With the use of Business Data, giving loans is becoming easier day by day for banks and NBFCs. With this data, the true financial condition of any businessman’s business can be easily estimated and that is why the focus of every leading bank of the country these days is to increase its MSME loan book. For this reason, it is now becoming easier to take a loan for business without any hassle, without visiting the bank or without giving any mortgage. Especially for small traders, the government and the country’s leading banks-NBFCs are working vigorously in this direction.
What is business data?
There was a time when giving loans to businessmen was a long process for banks because a lot of time was spent in assessing the business model and financial condition of the businessman, but now banks can disburse loans faster by using the business data of the businessman. Are. This business data includes GST and ITR etc.
According to Nandan Nilekani, former chairman of UIDAI, to make the credit line easier, the merchant’s UPI data, GST data, ITR data, accounting data can be used. All this data is available with banks and NBFCs which will make it easier to give collateral free loan. Especially on the basis of GST invoice, every bank and NBFC is easily sanctioning small ticket loan in one day.
Transaction history will be audited
According to SIDBI Chairperson Sivasubramanian Ramann, Small Industrial Development Bank of India will soon launch GST assistance, so that the loan can be sanctioned in a few days. In this, GST data will be used for history audit of business transactions.
5 trillion economy will get help
RBI’s Innovation Hub will also launch a frictionless credit platform as soon as possible, which will help in easily sanctioning loans for small businessmen and startups. MSMEs and startups will have a major contribution in making India a 5 trillion dollar economy. That is why the government wants to help them by making business easier with fast and easy lending. Business data is making credit lines easier for the government, banks and customers.