Demonetisation was a huge step taken by the Indian Government for a better and healthier economy. The sudden announcement took most people by surprise and a lot of individuals and businesses were left facing a credit gap.Few entrepreneurs identified the solution to the crisis and implemented the same in their companies. These platforms worked on a distinguished model and leveraged a digital route to help consumers as well as small businesses, keep up with the situation.They supported the country to become a cashless digital economy and also helped the government to make demonetisation a big success story.
Here are five platforms which helped SMEs/individuals to take loan and fill the gap for their working capital needs during demonetisation:
LoanAdda.com – LoanAdda.com incorporated in September, 2015 is a financial technology company that delivers a range of custom-tailored financial services with a focus on underbanked consumers across the globe. They use big data analytics and artificial intelligence to bring relevant offers to customers. These automated processes ensure quick customer turnaround and minimal paperwork. During demonetization, LoanAdda has witnessed a surge in no. of applications by Small businesses applying for Loans to meet working capital requirements.
Instamojo – After Demonetisation, the platform has introduced 2-min instant onboarding process for micro SMEs to accept digital payments via WhatsApp, SMS, Email, Facebook and QR codes among others. The company claims this is the industry’s fastest onboarding process to accept digital payments.
BankBazaar– BankBazaar is a popular online stop for loans, insurance, and other financial products. During demonetization, where a lot of people required quick financial support, BankBazaar was available just with a click. The company made it simpler for consumers to avail loans while comparing the interest rates.
Razorpay post the announcement – the company has introduced one-hour ‘Express Activation’ for all offline businesses to start accepting online payments. This feature will allow merchants to get their account approved and activated within 1 hour of submitting relevant documents.