Tata Capital rolls out Version 2.0 Digital Platform Exclusively for MSMEs
Now Faster and Easier than before
- MSME customers can now avail loans upto 50 lakhs within 4 hours
· Minimal Documentation with 90 % faster and simpler processes
Tata Capital, the financial services arm of the Tata Group rolls out Version 2.0 digital platform to provide faster and easier loans exclusively for MSMEs. Customers can now use this enhanced digital platform to avail working capital loans upto 2 crores within 48 hours with minimal documentation. Loans are available across various categories i.e. channel finance, sales invoice discounting and equipment finance.
Tata Capital ‘s Version 2.0 digital platform for MSMEs offers a series of value added features which are:
· An automated credit scoring engine across all loan products
· Digital underwriting capabilities using over 1000 data points
· Seamless integration with a host of third-party information sources such as Udyog Aadhar, PAN, GST, ITR, CIN, bureau data, bank statement analysis amongst others, to eliminate data entry and enable immediate decisions.
“We are delighted to roll out Version 2.0 of Tata Capital‘s digital platform for MSMEs designed to bring even greater speed and convenience to our customers. As we enhance our existing digital SME offering, the approval process has become significantly faster with minimal data entry and documentation. Based on early usage data, we see an overall employee productivity increase of over 50%. With more and more SME customers adapting to digital platforms, we will continue to innovate and bring in differentiated services to the segment.” said Abonty Banerjee, Chief Marketing and Digital Officer, Tata Capital
Tata Capital launched their new digital lending platform for MSME a few months ago and so far over 50% of new customers are acquired using this platform. The platform has also enabled the organization to enter new segments and offer loans with lower-ticket sizes. Customers can now avail channel finance loans upto 2 crores, sales-invoice discounting facility upto 20 crores and equipment finance loans upto 1 crore.
“MSMEs significantly contributes over 17% to the GDP and help grow the economy. Tata Capital is committed to being a leading financial solution provider to the MSME segment. With technology as the backbone of our product offerings, we are able to meet the diverse credit needs of our customers. Our latest digital MSME offering comes with smarter features to bring true value to our customers’ credit requirements.” said Sarosh Amaria, COO, Commercial & SME Finance, Tata Capital Financial Services
Tata Capital’s latest digital platform for MSMEs is another feather in Tata Capital’s bouquet of digitized services. Along with voice-bot TIA and other focused digital initiatives, Tata Capital aims to meet the diverse needs of the ever- evolving customer.