{"id":164,"date":"2018-04-16T07:04:20","date_gmt":"2018-04-16T07:04:20","guid":{"rendered":"https:\/\/blog3.indifi.com\/?p=164"},"modified":"2019-08-13T07:33:08","modified_gmt":"2019-08-13T07:33:08","slug":"benefit-of-digital-payments-microloans","status":"publish","type":"post","link":"https:\/\/www.indifi.com\/blog\/benefit-of-digital-payments-microloans\/","title":{"rendered":"The Surprising Benefit Of Digital Payments \u2014 Availability Of Microloans"},"content":{"rendered":"\n<div class=\"wp-block-image size-medium wp-image-661\"><figure class=\"alignleft\"><img decoding=\"async\" loading=\"lazy\" width=\"444\" height=\"300\" src=\"https:\/\/blog3.indifi.com\/wp-content\/uploads\/2018\/04\/The-Surprising-Benefit-of-Digital-Payments\u200a\u2014\u200aAvailability-of-Microloans-444x300.jpeg\" alt=\"The Surprising Benefit of Digital Payments\u200a\u2014\u200aAvailability of Microloans\" class=\"wp-image-661\"\/><figcaption><em>The Surprising Benefit of Digital Payments\u200a\u2014\u200aAvailability of Microloans<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<p>Are you among the first set of businesses to embrace the digital payments wave? Or are you someone who has moved to the cashless economy? Well, congrats! Here\u2019s more reason to cheer.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_67_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.indifi.com\/blog\/benefit-of-digital-payments-microloans\/#Your_Digital_Transactions_Can_Now_Make_You_Eligible_For_Microloans\" title=\"Your Digital Transactions Can Now Make You Eligible For Microloans\">Your Digital Transactions Can Now Make You Eligible For Microloans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.indifi.com\/blog\/benefit-of-digital-payments-microloans\/#What_Does_This_Mean_For_The_End-User\" title=\"What Does This Mean For The End-User?\">What Does This Mean For The End-User?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.indifi.com\/blog\/benefit-of-digital-payments-microloans\/#Lets_Take_A_Closer_Look_At_These_Micro_Loans\" title=\"Let\u2019s Take A Closer Look At These Micro Loans.\">Let\u2019s Take A Closer Look At These Micro Loans.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.indifi.com\/blog\/benefit-of-digital-payments-microloans\/#Here_Are_A_Few_Pros_Of_Microloans_Compared_To_Traditional_Loans\" title=\"Here Are A Few Pros Of Microloans Compared To Traditional Loans\">Here Are A Few Pros Of Microloans Compared To Traditional Loans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.indifi.com\/blog\/benefit-of-digital-payments-microloans\/#Final_Thoughts\" title=\"Final Thoughts\">Final Thoughts<\/a><\/li><\/ul><\/nav><\/div>\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Your_Digital_Transactions_Can_Now_Make_You_Eligible_For_Microloans\"><\/span>Your Digital Transactions Can Now Make You Eligible For Microloans<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Did you know that you can now avail \u201c<em>microloans<\/em>\u201d from your digital wallet? Yes, you can now receive the funds to further your business or fulfill personal requirements directly from your digital wallet at no extra costs. Sounds intriguing, right? Read on to know more about this highly convenient facility.<\/p>\n\n\n\n<p>Recently, ICICI Bank, India\u2019s largest private bank announced that it has partnered with PayTM, a leading digital payments app in India to offer customers with micro-loans directly from their digital wallets. Currently, this offer is only available to PayTM users who hold a bank account with ICICI and is expected to be available to other bank account holders soon.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background has-vivid-green-cyan-background-color\" href=\"https:\/\/www.indifi.com\/msme-loans\">MSME Loan Online<\/a><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Does_This_Mean_For_The_End-User\"><\/span>What Does This Mean For The End-User?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>This means customers can now get access to instant loans for day-to-day purchases like booking flight tickets, movie tickets, bill payments and so on. Known as pay-day loans or microloans, these are becoming quite popular with young professionals and business owners.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Lets_Take_A_Closer_Look_At_These_Micro_Loans\"><\/span>Let\u2019s Take A Closer Look At These Micro Loans.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>One of the major roadblocks for small business owners and entrepreneurs is availing the required funding for everyday purchases like inventory, furniture for the office, rents and so on. This is where micro-financing acts as a lifesaver.