NeoGrowth: NeoGrowth Expected to Disburse Loans Within 24 Hours to Retailers with Instant Approval

MUMBAI: NeoGrowth Credit Pvt. Ltd announced the launch of NeoCash Insta Loan. This will meet the immediate fund needs facing retailers and small businesses across the country.

NeoCash Insta Loan for Retailers is an unsecured loan product of Rs 1 lakh, with KYC documents without any financial / bank documents, instant online approval and a daily repayment amount of Rs. 250.

The product was developed as a preview of the company’s flagship retailer outreach program, NeoGrowth Sanjivini.

The company claims that loan applications will be approved instantly without the need for a bank statement, which is no innovative feature in the industry. This will reduce the hassle created by excessive customer documentation and ensure funds are disbursed within 24 hours, allowing retailers and sole proprietors to meet their urgent working capital and business needs.

Small business owners can visit NeoGrowth’s website and get approvals for the loan by filling out only the basic details. Comprehensive digital controls for the underwriting and use of other digitally verified data sources will be used to ensure risk mitigation and governance. This product is an end-to-end digital offering and customers will be supplied through direct acquisition channels.

In a statement, Arun Kumar Nayyar, CEO of NeoGrowth, said, “NeoGrowth has always focused on creating positive social impact by lending to first generation entrepreneurs and small businesses. Our commercial offers are based on the dual axis of customer orientation and the economic growth of all stakeholders. Speaking with retailers across the country, we learned that due to complex documentation and delays in loan approval, they were missing out on lucrative business opportunities. NeoCash Insta Loan was created for the specific purpose of solving all of these issues facing retailers across the country and we aim to be an equal partner in shaping their growth trajectories.

Headquartered in Mumbai, the company serves over 70 industries with a presence in 26 cities in India. NeoGrowth has disbursed over Rs 6,200 crore loans to 29,500 clients to date. To create greater social impact by providing easy financing to underserved markets with advanced technological solutions, the company has provided loans to first generation entrepreneurs, female entrepreneurs and new borrowers.

Technologically, it has invested in analytics, machine learning, digitization of the customer journey, and other digitally verified data sources, which have helped it reduce loan penalties processing time and to be subscribed on the basis of various types of alternative data. It provides financing to retailers, restaurants, clothing stores, kirana stores, gas pumps, grocery stores, pharmacies and other MSMEs with flexible repayment options and personalized products to meet multiple business needs.

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