To help SMEs procure hassle free loans Industrybuying, a B2B e-commerce startup, in partnership with digital lending platform Capital Float, will offer a credit solution called ‘Pay Later’ to businesses across India.
This loan product is aimed at SMEs to procure industrial products using a pre-defined credit line that gets reset upon repayment.
Highlighting the working capital management problem faced by most SMEs Industrybuying’s Co-founder & CEO Swati Gupta also stresses on the availability of hassle-free loans to help numerous entrepreneurs lead the establishment of various SMEs and SMBs in Tier 2 and Tier 3 cities of India wherein the real bulk of India’s bustling industrial sector lies.
“We are seeing more and more businesses buying online for their procurement and other business purposes. This is a huge step in that direction and we are delighted to extend this option to our customers,” she said.
‘Pay Later’ product allows SMEs, which are looking to procure industrial products, avail online credit of up to 25 lakhs almost instantaneously without paperwork and hassles associated with getting a loan from elsewhere.
Gaurav Hinduja, Co-founder, Capital Float, said, “The market opportunity is sizeable and encouraging. Our collaboration with Industrybuying will incorporate the strengths of two growing businesses, taking finance to tier 2 and tier 3 markets, which were previously ignored due to inadequate financial infrastructure. We intend to make convenient finance accessible to SMEs at a granular level.”
To avail the Pay Later option, companies need to register themselves on the Industrybuying website and Industrybuying will share customer details with Capital float for processing. Post verification done by Capital Float, the credit line will be setup on Industrybuying and ready for use within 72 hours. Payment through Pay Later is available for a purchase amount of Rs. 25,000 or higher.