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LOANS FOR MICRO, SMALL AND MEDIUM BUSINESSES
There are between 55 and 60 million micro, small, and medium-size enterprises (MSMEs) operating in India today, which are leading contributors to the nation’s employment and gross domestic product (GDP). Yet this contribution remains well below its potential. A significant barrier to growth has been the lack of access to formal credit—today, roughly 40 percent of India’s MSME lending is done through the informal sector, where interest rates are at least twice as high as the formal market.
Although MSMEs in India are highly heterogeneous, they share a common challenge—a widespread inability to gain sufficient access to formal credit. Millions of MSMEs lack the proper documentation needed to secure a formal loan. Many cannot offer meaningful collateral or have incomplete or under-reported financials. As a result, the formal loan process can be laborious for MSMEs and costly for borrowers and lenders alike, leaving traditional lending models unable to properly address MSME needs. Small Ticket Business loans are unsecured installment loans for any declared legal purpose including takeover of loans from existing financiers & balance transfer programs. Small ticket business loan will be equal installment amortizing loan with tenure between 3 months to 18 months with the loan amount ranging 15000 to 75000. Small ticket Business Loans will be targeted primarily at MSME segment.
Features
• Minimal Documentation – Basic documents (PAN Card, Id Proof, Residence Address Proof, Business Registration Proof, etc.)
• Financial assessment basis alternative data sources.
• Instant Credit Decision
• Loan disbursal within 24 hrs
• Easy installments
• No collateral required
Benefits
• Visit and consultation at No Cost
• Credit Assessment is done by submitting basic documents (PAN Card, Id Proof, Residence Address Proof, Business Registration Proof, etc.)
• No Financial Statement necessary while Credit Assessment is being done
• Instant Credit Decision
• Loan Amount is disbursed to customer’s Account within 24 hrs after approval
• Easy installment
Documents required to avail Micro Loan
Processing fee & Other charges : 4% to 10% (including GST)
Bouncing Charges : NACH/ ECS/ Cheque – Rs.472 per bounce (including GST)
Foreclosure Charges :
• 5% of Outstanding principal, within 3 months
• 4% of Outstanding principal, after 3 months
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Monedo is the trade name of Monedo Financial Services Private Limited
We all are reading about instant loan apps which are involved in illegal lending and unfair recovery cc practices. Since these apps are not registered with the regulator (RBI) for any sort of lending, we urge our readers not to fall prey to such unauthorized platforms. These apps are unlawful and take wrong steps when comes to collection using the data on the mobile phones of customers.
RBI has warned individuals and small businesses against falling prey to an increasing number of unauthorized digital lending platforms.
In the current scenario, we would like to state the Monedo Financial Services Private Limited, a registered NBFC under RBI has no customer app and all lending and collections are done in legal and ethical ways as prescribed by RBI.
We only lend to customers as per internal policies and thus request customers to be aware of the same and loan amount depends on our proprietary algorithms depending on customers ability to pay. Our internal policies and practices ensure ethical lending and recovery.
Monedo cautions against loans being offered by unauthorized digital platforms, mobile applications promising a quick and hassle-free process. Please do not trust any messages, links, online forms, calls and apps asking for any payments impersonating as Monedo Financial Services Private Limited, to avoid any such mishap beware of hoax/fraudulent activities. These platforms always have hidden charges, adopt unacceptable high-handed recovery methods and misuse agreements to access data on mobile phones of borrowers.
Consumers should never share copies of Know Your Customer (KYC) documents with unidentified persons, unverified/unauthorized apps and should report such incidents at contact@monedo.in and 022-6817 3300 for queries and questions. Transact only through genuine channels or through our company executives and authorised partners.
We abide by the regulations and guidelines by The Reserve Bank of India with no exceptions.
We will continue to strive to keep this service ethical and within regulatory parameters at all times.
We look forward to being your trusted partner in terms of need.
Regards, Team Monedo Financial Services