Kinara Capital’s myKinara app aims to enable MSME entrepreneurs to get unsecured loans within 24 hours
Based in Bangalorethrew maKinara mobile application to provide unsecured loans to MSMEs within 24 hours. The application comes with a simple three-step process – a first of its kind in the unsecured MSME business lending space.
Addressed exclusively to SMBShistory on launching the application, Hardika shah, founder of Kinara Capital, claims the app is a gateway for micro, small and medium enterprises (MSMEs) to familiarize themselves with the digital lending space.
MSME entrepreneurs can verify their eligibility in less than a minute, without uploading any documents first. By filling in the KYC and income verification Directly on 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. MSMEs can benefit loans between Rs 1 lakh and 30 lakh through myKinara app.
India boasts of 6.3 million MSMEs with microenterprises dominating the segment, however, most of these companies lack the digital know-how. For MSMEs that have traditionally operated for years, digital adoption has been a challenge and opting for a one-click digital loan through the mobile app would raise eyebrows.
Speaking about how Kinara Capital aims to close this gap, Hardika says COVID-19 has been helpful in moving MSMEs to the digital realm.
“They now understand the importance of going digital. It is true that they must come out of their shell and adapt to the evolution of the ecosystem, which would take its time. As a company, we aim to support them throughout the digital lending process and make the best use of it, ”says Hardika.
“Money is crucial for any business and for MSMEs facing a severe capital shortage, an initiative that would allow them to access unsecured loans in less than a day was absolutely necessary. To make it easy and accessible beyond geographical borders, we have introduced the application in the vernacular languages, ”she explains.
Building on years of AI / ML-based, data-driven, Kinara-owned credit decision-making, the myKinara app now makes the digital process used by field workers directly accessible to MSMEs in India.
Hardika says that if MSMEs are having difficulty accessing the app, they can contact Kinara’s multilingual customer call center directly from the app, or request in-home customer service if they need any assistance. anybody. She adds that Kinara’s extensive network of 110 branches will continue to support local MSMEs and will follow the same digital process that is available on the myKinara app.
To date, Kinara Capital has disbursed 65,000 loans in six Indian states, says Hardika.