App based lender MoneyTap – ABFL signs collaboration, MSME lending on chart
New Delhi, Dec 20 (KNN) Eyeing at increasing credit to the Micro, Small and Medium Enterprises (MSMEs) in the country, app based credit service provider MoneyTap recently entered into collaboration with Aditya Birla Finance Ltd.
Under the new collaboration, MoneyTap clients from over 20 cities across India will be able to access credit from ABFL.
As of now, MoneyTap offers credit up to 5 lakh rupees without any collateral via Credit Line service.
The partnership with ABFL is in line with the company’s larger aim of equipping the MSME sector with steady supply of credit, the firm said in a press release.
At present, the firm facilitates over 5,000 daily online applications in the MSME and personal finance categories.
The application procedure is managed though a cloud based technology. Bu using the mobile application, clients can apply for loan through a set of simplified procedures ranging from the low ticket size of 3000 rupees to higher ticket sizes as well.
The return tenure ranges from 3 months to 36 months, the application website informed. (KNN/DA)