<\/p>\n\n\n\n<p>Microloans provide business owners with small amounts of funds to meet emergencies. Traditionally, banks and other financial institutions do not offer loans to startups and small businesses because they don\u2019t meet their eligibility requirements.<\/p>\n\n\n\n<p>In such instances, small business owners were forced to turn to the informal sector to borrow funds at exorbitant interest rates. Micro finance puts an end to all these woes and helps business owners avail capital quickly and easily, to scale their business further.<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-green-cyan-color\">Also Read: <a href=\"https:\/\/blog.indifi.com\/add-multiple-payment-methods-to-online-store\/\">Why You Need To Add Multiple Payment Methods To Your Online Store <\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Here_Are_A_Few_Pros_Of_Microloans_Compared_To_Traditional_Loans\"><\/span>Here Are A Few Pros Of Microloans Compared To Traditional Loans<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u00b7 <strong>Easier to obtain<\/strong>\u200a\u2014\u200aCompared to traditional loans, microloans are easier to obtain. This is a significant benefit especially for new borrowers who don\u2019t have much of credit history.<\/p>\n\n\n\n<p>\u00b7<strong> Build your Credit Score<\/strong>\u200a\u2014\u200aIf you\u2019re a new business owner and don\u2019t have a credit history or are looking to build your credit score, then availing a microloan is a great option. Availing and successfully repaying a microloan can do wonders in boosting your credit score. This builds your creditworthiness and helps you avail bigger funds in the future.<\/p>\n\n\n\n<p>\u00b7 <strong>No Hidden Fees<\/strong>\u200a\u2014\u200aUnlike other traditional loans, microloans don\u2019t come with hidden charges, joining and processing fees and other expenses. This offers you significant savings in the long run.<\/p>\n\n\n\n<p>\u00b7 <strong>Easier to Handle<\/strong>\u200a\u2014\u200aSince, microloans are usually for a short period, mostly just a few months or one year, you can handle it efficiently without wrecking your overall financial strategy.<\/p>\n\n\n\n<p>\u00b7 <strong>No need for Collateral<\/strong>\u200a\u2014\u200aIf you were to take a traditional business loan, you would be required to submit collateral. This isn\u2019t possible for new business owners and startups that don\u2019t have assets. A microloan requires no guarantee, meaning you can avail it, irrespective of the assets you own (or don\u2019t own).<\/p>\n\n\n\n<p>\u00b7 <strong>Above all, Hassle-free<\/strong>\u200a\u2014\u200aMicroloans require minimal documentation and are processed quickly, and the loan amount is disbursed to you within a couple of days or even hours.<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-green-cyan-color\"><a href=\"https:\/\/www.indifi.com\/msme-loans\">Apply For MSME Business Loan Online <\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Final_Thoughts\"><\/span>Final Thoughts<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>There\u2019s no denying the fact, that you need external funding if you want to take your business to the next level. Make use of microloans and avail the required capital to grow your business!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you among the first set of businesses to embrace the digital payments wave? Or are you someone who has moved to the cashless economy? Well, congrats! Here\u2019s more reason to cheer. Your Digital Transactions Can Now Make You Eligible For Microloans Did you know that you can now avail \u201cmicroloans\u201d from your digital wallet? [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[141],"tags":[25,26,23,24],"_links":{"self":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/164"}],"collection":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/comments?post=164"}],"version-history":[{"count":9,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/164\/revisions"}],"predecessor-version":[{"id":1907,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/164\/revisions\/1907"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/media\/661"}],"wp:attachment":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/media?parent=164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/categories?post=164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/tags?post=164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}