In a bid to ensure that loans to Micro Small and Medium Enterprises (MSME) are provided in a quick and hassle free way, Associated Chambers of Commerce and Industry of India (ASSOCHAM) has launched myloanassocham.com portal.
The uniqueness of this portal is, instead of MSME entrepreneurs directly approaching banks and making efforts to get loans, this portal will do that job.
Owner of an MSME should visit myloanassocham.com website and can directly apply for a loan with the purpose and proposal on the website. After receiving the application, ASSOCHAM itself will do the preliminary screening of the application. After the screening, if it finds loan application eligible, it forwards to the banks. After working on loan application from their side, banks will directly release the loan amount. In this way loan application and disbursal process has been made very convenient and hassle free for the MSMEs, who feel that they are being neglected by banks in case of providing credit.
Not just the loan application, approval and disbursal process has been simplified but an MSME can even track the status of its application by logging in to myloanassocham.com portal.
“Getting credit has been a big problem for small and medium businesses. Finance is very important and unless MSMEs get access to credit and loans she needed, they can survive. Therefore we brought myloanassocham.com portal to help MSMEs,” said DS Rawat, secretary general of ASSOCHAM.