1. Rubique launches tech-assisted business solution to make financing simple for MSMEs

Rubique launches tech-assisted business solution to make financing simple for MSMEs

The Tech Assisted Business (TAB) solution, designed for tablets, offers technology platform which automates the subjective space of SME financing.

By: | Published: June 12, 2017 1:51 PM
Instagram, Snapchat, copy, Instagram CEO, Facebook, Wall Street Journal, Snapchat's version, Snapchat copying Instagram, Kevin Systrom, building on Instagram, Snapchat building on Instagram Rubique has created the TAB solution offering a wide product portfolio.

Noida: For MSMEs (micro, small and medium enterprises), raising capital so far has been a herculean task with all the tedious paperwork, evaluation of credit history and high rejection rates due to various reasons. However, things are now likely to change as the nation’s leading fintech player Rubique has come out with its lending solution, the new TAB (Tech Assisted Business Solution) feature. The feature, designed especially for tablet usage, addresses the above-mentioned concerns effectively as a one-stop transaction platform which handles the lead from origination till disbursement, the company said in a press release here.

In view of the intricacies required in processing SME finance as well as the lengthy forms to be filled up, Rubique has created the TAB solution offering a wide product portfolio. The products on this solution cover low to high risk capital requirement through 5 broad-level product categories of 2 secured – LAP, MEL; and 3 unsecured – Micro Business Loan (>5 lac) , Unsecured Business Loan, Commercial Vehicle Finance.

The platform also incorporates the Rubique Advantage feature which brings advance technology propositions like eligibility check through matchmaking algorithm, quick decisioning on the application, real time credit bureau check & real-time status tracking by integrating with financial institutions’ systems. Additionally, the solution also includes advanced technology features like IRIS scan for Aadhar authentication and generation of credit assessment memo (CAM) along with deviations enabling the credit underwriter to take quick decisioning & reduce the processing time further.

Commenting on the newly-introduced solution, Manavjeet Singh, Founder and CEO of Rubique, said, “Our country is home to many small businesses, but a majority of them fail to grow due to difficulties faced to get access to finance. The biggest inefficiency of the market is the discovery of the right financial institution willing to lend as the risk appetite for each financial institution varies, leading to subjective assessment of the borrower. For the financial institutions, lending without substantial financial data becomes a risky business. We are here to eliminate these barriers and make the lending processes beneficial for both the lenders and the borrowers. Thus, with the help of technology, we have created this solution to ease the complicated lending process, thereby improving and enhancing the customer experience.”

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