NeoGrowth, the pioneer in digital lending for SMEs in India, and Paisabazaar.com, India’s largest online marketplace for lending products, have partnered to provide swipe-machine-based or POSbased loans to small and medium scale enterprises.
NeoGrowth and Paisabazaar.com have disbursed POS-based loans worth Rs 6 crore 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 NeoGrowth, within four days of application on Paisabazaar.com, making it the largest POS-based loan disbursal sourced through Paisabazaar.
NeoGrowth'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.