Digital lender Happy launches lockdown loan for MSMEs

New Delhi, May 1 (KNN) In a bid to help corona affected Micro Small and Medium Enterprises (MSMEs), Happy, a digital lender has launched a 'Lockdown Loan'.

“The COVID-19 outbreak has deeply impacted the cash flow of all big and small businesses. Perhaps, the economic shockwaves have been felt the most by micro &smaller businesses and they are in urgent need of financial assistance. We spoke to over 300 such MSMEs to understand their immediate financial & health needs,'' said Manish Khera, Founder & CEO, HAPPY in a statement. 

''Basis the feedback we quickly tuned around to design Lockdown Loan with full insurance cover against COVID,” he added.

The digital credit will provide them capital access of Rs 25,000 and Rs 50,000 with bullet repayment after 6 months. The Lockdown Loan comes with COVID-19 protection insurance, wherein full loan waiver is extended to the coronavirus infected.

After interacting with nearly 300 MSMEs via a survey and understanding their sentiments and painpoints, the lockdown loan was designed.