(MENAFN- KNN India)
Fintech platform PayWorld disburses over Rs 15 cr loans to SMEs in last 3 years
New Delhi, June 8 (KNN) PayWorld, a fintech platform announced on Thursday that it has facilitated loans more than worth Rs 15 crore to Small and Medium Enterprises (SME), in a span of 3 months.
These loans were given to retailers under PayWorld's new scheme for Business Loans through its partners, as per the company's official statement.
The brand in partnership launched this credit facility to support their retailers in expanding their businesses and strengthening their income.
Talking about the loan disbursement, Amit Tyagi, CEO of, PayWorld said,“We at PayWorld are working continuously towards financial inclusion in Bharat, through an array of financial solutions that aim at easing people's life. With our new partnership-driven Business Loan facility, we are helping retailers who are new to credit or thin file bureau customers, expand their business by providing access to hassle-free loans.”
“Over the years, there has been a surge in digital lending by fintech startups, who are using technology to make the application process completely paperless. With this scheme, PayWorld aims at assisting micro, small, and medium-sized businesses, as well as retailers, with short-term cash flow,” he added.
The loans were disbursed to around 3500 retailers associated with PayWorld.
Uttar Pradesh, Bihar, Jharkhand, Rajasthan, Haryana, Gujarat, Madhya Pradesh, and West Bengal are among the states where most of the loans were disbursed.
PayWorld noted that these small merchants find it difficult to secure loans from banks owing to a lack of collateral.
Furthermore, transaction time in these cases is often lengthy, negating the benefit of timely disbursements. PayWorld was able to provide these merchants the benefit of their association and they could leverage the data and get these loans without any collateral and that too in a timely manner.