Zomato partner restaurants may benefit from zero processing fees on InCred loans

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Mumbai, Maharashtra, India – Business Wire India

Zomato has partnered with InCred to help cash-strapped food businesses, operating under the Zomato food delivery platform across India, by offering zero processing fees on credit from September 1, 2021 to October 31. 2021. The partnership will support more than 50,000 companies working with Zomato to overcome any credit crunch with tailor-made solutions.

COVID-19 restrictions and two lockdowns in a year have negatively impacted the food delivery industry. With the opening of the economy, the business has rebounded to pre-Covid levels. Nonetheless, restaurants continue to face challenges in terms of tightening working capital due to factors such as understaffing, different state rules, staff vaccination, etc.

Speaking of the countryside, Saurabh Jhalaria, CEO, PME, InCred, noted, “Millions of loans are sanctioned in India every day, but outdated policies make financial inclusion a problem for many. At InCred, we’ve always been committed to making credit more accessible. Currently, the industry charges 2-3% of the total loan amount as a processing fee, which can be a deterrent and a drag for those who really need to take out a business loan. Our partnership with Zomato to expand loans with no processing fees will help these small businesses and restaurants bounce back. “

The new-age financial services platform offers a hassle-free digital journey to obtaining the loan and involves no tedious paperwork. Simple eligibility criteria require that businesses in need of credit be listed on Zomato for at least six months and have monthly activity of ?? 30,000 to benefit from the offer.

The Non-Bank Finance Corporation (NBFC) focuses on consumer loans, education loans, and SME loans. Using technology and data science, the credit provider is redefining the loan, making it fast, simple and hassle-free.

Disclaimer: This content is distributed by Business Wire India. No HT journalist is involved in the creation of this content.

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