PayPal and FlexiLoans.com to offer MSMEs unsecured term loans
Global digital payments leader PayPal on Tuesday entered into a partnership with FlexiLoans.com, a leading digital lending platform to provide freelancers, women entrepreneurs, homeowners and MSMEs with unsecured business loans.
Through this partnership, PayPal said it further reiterates its commitment to democratize access to financial services by bringing global best practices and credit solution capabilities to Indian merchants who sell overseas using PayPal.
PayPal with FlexiLoans.com will aim to provide MSMEs with working capital for business expansion, purchase of inventory, inventory and other business related expenses.
The impact of the Covid-19 pandemic has been widespread, putting economic pressure on small businesses, freelancers and entrepreneurs who face a myriad of challenges to recover and maintain their businesses.
“The partnership aligns with PayPal’s mission to provide innovative credit solutions and will allow borrowers to access Rs 50,000 to Rs one crore term loans through a fast and hassle-free process that requires documentation. minimum for traders in more than 1,500 towns and villages in India.
Interest rates will start at one percent per month and last for up to 36 months, depending on the credit rating of borrowers. Loans are currently available for 10,000 PayPal merchants.
Anupam Pahuja, vice president for India, Southeast Asia, Middle East and Africa at PayPal, said accessing capital through traditional channels has always been a challenge for most small businesses.
“Our partnership with FlexiLoans.com and our combined expertise will allow us to narrow the existing gap in access to credit, while accelerating the growth of cross-border sales and quickly following the Vocal for Local and Digital India vision.”
(With entries from ANI)
Disclaimer: This article was posted automatically from an agency feed without any text changes and has not been reviewed by an editor
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