Mumbai, Aug 24  (KNN) BookMyParts.com, an online marketplace for machine spare parts has entered into an agreement with Mumbai based FinTech startup PaisaDukan.com, a leading P2P lending platform to provide credit facility on procurement of machine spare parts for its users.

The MSME sector in India is amazingly heterogeneous in terms of size of the enterprises. The sector contributes in a significant way to the growth of the Indian economy with a vast network of over 30 million plus units across length and breadth of India. However, this sector has faced several challenges to growth due to many reasons, the company said in a release.

The company claims that the joint initiative will enable online credit facilities to MSMEs in India to purchase spare parts online through an efficient and transparent method. The entire process will bring in lot of transparency in terms of pricing, lower interest rates compare to other conventional credit options, organised trade and improve on productivity significantly.

Commenting on the development, Viren Mehta, CEO, BookMyParts.com said “This initiative will go long way in terms of serving MSMEs and contribute to Govt. of India's initiatives like make in India, digital India and startup India.“

“We are proud to be partner BookMyPart on its journey to support Digital India. I am confident that this partnership will be a game changer in simplifying MSMEs credit market through transferring maximum benefits to customers,” said Rajiv Ranjan, Founder & CMD of PaisaDukan.com.

With introduction of Credit facility through PaisaDukan.com, All BookMyParts.com customers can now apply for availing credit on their purchase. Post verification of uploaded details, customers will be informed about the status and eligible ones will be able to avail credit instantaneously and can see it through online dashboard.