: U GRO capital to launch digital lending platform ‘Sanjeevani’ for MSMEs #FinanceIndia #StockMarketNEWS U GRO capital to launch digital lending platform ‘Sanjeevani’ for MSMEs New Delhi, Jun

@StockMarketNEWS Sun 28 Jun, 2020

Posted in: #FinanceIndia #StockMarketNEWS

U GRO capital to launch digital lending platform ‘Sanjeevani’ for MSMEs #FinanceIndia #StockMarketNEWS
U GRO capital to launch digital lending platform ‘Sanjeevani’ for MSMEs New Delhi, Jun 27 (KNN) In a bid to boost capital starved Micro, Small and Medium Enterprises (MSMEs), U GRO Capital, small business lending platform, has announced the launch of ‘Sanjeevani’, an end to end digital lending platform on July 1.

The company is committed to reaching out to 500,000 MSME clients. U GRO Capital is making the announcement to launch this program in the run up to the World SME day being observed on June 27th, the company said.

‘Sanjeevani’ will ease the borrowing experience and quicken the loan disbursal process of MSMEs particularly in a Covid-19 environment where physical verification comes with its own set of challenges. The entire process, from filling the application form, sharing documents and getting disbursal of the loan can be completed from your workplace within 3 – 5 business days depending on the availability of the relevant documents with the applicant. This is by far an improvement as compared to weeks taken earlier for disbursals in this segment.

U GRO Capital has built a deep digital architecture that is empowered by video-based KYC, Personal Discussions and algorithm-driven predictive risk tools to launch an industry-first, program that will accelerate instant loans, (both secured and unsecured), up to INR 2 crore so that businesses can be re-started and the economy can recover from a three-month hiatus.

The program offers an in-built, upfront, moratorium up to three-months to aid businesses whose working capital cycles have been disrupted either by supply chain breakages, labour issues or adverse cash flows during the Covid-19 induced national lockdown.

Currently, the MSME sector is reeling under the aftermath of Covid-19. So far, the Government has offered a INR 20-trillion financial package to help revive lending to micro, small and medium enterprises (MSMES) and protect incomes of individuals. Despite the efforts by the Government and the lenders, the sector is set back by labour issues and lack of income generation. Sanjeevani, is poised to benefit the sector with timely access to capital, critical to revitalise the health of the economy, said Shachindra Nath, Executive Chairman and Managing Director of U GRO Capital.

We believe our commitment through this program will aid several entrepreneurs across the country to revive their businesses,” he added.

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