Muthoot FinCorp Digital MSME Loan program is designed and developed to offer smaller ticket loans to small merchants, Kirana shop, etc. Under the umbrella of Digital Loan program, the QR-based lending product leverages QR-code transaction histories to offer credit to small business owners who often lack formal financial access despite demonstrating strong cash flows. MFL also helps them grow as their loan repayment is simplified through automated daily deductions/repayments, thereby providing financial flexibility. To cater to this customer segment MFL has partnered with platforms like PhonePe Lending, BharatPe Money and Paytm.
Key Features of QR-based lending Program
- Loan ranging between Rs.5,000 to Rs. 5,00,000
- Short-Term Daily Repayment Loan
- Easy Digital Onboarding
- Realtime Quick Approval
- Self-Service / Assist Modes
- Digital Loan Documentation / Clickwrap
- Interest Rate ranging between 24% p.a - 36% p.a
- Tenure ranging between 3 -18 Months
Pursuant to the Co-lending guidelines issued by Reserve Bank of India dated November 05, 2020 titled as “Co-Lending by Banks and NBFCs to Priority Sector” (“Co-Lending Guidelines”), Muthoot Fincorp Ltd has entered into Co-lending arrangements with Bank of Maharashtra. Digital MSME product QR QR –Code Based lending is offered under the said arrangement. Such Co-Lending arrangements /products shall be offered in select locations, as may be mutually decided by the Banks and the Company, from time to time.
To Know about the major Terms and Conditions governing such Co-Lending arrangements with Banks, Kindly refer to the Appendix as uploaded / Mentioned below:
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