Kinara Capital recently launched myKinara mobile app that comes with a simple 3-step process and is a first of its kind in the unsecured MSME business lending space.
myKinara app, now live on the Google Play Store, puts the power at the fingertips of small business entrepreneurs to securely apply and receive collateral-free business loans digitally within 24-hours turnaround time (TAT).
The myKinara app now makes the digital process used by field officers directly accessible to MSMEs in India. It is available in multiple languages including, English, Tamil, Hindi, Telugu, Kannada, Marathi and Gujarati. Women-owned MSMEs qualify for an automatic discount under the company’s HerVikas programme, without requiring any separate application.
How it works
Small business entrepreneurs can check their eligibility in under 1-minute without any document uploads in the first step.
By completing KYC and income verification in the app directly, the applicant will receive a loan decision with details of the approved loan amount, interest rate, loan tenor and the approximate Monthly EMI. T
They can then continue the loan disbursement process with an e-sign option.
With the myKinara app, small business entrepreneurs can choose to complete the process in their own time. They can contact Kinara’s multilingual customer call center directly from the app, or request for doorstep customer service if they need in-person support.
'Limited solutions for MSMEs'
Hardika Shah, Founder and CEO, Kinara Capital, said, “With the proliferation of smartphones, MSMEs are ready and willing to participate in digital India, but there are limited solutions for them. Our vernacular myKinara app extends our financial inclusion commitment by enabling small business entrepreneurs to create a self-directed loan application journey. Fast decisioning, processing, and disbursements in a span of 24 hours goes a long way in meeting the demands of our customers, thereby supporting their business growth.”
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