselves to remove the roadblocks faced by MSMEs in availing business credit. By redefined and innovative processes, these NBFCs are able to provide adequate and timely business credit crucial for the growth and longevity of MSMEs. Let’s take a closer look at the NBFCs supporting India’s MSMEs and enabling job creation:
Vivriti Capital
Vivriti Capital is India’s first tech-enabled online marketplace offering customised debt products to institutional clients within retail financial services and other non-financial services sectors. Headquartered in Chennai, Vivriti Capital was established with the objective of connecting capital markets’ investors with institutions, small enterprises, and individuals to provide them with a comprehensive range of financial services in an efficient manner.
Happy
Happy assess over 1000 variables about the merchant to underwrite his micro business. Its credit model is based on the merchant's level of business engagement with the partner, his behaviour towards borrowing, APIs, demographics & business trends. If the merchant is doing healthy business with the partner, he is likely to get a big credit line from Happy Loans. Promising a unique borrowing experience to Indians, Happy Loans provides customized loan offerings to micro enterprise owners to meet their specific demands. It even offers micro business loans that start at as low as Rs. 2,000 for durations as short as 30 days.
Satya MicroCapital
Satya MicroCapital Limited is an NBFC-MFI serving low-income entrepreneurs in India’s rural and urban areas. The firm provides prompt, convenient, and affordable collateral-free credit to unbanked and underserved people through a strong credit assessment and centralised approval system.
Incred
InCred is a new age NBFC offering bespoke loan products to consumers as well as businesses in India. Its product offerings include Personal Loans, Education Loans, SME Business Loans, Home Loans and Two-Wheeler Loans. It offers small & medium business loans with terms meeting the specific needs of a borrower. It provides with simple and easy services such as Working Capital loans of up to 12 months, Business Loan (Collateral-free term loan) up to 36 months and Channel finances services benefitting its customers.
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