Platforms that are catching the fancy of SMEs in tier 2 cities

Financial Lending platforms have very well penetrated tier 2 cities in India. NBFCs and digital lenders have significantly filled in the credit gap and gained a much needed familiarity among the borrowers over the period. With new credit profiling methods and digital underwriting these platforms have been able to keep their promise of faster and hassle free disbursements which traditional system was lacking. Identifying the opportunity here new age lenders witnessed a quicker acceptance. While metro cities have certainly been the primary drivers, but the tier 2 cities market has also seen an exponential growth. Different lending business model like digital, branch based nbfcs and customized loan offerings etc. have together been able to serve a wider audience.

Aye Finance

Aye Finance is a new age finance company providing business loans to the small and micro enterprises across India. Aye Finance differentiates itself by creating a technically enabled process that builds credit insights through a variety of available business and behavioral data. This effective credit appraisal coupled with the use of modern workflow automation, and an engaged workforce is helping bridge the gap between the MSMEs and organized lending. Aye has transitioned from a start-up to a mid-size company within a short span of 5 years having a team size of 2500 employees and a branch network of 161 branches in 18 States.

Happy

Happy assess over 1000 variables about the merchant to underwrite his micro business. Its credit model is based on the merchant's level of business engagement with the partner, his behaviour towards borrowing, APIs, demographics & business trends.  If the merchant is doing healthy business with the partner, he is likely to get a big credit line from Happy. Promising a unique borrowing experience to Indians, Happy provides customized loan offerings to micro enterprise owners to meet their specific demands like weekend loan, recharge loan etc. It even offers micro business loans that start at as low as Rs 2,000 for durations as short as 30 days.

Satya MicroCapital

Satya MicroCapital Limited is an NBFC-MFI serving low-income entrepreneurs in India’s rural and urban areas. The firm provides prompt, convenient, and affordable collateral-free credit to unbanked and underserved people through a strong credit assessment and centralised approval system.

Incred

InCred is a new age NBFC offering bespoke loan products to consumers as well as businesses in India. Its product offerings include Personal Loans, Education Loans, SME Business Loans, Home Loans and Two-Wheeler Loans. It offers small & medium business loans with terms meeting the   specific needs of a borrower. It provides with simple and easy services such as Working Capital loans of up to 12 months, Business Loan (Collateral-free term loan) up to 36 months and Channel finances services benefiting its customers.