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HomeBusinessFintech lender NeoGrowth launches accelerator business loan

Fintech lender NeoGrowth launches accelerator business loan

NEW DELHI: NeoGrowth, an MSME-focused fintech lender leveraging the digital payments ecosystem, has launched a business loan offering, NeoGrowth Accelerator. The company recently kickstarted its MSME festival and will be undertaking multiple activities to celebrate the spirit of India’s small business owners. The company is also live on the Account Aggregator framework to strengthen digital lending for MSME borrowers.

NeoGrowth Accelerator is a collateral-free term loan of up to 20 lakh for the underserved MSME segment comprising manufacturers, distributors, traders, dealers, and service providers. The product is designed to fulfill the working capital requirements of GST-registered MSMEs based on their cash flows. 

NeoGrowth follows data-based decision-making and leverages scorecards and algorithms for customer assessment, said the firm in a press release.

“Our objective has been to enhance credit penetration among small businesses with seamless access to loans…Accelerator loans offer two convenient and quick options for businesses, with minimal paperwork to help our borrowers scale up their business easily. To make the loan journey simpler for our MSME customers, we have integrated the Account Aggregator framework across our processes,” said Arun Nayyar, whole-time director & CEO, NeoGrowth.

Through the Account Aggregator (AA) ecosystem, NeoGrowth aims to address the MSME credit gap in India. The company integrates account aggregator information, credit bureau scores, proprietary data, and other internal metrics to thoroughly assess potential borrowers and provide loans that leverage the digital payments ecosystem. MSME customers will now be able to share all their banking information in a consolidated dashboard and avail credit in a seamless manner, said the firm.

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