CredAble Unveils a Game-Changing Credit Line for MSMEs

CredAble, the country’s leading FinTech company, announced Revolving Short-Term Loans at the Global Fintech Fest (GFF 2024), a game-changing credit line that is destined to change the rules of finance for enterprises of all sizes.

Building on CredAble’s legacy of financial innovation and laser-sharp emphasis on the expanding demands of Micro, Small, and Medium Enterprises (MSMEs), the Revolving Short-Term Loans solution is intended to change how credit is supplied to small businesses and establish new standards of excellence in this field.

CredAble’s new product, the Revolving Short-Term Loan, is a unique and pioneering pay-as-you-go working capital credit line that allows small businesses to pay interest only on money spent. This one-of-a-kind customised and dynamic finance product combines real-time digital assessment with the freedom of collateral-free borrowing.

CredAble has made significant progress in closing the MSME credit gap in recent years by leveraging scaled technology, risk and compliance experience, and a comprehensive portfolio of working capital lending products.

CredAble’s Revolving Short-Term Loans are created with the future in mind, addressing small business finance demands head on while dramatically reducing credit turnaround time. The solution is designed to be as nimble and adaptable as the organisations it supports.

According to surveys, 66% of SMEs prefer speedier credit choices, and 55% demand financing within 7 days—revolving short-term loans, pay-as-you-use, and reloadable credit models enable speedy cash release, addressing SMEs’ urgent financing needs.

CredAble has carved itself a niche on the global stage by facilitating more than $11 billion in working capital yearly for a diverse client base of banks, corporations, and SMEs. The organisation has accomplished this through extensive technical expertise, automated credit decisioning skills, sophisticated acceptance scorecards, and other promising advances in the credit ecosystem.

The introduction at GFF received considerable attention from participants and industry leaders, and CredAble secured several agreements to help it further enter the market with its revolving short-term credit solution. CredAble is already in talks with leading marketplaces and renowned commerce players about integrating the technology directly into platforms commonly utilised by MSMEs.

Over the last several years, remarkable breakthroughs in FinTech have resulted in a phenomenal shift in the financial services industry. As the shift to real-time payments gains traction, we are seeing the emergence of new and fascinating use cases for on-time and inexpensive financing, and the lending ecosystem is being redefined to meet the demands of the increasing number of MSMEs.

Also Read | CredAble Collaborates with Finastra to Offer Supply Chain Finance Offers to Banks Globally

Satyam Agrawal, Global Head of Product & Retail Business Lending, MD ASEAN & ME at CredAble, said, “We believe we are on the cusp of an opportunity to reinvent how we deliver credit to MSMEs. Our innovative revolving short-term loans are set to transform MSME financing with features like one-time credit evaluation, pay-as-you-use financing, and reloadable credit limits. We’re offering a solution that’s incredibly practical for everyday business needs. With flexible repayment options, collateral-free credit, and minimal documentation—we’re setting a new benchmark in credit products and paving the way for an unparalleled borrower experience.”

Nirav Choksi, Co-founder and CEO of CredAble, commented, “The MSMEs’ needs to access credit instantly are constantly rising, and we’re here to deliver the next-gen credit experiences that they deserve with revolving short-term loans. The need of the hour is to build solutions for thin-file, small-ticket borrowers. Our scale and continuous investment in technology have given us the strong foundation to develop new tools and processes that extend the reach of credit and power cutting-edge innovation in MSME financing.”

CredAble is a top working capital lending company, spearheading one of the most significant revolutions in MSME financing. Revolving Short-Term Loans demonstrates CredAble’s dedication to promoting financial inclusion. This solution not only addresses present needs but also paves the way for future growth and innovation.