Cash suvidha disburses RS 163 cr loan to msmes
Cash Suvidha, the fintech company that extends business loans to micro, small and medium-sized enterprises, has disbursed loans worth more than `163.50 crore until now.“Since inception, our company has disbursed loans to more than 62,500 small firms and women entrepreneurs” said Rajesh Gupta, founder, Cash Suvidha. Founded in 2016, Cash Suvidha provides a variety of loans and funds will be primarily used to facilitate further lending to SMEs & MSMEs, particularly in Bihar, Punjab, Haryana, Uttar-Pradesh, Rajasthan and Delhi-NCRand pan India to cater to the loan needs of Individuals.
During the second quarter of the current financial year, the company raised $4 million in debt funding. During the quarter ended June, the company had also raised a total debt of $2.3 million from different financial institutions that will be used to increase the loan books of the company. Overall, the company has raised a total debt of $10.25 million.
Commenting on the development, Gupta said, “This capital inflow would help us in extending our best alternative lending services across geographies. We are constantly focusing on filing the gap of financial inclusion in various sectors by providing fast loans, hence, driving the market towards economic growth.”
The company claims to be known for its quick digital processing, easy lending services and disbursing loans within three working days.
Meanwhile, small and medium ticket loans are one of the most sought-after categories at Cash Suvidha.
Gupta also pointed out that the key challenge they continue to face is to obtain credit from banks. “This has been addressed by Cash Suvidha with the successful disbursement of 70-75 per cent of the total loans to MSMEs. It provides loans with a ticket size of `50,000-`5, 00,000 for SMEs and `15,000- `50,000 for MSMEs,” the company said.