Repay your business loan and earn cashback through M-wallets

Repay your business loan and earn cashback through M-wallets

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Ask any business owner and one common thread that you will hear from them is the constant need for finance. Every start-up or a business venture needs constant funding over a period of time, particularly till the time the business starts generating revenue. Be it for day-to-day operations, expansion plans and other operational expenses. Businesses are also known to go through some sort of financial crunch at some point of time and relies on external business loans offered by financial institutions to meet the requirements. What if these funds are available across a seamless web or mobile application?

In the current scenario, financial institutions offer a host of loan products to suit the different requirements of the business. The advent of the digital platform has made it convenient for business owners to apply and manage their business loans at their convenience. There is no need to visit the financial institution’s branch to know about the eligibility criteria, business loan interest rates, submit the documents and get in-principle eligibility, etc. The individual can simply log in to their web or mobile application and make the transactions.

Repayment of business loans is a click away!

The popularity of mobile wallets is further supplementing the digital transformation process and adding value for the customers. With its cash back and discounts, consumers are absolutely latched on to this platform and are using their M-Wallets for every minor and major transaction. This has further triggered high volumes of merchant tie-ups as well.

Currently, m-wallet service contributes to about 30% of the mobile payment transactions conducted in the current FY 2017 with approximately 100 million Indian consumers using m-wallets as a preferred option to make any financial transaction. These m-wallet service providers have many lucrative and cost-effective offers for consumers to help them spend and save wisely.

Having worked with a top event management company, Neena Singh always wanted to open her own event management startup and cater to the small towns of India. But she was falling short of financial resources and didn’t have the time to stand in long queues for loans.

Then she connected with a financial advisor who educated her about the digitalization of financial economy, so she could associate with the financial institution and apply online for the required business loan to start off. In addition, she could even pay her EMI by using her Mobile Wallet.

Financial institutions such as Tata Capital understand the fresh requirements of customers and offer loan repayment options via convenient Mobile Wallet modes as well. This further benefits the customers with attractive cashback and discounts as well. M-wallets have further reduced the turnaround time for any financial transaction and thereby increased the financial liquidity in the market. The business payments can be disbursed using m-wallet within seconds, which is the need of the hour.

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