Digital lending is helping SMEs across India access credit in a timely and convenient manner. UpScale, the all-in-one business growth app from CredAble, is a part of this revolution that makes funds accessible to small businesses.
UpScale was launched in November 2021 by CredAble, India’s largest working capital technology platform.
An all-in-one business growth app that aids businesses with trade, credit & cash management (payables & receivables included), UpScale aims to bridge the USD 350 BN credit gap that SMEs in India. To learn more about why UpScale was built, read the blog by our MD Nitin Sharma, from here.
In less than a year, UpScale has been able to service 200,000+ businesses with their trade, credit & cash management requirements. We’ve also evolved in the last few months to bring businesses a variety of lending solutions, both unsecured and secured in nature where a business can choose the lending solution from a lender that is matched according to their business requirements, with the help of our advanced AI-based technology.
But as we grow, we understand more queries come up regarding all our solutions and which is right for whom. That is why we aim to provide you with updated information on our most popular lending solutions for small and medium-sized businesses in India.
Whether you’re a business owner, a Direct Selling Agent or Chartered Accountant looking for more information for your business clients or you’re simply curious by nature, this blog is for you.
Key takeaways
Current credit challenges faced by SMEs
UpScale’s lending solution
UpScale’s Unsecured Business Loans
UpScale’s Secured Business Loans
UpScale’s Invoice Discounting
Current credit challenges faced by SMEs
One of the significant problems Indian small businesses face on a daily basis is a lack of finance and the absence of positive cash flow. Finance is the lifeblood of an organization, and a company can only function properly when there is timely access to adequate funds. But the scarcity of working capital and inadequate availability of credit facilities make it difficult for these businesses to survive.
Moreover, small businesses lack a well-documented financial history and have low creditworthiness due to their weak economic base. Neither do these small businesses have their own resources nor are others prepared to lend them. As a result, SMEs are forced to borrow money from private lenders at higher interest rates.
Needless to say, this impacts their growth to a concerning level.
UpScale’s lending solution
To address this challenge, CredAble India’s largest working capital platform, launched UpScale in November 2021. It is a business growth app that exhibits fast traction due to its simplified & completely digital process in trade facilitation, easy cash management solutions and instant access to digital lending.
To meet the varied needs of borrowers, UpScale has introduced three primary types of lending solutions called unsecured business loans, secured loans, and invoice discounting. Let’s dive into the details of each lending solution type –
UpScale’s Unsecured Business Loans
An unsecured business loan helps a small business get a loan without any collateral. This process is made even simpler by UpScale by introducing a 100% digital 2-step loan application process. An SME can get a business loan of up to Rs. 50 lakhs with UpScale’s unsecured business loan solution.
We provide two types of business loans or working capital term loans (as they’re popularly called) — business loans up to Rs. 10 lakhs and business loans above Rs. 10 lakhs.
With a 100% digital application and disbursement process that includes sharing the GST registration number of the business, the business owner’s (including all partner’s) CIBIl Score(s), and past 12 months’ current account bank statements or GST returns statements, UpScale has processed unsecured loan applications for thousands of businesses across India.
For more details, visit our blog “Top questions asked about UpScale’s unsecured business loans“.
UpScale’s Secured Business Loans
When you borrow money for your business and provide either a personal guarantee or security, the loan is considered secured. For instance, if you want to get a business loan against property, you’ll have to mortgage the said property.
It is a funding instrument commonly sought after by small businesses.
Some benefits of UpScale’s secured business loans are:
- You can get a secured business loan of up to Rs. 2 crores
- Digital application only; no printouts or form submissions required
- Advanced AI/Tech helps with the right lender & lending solution match
- Competitive interest rates
- Opportunity to apply to 10+ leading banks & NBFCS via one application
- Quick approvals and disbursals (can take up to 2 business days)
To learn more about UpScale’s secured business loans, please write to us at [email protected].
UpScale’s Invoice Discounting
Invoice discounting is a method by which firms can get short-term funding by selling a portion of their future receivables. Enterprises of all sizes, from the smallest to the largest, send invoices to blue-chip companies for the goods and services they have rendered.
The USPs of UpScale Invoice Discounting are:
- Unique opportunity to get funds on time (up to 100% of the billed amount)
- Digital/online application only; no printouts or form submissions required
- An invoice billed to an LLP or a Public Ltd. or Private Ltd. company is accepted
- Quick approvals and disbursals (up to 3 business days)
To learn more about UpScale’s invoice discounting programme, please visit our website.
We at UpScale, are working hard to provide SMEs in India with hassle-free access to credit along with trade facilitation and cash management services. To learn more, visit our website.