Bombay (Maharashtra) [India], April 6 (ANI): Global digital payments leader PayPal on Tuesday entered into a partnership with FlexiLoans.com, a leading digital lending platform to provide freelancers, women entrepreneurs, sole proprietors and MSMEs with business loans without warranty.
Through the partnership, PayPal said it further reaffirms its commitment to democratize access to financial services by bringing global best practices and credit solution capabilities to Indian merchants who sell across borders through PayPal.
PayPal with FlexiLoans.com will aim to provide MSMEs with working capital for business expansion, purchase of inventory, inventory and other business related expenses.
The impact of the Covid-19 pandemic has been widespread, causing economic strains on small businesses, freelancers and entrepreneurs who face a myriad of challenges to recover and sustain their businesses.
“The partnership aligns with PayPal’s mission to provide innovative credit solutions and will allow borrowers to access term loans ranging from Rs 50,000 to Rs crore through a quick and hassle-free process that requires a minimum documentation to traders from over 1500 cities in India.
Interest rates will start at one percent per month and terms up to 36 months, depending on the credit rating of borrowers. Loans are currently available for 10,000 PayPal merchants.
Anupam Pahuja, vice president for India, Southeast Asia, Middle East and Africa at PayPal, said accessing capital through traditional channels has always been a challenge for most small businesses.
“Our partnership with FlexiLoans.com and our combined expertise will enable us to close the existing credit access gap, while accelerating the growth of cross-border sales and accelerating the vision of Vocal for Local and Digital India. (ANI)