Digital MSME loans: Safe, Secure, and Seamless

Digital transformation has transformed the dynamics of a variety of industries. The accurately tuned algorithms are making our lives easier, more organized, and simpler to navigate. It is only natural that we have started demanding efficiency across every sector that we associate with, and finance is no exception.

Gone are the days of being compelled to physically visit the bank and spend time in the long bank teller queues for something as basic as a cash withdrawal. The advent of low-cost data (mobile internet) and the penetration of smartphones have transformed the working mechanism of the entire financial services and banking system. It has enabled banks to shift entire processes to the online medium, leading to better management for banking professionals and an increase in convenience for customers.

Furthermore, digital transformation has opened up new avenues for Non-banking Financial Companies (NBFCs) to expand the scope of their operations and cater to the increasing credit demand in the country. From digital micro-small-and-medium enterprise-           MSME loans to e-KYC, the adoption of digital technologies has enhanced service delivery across the board. In this article, we focus on how digital loans for MSMEs have become a safe, secure, and seamless option in the current environment. 

The Technologies Behind the Transformation

Technologies like artificial intelligence, machine learning, and big data analytics have allowed lenders to construct models of alternate credit underwriting through comparable customer insights. The proliferation of smartphones has further allowed NBFCs to interact with potential customers coming from underserved segments and provide them with effective support to complete processes like e-KYC and other documentation necessary for loan disbursement. 

Robotic process automation has been the perfect catalyst for NBFCs to streamline internal operations, save costs, and enhance productivity. A section of NBFCs is also leveraging distributed ledger technologies to improve security, online document verifications, and data exchange. 

NBFCs: Post Digital Adoption

  • Paperless processing: The shift to the online medium has enabled NBFCs to process MSME loans digitally. Users can check their eligibility, upload documents, and get the loan amount credited without ever physically visiting the branch. 
  • Enhanced customer support: The idea of round-the-clock customer support has become a reality as technology has made it possible for NBFCs to seamlessly address customer queries through digital means. 
  • Improved decision making: Technologically advanced NBFCs are now able to automate various intricate previously manual processes with ease. This allows better and quicker decision-making and makes room to invest man-hours in other crucial functions that require human intervention and expertise. 
  • Increased productivity: Adopting the latest technology like automation has benefitted NBFCs by helping them strike the perfect balance between quality services and efficiency. This has significantly improved productivity and turnaround times for MSME loans as well as other offerings. 

Digital Loans: The Right Call for MSME Owners

RBI-registered NBFCs have always been a credible source of financing, but the digital transformation has bought in further changes in NBFC operations. It has not only made processes efficient but has also contributed towards improving security and the overall quality of service and support.   

With telecom service providers like Reliance Jio expediting digital transformation in      India, a plethora of small business owners from different parts of the country can now look towards NBFCs as a safe and reliable option to acquire credit. 

The foremost NBFCs in the country, like Kinara Capital, cater to digital MSME loan applications, with disbursement in as little as 24 hours. You can apply for an MSME loan through their website or mobile application. 

Their newly launched myKinara app allows you to complete your business verification, KYC, and get loan approval with just a few taps on your smartphone. MSME business owners from manufacturing, trading or services sectors can apply for collateral-free business loans between Rs 1 lakh and 30 lakhs. 

The multilingual customer support, coupled with doorstep services delivered in over 3000 pincodes, ensure that you don’t face any concerns with your MSME loan process. 

So, opt for a digital loan from a technically advanced NBFC and take your business operations to new heights!

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