II. Matchmaking platform- It provides a unique match making platform to MSME loan seekers, lenders as also handholding agencies. The portal has designed capability to accept varied MSME loan applications. Presently loans upto 1 crore can be accessed. The portal aims to be a crucial interface layer to create a support system involving varied stakeholder
III. Inclusive Access to all - It provides access to both financial ( 1.25 lakh bank branches) and non financial services (17000+ handholding agencies) with three distinct features viz. (i) Seek Handholding support; (ii) select and apply for loans to preferred banks; (iii) enable faster loan processing.
On entering Portal, the user is guided for registration and login. Based on information furnished by a prospective entrepreneur the system categorizes the applicants into ‘trainee’ (those needing training or other help before they are ready for entrepreneurship) and ‘ready’ borrowers (borrower feels he/she is ready to approach lenders for loan). It then guides them to access handholding support or direct loan application module as per their requirement.
Ready Borrower can submit its loan application online with instant acknowledgement through SMS/email. The submitted application flows to the preferred bank as selected by the loan applicant with online notification to the Nodal Officer of the bank as also Lead District Managers. It facilitates
While submitting the loan applications, the applicants have the option of choosing upto 3 preferred bank/bank branches. The Portal is designed to obtain application forms, gather and provide information, enable registration, provide links for handholding and assist in tracking request for handholding or loan. At the loan market place, a preferred banker or any other banker who are active, undertake P3 (peruse, pick and process) on the loan applications offline as also mark their sanctions and rejections online. Applications from the virtual loan market are picked up by lenders on the basis of the preferences of the applicants (i.e. both Ready and Trainee Borrowers) and disposal of the applications are expected to be ensured as per Code of Commitment for its Customers adopted by respective banks.
All submitted applications will be available at virtual market place for credit access to entrepreneurs and status visible to all stakeholders viz. lenders, handholding agencies, applicants, SIDBI, NABARD and Govt. agencies till the same is disbursed by one of the banks.