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Paisalo launches app for loan disbursals to MSEs

Statesman News Service | New Delhi |

Paisalo Digital Limited has launched a game-changing application, exclusively for MSEs or medium and small enterprises that assures hassle-free disbursal of loan between Rs 10,000 and Rs 50,000 without middleman or corruption in three easy steps on borrowers’ mobile device.

The three steps that require compliance are borrower applying on its App and disclose her/his liquidity/fund requirement.

The applicant can review monthly payment and interest rate option from the plan that suits her/him best. Once complied with just two preliminaries, the required loan is deposited into the applicants’ bank accounts.

Explaining the intent and purpose of Paisalo Digital, its managing director Mr Sunil Agarwal said the App has been especially devised to do away with middlemen and thus reduce the chance of corruption as the transaction is limited between borrower and lender.

MSEs that normally struggle for their capital requirement now have this exclusive portal that asseses borrower’s credit worthiness without hassle and going through minimum formalities, says Mr Agarwal. The purpose is to look for the convenience of customers in MSE segment through end-to-end verification of KYC (know your customer), disbursal and repayment happening on the App. Mr Agarwal categorically states that the App is not subprime lending which eliminates risk of defualt.

The borrowing is completely legal as it goes through “smart loan process” at the lender’s end. Mr Agarwal says the App currently can handle 5,000 applicants per day. The initial focus is on income generating loans.

For the convenience of the borrower, Paisalo has listed 112 items on its site from which a borrower can choose his option.