KOLKATA, Sept 4: Tata Capital, the financial services arm of the Tata Group, today rolled out Version 2.0 digital platform to provide faster and easier loans exclusively for MSMEs.
Customers can now use this enhanced digital platform to avail working capital loans of up to Rs 2 crores within 48 hours with minimal documentation. Loans are available across various categories like channel finance, sales invoice discounting and equipment finance, a company statement mailed to UNI here said.
The Version 2.0 digital platform for MSMEs offers a series of value-added features which are:
An automated credit scoring engine across all loan products
Digital underwriting capabilities using over 1000 data points
Seamless integration with a host of third-party information sources such as Udyog Aadhar, PAN, GST, ITR, CIN, bureau data, bank statement analysis among others, to eliminate data entry and enable immediate decisions.
‘As we enhance our existing digital SME offering, the approval process has become significantly faster with minimal data entry and documentation. Based on early usage data, we see an overall employee productivity increase of over 50 per cent. With more and more SME customers adapting to digital platforms, we will continue to innovate and bring in differentiated services to the segment,’ said Abonty Banerjee, Chief Marketing and Digital Officer, Tata Capital.
Tata Capital launched its new digital lending platform for MSME a few months ago and so far over 50 per cent of new customers are acquired using this platform. The platform has also enabled the organization to enter new segments and offer loans with lower-ticket sizes. Customers can now avail channel finance loans of up to Rs 2 crores, the sales-invoice discounting facility of up to Rs 20 crores and equipment finance loans of up to Rs one crore.
‘MSMEs significantly contributes over 17 per cent to the GDP and help grow the economy. Tata Capital is committed to being a leading financial solution provider to the MSME segment. With technology as the backbone of our product offerings, we can meet the diverse credit needs of our customers. Our latest digital MSME offering comes with smarter features to bring true value to our customers’ credit requirements,’ said Sarosh Amaria, COO, Commercial & SME Finance, Tata Capital Financial Service.
(UNI)
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