Financial technology (FinTech) has disrupted the traditional lending process and made loans more accessible to the underserved and underbanked segments. Banks are usually wary of lending to Micro, Small and Medium Enterprises (MSMEs) and are more cautious amid COVID-19 times. Small businesses generally face challenges to show collateral and are hence unable to avail credit from these financial institutions. The rise of FinTech lenders has proved to be a blessing for MSMEs as the loan process takes place in a digital manner. This means that financing is seamless as the paperwork involved is minimal or even zero. Mentioned below are the top Indian digital lenders that are providing seamless financing to MSMEs. These FinTech platforms offer loans to small businesses in the country.
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