ThinkStock PhotosNEW DELHI: The global Coronavirus outbreak has impacted about one-fourth of India’s 69 million MSMEs at present. To help the affected microenterprises , HAPPY, an ML-based MSME digital Lender has launched a 'Lockdown Loan'.
The digital credit facility is developed to address the working capital woes of Indian microenterprises during the lockdown period. It 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.
The digital lending platform interacted with nearly 300 MSMEs via a survey to understand their sentiments and painpoints. The Lockdown Loan was designed and developed on the basis of the survey results to empower the micro-entrepreneurs during these difficult times.
Manish Khera, Founder & CEO, HAPPY said in a statement, “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. Basis the feedback we quickly tuned around to design Lockdown Loan with full insurance cover against COVID.”
The digital credit facility is developed to address the working capital woes of Indian microenterprises during the lockdown period. It 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.
The digital lending platform interacted with nearly 300 MSMEs via a survey to understand their sentiments and painpoints. The Lockdown Loan was designed and developed on the basis of the survey results to empower the micro-entrepreneurs during these difficult times.
Manish Khera, Founder & CEO, HAPPY said in a statement, “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. Basis the feedback we quickly tuned around to design Lockdown Loan with full insurance cover against COVID.”
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