SIDBI rejigs its online portal ‘Udyamimitra’ to provide wider loan options for MSMEs

New Delhi, Oct 28 (KNN) In an attempt to facilitate easier credit and support to the Micro, Small and Medium Enterprises (MSMEs), the Small Industries Development Bank of India (SIDBI) has revamped its online portal (www.ugyamimitra.in)

A press statement from SIDBI informed about the latest development.

The prime objective of the 2.0 version of the portal is to enable easier access to loans, wholesale capital access to lenders from SIDBI and MUDRA and overall support to the MSMEs, the statement said.

Under the new portal, the MSMEs are not required to approach several banks individually.  Once an MSME applies for loan to a bank in the market place, other banks may also pick up the application and offer credit even if the MSME haven’t approached the other banks. 

It allows loan applications to be picked up by multiple lenders, enabling a competitive lending environment, the release informed.

To enable easier access, it has been ensured that the portal runs well on a smartphone browser as well.

Also the registered MSMEs on the portal are sent regular information and updates in real time.

Various financial institutions that weren’t there on the portal have also been added. These include the new age FInTechs, NBFCs and also the small finance banks. (KNN/DA)