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Small Industries Development Bank of India (SIDBI) has launched ‘Digital Prayaas’, an App based end to end digital lending platform, whereby loan sanction will be accorded to aspiring entrepreneurs from the bottom of the pyramid by the end of the day.
Further, to cater to the aspiring youth in urban areas, SIDBI tied up with a major aggregator -- BigBasket -- to on board its delivery partners across the country and provide loans at an affordable interest rate for purchase of environment friendly e-Bikes and e-Vans.
The onboarding of borrowers including e-KYC and sanction based on the credit score and analytics based on the algorithms will get done on an end-to-end basis digitally. The post sanction documentation including e-signing and e-stamping of the documents by the executants will also be done digitally through the App
Debasish Panda, Secretary, Department of Financial Services, launched the two initiatives.
Panda observed that the SIDBI-BigBasket initiative would create digital footprints which would further facilitate loans to the borrower’s family members for their own micro enterprises, according to SIDBI statement.
Sivasubramanian Ramann, Chairman and Managing Director, SIDBI, said: “The App facilitates speedy onboarding of loan applicants in a digital and integrated process which has made the entire programme scalable with better risk management and would further improve customer satisfaction.”
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