Easy Business Loans With MANDII
The small and medium business sector is an integral part of the Indian economy and truly serves as its backbone. MSMEs nearly contribute 8% to the gross domestic product (GDP), accounting for 45% of the total manufacturing output and 40% of the total exports in India. No wonder why they are called the ‘silent engines’ of economic growth.
However, contrary to large-scale companies, only 16% of the entire MSME sector enjoys access to formal credit options. Reasons could be their informal nature of operations, lack of historical cash flow data, and inconsistency in financial information, among others.
Due to these factors, most micro, small, and mid-sized companies face challenges obtaining business loans from traditional banks. An app like MANDII offers immense relief to that end. With end-to-end solutions personalised for MSMEs, this app provides an easy avenue for those businesses to acquire financing.
MANDII In A Nutshell
MANDII is an acronym for MSME Atma Nirbhar and Development Initiative of India. It is an independent technology platform solely designed to ensure seamless lending cooperation among multiple players in the financial market for benefitting small-scale enterprises.
Since MSMEs struggle to obtain formal credits from traditional banks, MANDII is specially customised and structured to cater to their financing needs.
Read on to know how MANDII benefits small and medium businesses to acquire a business loan!
Features And Benefits Of MANDII
Hassle-free Digital Process:
The business loan application process in the app is entirely digital. It even helps business persons screen various lenders and choose one per their suitability. Through this process, small businesses can pick any financial product like term loans, overdraft facility, invoice financing, etc., according to their needs.
Businesspersons need not pledge any collateral like machinery to obtain financing via MANDII.
Processing In Just 30 Minutes:
Small businesses can get a loan within 0-30 minutes. The fast processing of this digital platform ensures MSMEs can meet urgent business obligations or demands efficiently, thus, accelerating their growth.
Availing instant funding has been a lot easier with MANDII. Whether a business person needs immediate funding to restock their inventory or undertake any new project, MANDII can offer prompt assistance and guaranteed cash flow at any point in time.
As the sole aim of this digital platform is to provide credit facility to MSMEs, the eligibility parameters are kept at minimalistic levels. Following is a list of individuals/small businesses who can apply for a business loan via this app:
- Retailers, Kirana shops, stockists willing to purchase wholesale items from large brands can obtain purchase financing.
- Small businesses across all industries can acquire instant credit lines.
- Suppliers or vendors can take out sales invoice financing loans.
MSMEs can alternatively register themselves on the Udyam portal to avail the benefits extended by the Government. However, as the eligibility parameters and registration are stringent and lengthy in that case, small businesses can register only on the MANDII app for a more straightforward process.
To avail a business loan through the MANDII app, small businesspersons need not provide financial documents like balance sheets, profit and loss statements, etc. Since these small businesses hardly maintain such extensive paperwork, only scanned copies of KYC documents would suffice to secure a loan via this digital platform.
Payment and loan expenses are secured through end-to-end monitoring in the open-tech platform. Hence, small businesses can safely process their payments without worrying about fraud.
User-Friendly Digital Platform:
Businesspersons can easily upload documents and manage their loan account with an intuitive, easy user interface.
Unlike other digital marketplaces, through MANDII, businesspersons can choose their lender, and further procedure will be conducted from the selected lender’s end only. Hence, they need not worry about information security or unnecessary calls from various financial institutions.
Equipped with the knowledge of the multifaceted benefits of availing a business loan through the MANDII app, small businesses must be eager to know how the whole process functions. Therefore, read on!
How The MANDII App Works?
MSMEs can obtain financing in just a few clicks by following 4 simple steps.
- First, upload the KYC documents and complete the verification and e-signing of agreements.
- After that, lenders will conduct a risk assessment of borrowers based on provided data by MANDII.
- Subsequently, businesses can secure instant financing as per their preference, and the digital platform monitors further payments.
- Repayment of loans is made per the online standing instructions.
MSMEs often struggle to avail credit and maintain steady cash flow. The emergence of MANDII in the digital financial market has alleviated that issue. Now, MSMEs of any category can apply for business loans via this app. Further, features like customised structure, hassle-free digital processes, and a variety of lenders enable them to choose the best instant funding option for their requirements.