(PNAFAN – KNN India) PayPal partners with FlexiLoans to offer MSMEs unsecured term loans

Bombay, Apr 6 (KNN) PayPal entered into a partnership with FlexiLoans on Tuesday to provide freelancers, women entrepreneurs, sole proprietors and MSMEs with unsecured business loans.

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, putting economic pressure on small businesses, freelancers and entrepreneurs who face a myriad of challenges to recover and maintain their businesses. The partnership aligns with PayPal’s mission to provide innovative credit solutions and will allow borrowers to access term loans from Rs 50,000 to Rs 10,000,000 through a fast and hassle-free process that requires documentation. minimum for traders in over 1,500 cities and towns in India. The loan term will range from 6 to 36 months, ”Paypal said in a statement.

Commenting on the partnership and the launch of the credit solution, Anupam Pahuja, Vice President India, Southeast Asia, Middle East and Africa, PayPal said: “Economic activity in India has been deeply affected by the pandemic. of coronavirus, and it is now that our MSMEs and the self-employed community need solutions to revive business activity. 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 narrow the existing gap in access to credit, while accelerating the growth of cross-border sales and quickly following the Vocal for Local and Digital India vision.

“We are committed to delivering high quality lending solutions and experiences to Indian SME ecosystems and this partnership is an important step forward,” said Abhishek Kothari, co-founder of FlexiLoans.com.

“With our advanced data science models and deep expertise in assessing millions of MSMEs with digital fingerprints, we are extremely excited to partner with Paypal, the global leader in payments and bring COVID impacted MSMEs back to growth and exploit new opportunities, he added.

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