Money & Banking

PayPal, partner to offer MSMEs, freelancers collateral-free loans

PTI Bengaluru | Updated on April 06, 2021

Borrowers to access term loans from ₹50,000 up to ₹1 crore through a fast, hassle-free process; merchants across over 1,500 cities and towns in India to benefit

MSME-focused digital lending platform on Tuesday announced its partnership with PayPal, a leader in digital payments, to provide freelancers, women entrepreneurs, sole proprietors, and MSMEs collateral-free business loans.

Through this partnership, PayPal further reiterates its commitment to democratise access to financial services by bringing its global best practices and credit solution capabilities to Indian merchants who sell cross-border using PayPal, a joint statement said.

Also read: PayPal to hire 1,000 engineers for its India Development Centres

PayPal with will aim to offer MSMEs with working capital for business expansion, purchasing stock, inventory, and other business-related expenditures.

The partnership will enable borrowers to access term loans from ₹50,000 up to ₹1 crore through a fast, hassle-free process that requires minimum documentation to merchants across 1,500-plus cities and towns in India.

The loan tenure will range from six months to 36 months, it was stated.

Published on April 06, 2021

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