NeoGrowth announces Business Loan Carnival for MSMEs in the Festival Season

NeoGrowth Business Loan Carnival

Bangalore, October 18th, 2022: NeoGrowth, the MSME-focussed NBFC lender, recently announced the launch of the ‘Business Loan Carnival’ for MSMEs in the festival season.

The Business Loan Carnival will be effective in Mumbai, Bengaluru, Chennai, Vishakhapatnam, Pune, New Delhi, and Hyderabad in the period of October 2022 to December 2022. The company is connecting with MSMEs and offering faster approvals through its simplified process. The lender is also offering festive offers to its distribution network, i.e., ‘Younite partners’, on originations across all products during the period.

Arun Nayyar, Whole-time Director & CEO, NeoGrowth, said, “We, at NeoGrowth, embrace the festive season with great enthusiasm. With the Business Loan Carnival, we aim to provide fast and easy credit to small business owners to cater to festive demand. Alongside the loan carnival, we have also announced NeoCash Insta 2.0, a faster, more intuitive, and Account Aggregator-enabled digital journey for our customers. MSMEs are the economic engine of India and have a vast untapped potential and we are enabling their growth by providing them with fast loan approvals through a digital loan journey.”

Recently, the lender launched the Accelerator business loan, a collateral-free term loan of up to INR 20 lakhs for Manufacturers, Distributors, Traders, Dealers, and Service Providers. The product is designed to fulfill the working capital requirements of GST-registered MSMEs based on their cash flows.

With its technology-enabled lending, NeoGrowth aims to empower and support the growth of MSMEs by providing easy access to credit and addressing challenges faced by MSMEs in their day-to-day operations. NeoGrowth also has an ongoing MSME Festival, where the company has undertaken multiple activities to celebrate the spirit of India’s small business owners who have depicted true resilience and stood strong during the pandemic phase and touched 19,000 lives. To celebrate the contribution of its distribution network, NeoGrowth felicitated its Younite Partners under the ’40 under 40 Promising Leaders’ and ‘Digital Lending Stalwarts’ categories as part of the festival. 

With over a decade’s experience in serving the credit needs of India’s MSMEs, NeoGrowth has a finger on the pulse of small business owners and is constantly innovating to provide the best-in-class credit offerings to its customers. The company has touched 1 lac+ lives and disbursed over USD 1 billion in loans. NeoGrowth leverages the latest developments in technology and data science to strengthen its unique product offerings.

About NeoGrowth:

NeoGrowth is a new-age digital lender, with a focus on Micro, Small, and Medium Enterprises (MSMEs). We are a Systemically Important, Non-Deposit taking Non- Banking Financial Company (NBFC-ND-SI), offering a wide range of products tailored to the dynamic needs of small businesses. Our data science and technology-led approach enable us to offer quick and hassle-free loans to MSMEs across 70+ segments across 25+ cities in India. We offer a unique daily repayment option to our customers with multi-channel repayment modes. We have served and engaged with 1,00,000+ businesses and supported them with their growth ambitions. We not only help small businesses grow but also drive financial inclusion making a positive social impact.

Founded by industry veterans, our Board of Directors comprises experts, who guide the leadership team toward our strategic goals. NeoGrowth is backed by renowned investors, namely Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, IIFL Seed Ventures Fund, WestBridge, and Leapfrog Investments.

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