NeoGrowth to disburse business loans within 24 hours with instant approval

The non-bank lender intends to deliver collateral free loan with just KYC documentation within 24 hours to meet immediate fund requirements of small and medium businesses.

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NeoGrowth Credit has rolled out NeoCash Insta Loan where it offers specially curated loans for small and medium businesses who wish to avail immediate fund requirements.

It’s a Rs 1 lakh collateral free loan with just KYC documents with instant online approval and daily repayment amount of Rs 250.

The lender claims its an industry first feature where it does not seek any bank statement to grant loan but also ensure funds are disbursed within 24 hours enabling retailers and sole proprietors to fulfil their urgent working capital and business needs.

The lender will be doing exhaustive digital checks for underwriting and usage of digitally verified alternate sources of data to ensure risk mitigation and governance and customers will be sourced through direct acquisition channels.

Arun Kumar Nayyar, CEO, NeoGrowth said “NeoGrowth has always focused on creating a positive social impact by lending to first-gen entrepreneurs and small businesses. Our business offerings are based on the dual axis of customer centricity and economic growth of all stakeholders. While speaking to retailers across the country, we learned that due to complex documentation and delays in loan approvals, they missed out on lucrative business opportunities.”

Nayyar adds, “NeoCash Insta Loan is created with the specific goal of addressing all these problems faced by retailers across the country and we aim to be an equal partner in charting their growth trajectories. NeoCash Insta Loan is Simple to Apply, Easy to Repay.”