PayPal, a global leader in digital payments, entered into a partnership with FlexiLoans.com, a digital lending platform to provide freelancers, women entrepreneurs, sole proprietors, and MSME’s with collateral-free business loans.
PayPal with FlexiLoans.com will aim to offer MSME’s with working capital for business expansion, purchasing stock, inventory, and other business-related expenditures.
The partnership aligns with PayPal’s mission to provide innovative credit solutions and will enable borrowers to access term loans from Rs 50,000 up to Rs 10,000,000 through a fast, hassle-free process across 1500+ cities and towns in India.
The interest rates will start at 1% per month and tenures up to 36 months, depending on the credit rating of borrowers. The loans are currently available to 10,000 PayPal merchants.
Anupam Pahuja, Vice President – India, South East Asia, Middle East & Africa, PayPal said, “Accessing capital through traditional channels has always been a challenge for most small businesses. Our partnership with FlexiLoans.com and combined expertise will enable us to reduce the existing gap in accessing credit, while accelerating growth for cross border selling and fast tracking the Vocal for Local and Digital India vision.”
Abhishek Kothari, Co-Founder FlexiLoans.com said, “We are committed to offer high quality lending solutions and experiences to Indian SME ecosystems and this partnership is a significant step forward, With our advanced Data science models and deep expertise in assessing millions of MSMEs with digital footprints.”