SIDBI revamps portal for easy credit access

Small Industries Development Bank of India (SIDBI) has revamped its portal with enhanced features to provide easy access to credit and hand-holding services for micro small medium enterprises (MSME).

“The portal brings transparency and competition among lenders and removes the need to approach several banks individually,” SIDBI said in a statement.

“In the marketplace, any bank, other than those requested, can also pick up the application for sanction, thus bringing in best option to MSMEs,” it added.

The portal is mobile-enabled and provides a self-assessment module (auto assisting in categorization).

It sends various information on registered MSMEs from time to time.
It also allows loan applications to be perused and picked up by multiple lenders.

“The revamped version of the portal is planned to leverage the experiences to create and implement a much larger platform to transform the digital landscape for MSME loans,” SIDBI said.

Now new age FinTechs, non-banking finance companies and small finance banks are being on-boarded on the platform for enhancing the flow of credit to MSMEs, it said.

“The objective of the udyamimitra portal is to enable access to contactless loans, convergence with different agencies (including state/central subsidy agencies), co-lending, wholesale capital access to lenders from SIDBI as well as MUDRA,” the lender said.

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