Digital Prayaas SIDBI
By : Neha Dhyani
Updated : Apr 18, 2022, 6:03
Digitalisation is the key to the success of business in the present scenario. Integrating conventional records into a digital form provides clarity, accuracy, and quality for any business. An app allows users to have a convenient approach to information, products, services, and processes that are needed in real-time and that too instantly.
Small Industries Development Bank of India (SIDBI) has launched the Digital Prayaas SIDBI program, an app-based digital initiative to reach out to micro, small and medium enterprises (MSMEs) and offer them loans within the same working day. It is a real-time and instant lending platform to facilitate entrepreneurs from low-income groups to expand their businesses.
Digital Prayaas SIDBI - Overview
- Digital Prayaas SIDBI ensures sanction of the required loan by the end of the working day, so it offers a quick finance option to prospective entrepreneurs in urgent need of funds.
- It has joined hands and has Big Basket onboard to ensure easy and quick access to its clientele in an urban setting.
- SIDBI is trying to partner with many institutions to create a digital footprint and increase its outreach to facilitate prospective borrowers.
- The main motive of this coalition is to facilitate delivery partners across the country to buy environment-friendly e-bikes or e-vans for the successful implementation of quick and fast delivery of products.
- This program is a great channel for aspiring youth entrepreneurs of the nation.
Importance of Digital Prayaas SIDBI
- The target audience of Digital Prayaas SIDBI is the Macro and Micro business set-up. So its alliance with Microfinance institutions (MFIs) helps to get loans up to 5 lakh in a hassle-free way.
- An individual with small funds is trying to cope with the modern concept of digital business, and Digital Prayaas SIDBI comes to their assistance by rendering a helping hand in many ways.
- The entrepreneurs who are looking forward to business expansion but face difficulty in arranging reasonable funds due to high-interest rates, the Digital Prayaas SIDBI program is a blessing in disguise.
- Not only expansion of business, but the Digital Prayaas SIDBI also aspires to enhance the lifestyle and improve the livelihood of small income groups people by making their business more profitable and successful.
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Digital Prayaas SIDBI – Perfect App for taking Business Loans
- The entire procedure involved right from applying to sanction of the loan is easy and quick.
- An especially reliable source of loans for small businesses with little or no idea about digital transformation.
- Minimum paperwork, customised loan facility, and cost-effective liable interest and charges make Digital Prayaas SIDBI beneficial for small to medium businesses and a greater range of low-income groups.
FAQs on Digital Prayaas SIDBI
Q1. Which bank has launched the Digital Prayaas lending platform?
Ans: Small Industries Development Bank of India (SIDBI) has launched the Digital Prayaas SIDBI App-based Program.
Q2. How many schemes are there in Digital Prayaas SIDBI?
Ans: There are three schemes in Digital Prayaas SIDBI:
- SIDBI Make in India Soft Loan Fund for MSME (SMILE).
- Small Equipment Finance (SEF).
- Loans under a partnership with OEM (Original Equipment Manufacturer).
Q3. Who is the director of Digital Prayaas SIDBI?
Ans: The director of Digital Prayaas SIDBI is Shri Sivasubramanian Ramann.
Q4. Which one has unveiled Digital Prayaas SIDBI?
Ans: SIDBI, involved in promoting financial assistance to MSMEs, has unveiled Digital Prayaas SIDBI, an app-based digital lending platform to ensure easy loan facilities to low-income groups.
Q5. To who has Digital Prayaas SIDBI partnered?
Ans: The Digital Prayaas SIDBI has partnered with Big Basket to help its delivery partners get easy loans to buy eco-friendly e-bikes or e-vans.