Digital financial services firm Payworld today said it is planning to disburse loans worth Rs 250 crore in next 1 year to small retailers in partnership with NBFCs and online lending platforms.
"Payworld...is planning to disburse loans of USD 38.5 million (Rs 250 crore) in next one year," the company said in a statement.
Payworld partnered with non-banking finance companies (NBFCs) and digital lending platforms like Capital Float, Happy Loan and ePaylater for providing loan to micro and small retailers.
"The partnership is expected to benefit customers who are procuring SME loans from the market at much higher rates of interest. Such loans will be offered without collaterals, which are often a burden and the principal inhibiting factor towards disbursal of loans," Payworld COO Praveen Dhabhai said.
For micro, small & medium enterprises and retailers, the average loan ticket size is Rs 30,000-50,000 while for end users the average loan amount is below Rs 10,000, the statement said.
The partnership will enable Capital Float, happy loans and ePaylater to offer small retailers collateral-free loans, which will help to exponentially increase their capacity to do business on the Payworld platform, it added.
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