Zomato has partnered with InCred to help cash-strapped food businesses, operating under Zomato food delivery platform across India, by offering zero processing fees on credit from 1st September 2021 till 31st October 2021. The partnership will support over 50,000 businesses working with Zomato to overcome any credit crunch with tailor-made solutions.
The COVID-19 restrictions and two lockdowns within a year have adversely impacted the food delivery industry. With the opening up of the economy, the business has bounced back to pre-covid levels. Nevertheless, the restaurants continue to face challenges in terms of working capital crunch due to factors like shortage of staff, different rules in different states, vaccination of staff, etc.
Talking about the campaign, Saurabh Jhalaria, CEO, SME Business, InCred, said, "Millions of loans are sanctioned in India every day but dated policies make financial inclusion a problem for many. At InCred we have always been determined to make credit more accessible. Currently, the industry charges 2 to 3% of the total loan amount as processing fees, which can be a deterrent and a dampener for those really in need of taking a business loan. Our partnership with Zomato to extend zero processing fee loans will help such small businesses and restaurants to bounce back."
The new-age financial service platform provides a hassle-free digital journey of acquiring the loan and doesn't involve any tedious paperwork. The simple eligibility criteria require the businesses in need of credit to be listed on Zomato for at least six months and have a monthly business of ? 30,000 to benefit from the offer.
The Non-Banking Finance Company (NBFC) focuses on consumer loans, education loans, and SME loans. Using technology and data science, the credit provider is redefining lending, making it quick, simple, and hassle-free.