New Delhi, Oct 31 (KNN) Eyeing at facilitating credit to the Micro, Small and Medium Enterprises in the country, Digital Financial services provider - Payworld announced funds worth 250 crores earmarked for the small retailers and MSMEs.
The loans are to be disbursed over the course of one year, Payworld informed in a press statement.
The announcement by Payworld comes after the recent collaboration of the firm with Non-Banking Finance Companies (NBFCs) and digital lending platforms including ePaylater, Capital float and Happy loans.
The collaboration between Payworld and other firms is expected to facilitate credit to the MSME sector.
Also the cost at which the Micro, Small and Medium Enterprises are obtaining loan at present from the market is likely to reduce significantly.
The MSMEs can apply for loan without offering a collateral, thus easing the entire process of credit, the press statement added. (KNN/DA)