Udaan portal is a digital platform for Micro and Small Enterprises (MSEs) looking forward to applying for collateral free loans wherein the portal gives Provisional Guarantee Certificate to avail collateral free loans from their preferred Banks / Non-Banking Financial Companies (NBFCs).
Mohammad Mustafa, Chairman and Managing Director, SIDBI, launched the Udaan portal today. Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) shared that there shall be no upfront fees/payment to be made by MLIs for getting onboarded on ‘Udaan’portal.
Majority of the data required by MLI for credit decisioning are collated through Udaan portal and sent across to banks for faster turn-around time (TAT) and quick sanctions. MLIs are provided with an option to create multiple products, in accordance with their internal credit policies. Upon creation of these products, portal shall automatically do the match making at the back end and provide MLI with the filtered leads matching their products parameters.
The ‘Udaan’ portal has already onboarded 35 MLIs who are going to be part of this milestone portal. With such an exhaustive list of public sector banks, private sector banks and NBFCs, applicant shall have varied option to avail credit backed by CGTMSE’s guarantee. Being a digital journey, there shall be a seamless flow of data to MLI selected by applicant without any physical intervention.
The journey where borrowers shall login, submit their consent-based details and based on their eligibility, a Provisional Guarantee Certificate will be issued, and the application would be transferred to the MLIs selected by applicant. MLI may thereafter carry out their due-diligence process for final decision on sanction of loan.