PayPal join hands with FlexiLoans to offer MSMEs collateral-free term loans
Mumbai, Apr 6 (KNN) PayPal on Tuesday entered into a partnership with FlexiLoans to provide freelancers, women entrepreneurs, sole proprietors, and MSME’s with collateral-free business loans.
PayPal with FlexiLoans.com will aim to offer MSME’s with working capital for business expansion, purchasing stock, inventory, and other business-related expenditures.
''The impact of the COVID-19 pandemic has been widespread, bringing economic strain to small businesses, freelancers and entrepreneurs who are facing myriad challenges to recover and sustain their businesses. The partnership aligns with PayPal’s mission to provide innovative credit solutions and will enable borrowers to access term loans from Rs 50,000 up to Rs 10,000,000 through a fast, hassle-free process that requires minimum documentation to merchants across 1500+ cities and towns in India. The loan tenure will range from 6-36 months,'' Paypal said in a statement.
Commenting on the partnership and launch of the credit solution, Anupam Pahuja, Vice President – India, South East Asia, Middle East & Africa, PayPal said, “Economic activity across India has been deeply affected by the Coronavirus pandemic, and it is now when our MSME’s and freelancer community require solutions to kickstart business activity. Accessing capital through traditional channels has always been a challenge for most small businesses. Our partnership with FlexiLoans.com and combined expertise will enable us to reduce the existing gap in accessing credit, while accelerating growth for cross border selling and fast tracking the Vocal for Local and Digital India vision.”
“We are committed to offer high quality lending solutions and experiences to Indian SME ecosystems and this partnership is a significant step forward, says, Abhishek Kothari, Co-Founder FlexiLoans.com.
“With our advanced Data science models and deep expertise in assessing millions of MSMEs with digital footprints, we are extremely excited to partner with Paypal, the Global Leader in payments and bring the COVID impacted MSMEs back to growth and harness the new opportunities,” he added.