kinara capital: Kinara Capital launches mobile application for unsecured loans for MSMEs
The app makes the digital process used by field workers directly accessible to MSMEs in India. It is available in several languages, including English, Tamil, Hindi, Telugu, Kannada, Marathi, and Gujarati. Women-owned MSMEs are automatically discounted through the company’s HerVikas program, without requiring a separate application.
“With the proliferation of smartphones, MSMEs are ready and willing to participate in digital India, but the solutions for them are limited. Our vernacular app extends our commitment to financial inclusion by enabling small businesses and entrepreneurs to create a self-directed loan application path, ”Hardika Shah, Founder and CEO of Kinara Capital, said in a statement.
Small businesses can verify their eligibility without any document downloads in the first step. By filling out the KYC and Income Verification directly in the application, the applicant will receive a loan decision with details of loan amount approved, interest rate, loan term and approximate monthly EMI. They can then continue the loan disbursement process with an electronic signature option.
With this app, SMEs can choose to complete the process at their own pace. They can contact Kinara’s customer call center directly or request in-home customer service if they need in-person assistance. Kinara’s network of 110 branches will continue to support local MSMEs and follow the same digital process as available on the app.