Every obstacle presents an opportunity to improve your business!

neogrowth-business-loans-obstacle1In ancient times, a king had a big rock placed on a roadway. Then he hid himself and watched to see if anyone would remove the huge rock.  Some of the king’s wealthiest merchants and courtiers came by and simply walked around it. Many loudly blamed the king for not keeping  the roads clear, but none did anything about getting the big stone out of the way. Then a peasant came along carrying a load of vegetables.  On approaching the rock, the peasant laid down his burden and tried to move the stone to the side of the road. After much pushing  and straining, he finally succeeded. As the peasant picked up his load of vegetables, he noticed a purse lying in the road where the rock had been. The purse contained many gold coins and a note from the king indicating that the gold was for the person who  removed the rock from the roadway. The peasant learned what many others never understand. Every obstacle presents an opportunity to improve one’s condition.

Similarly, your business might face many challenges but every obstacle is an opportunity to grow your business.

NeoGrowth loans is your financial support to help you in such situations! 

NeoGrowth Credit Pvt Ltd can help you get business loans. For more information refer here : https://www.neogrowth.in/applyNow/

You can also download NeoGrowth-business-loans PDF file for your reference.

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

NeoGrowth helps to complete the puzzle of your business!

If you own a business, then you are very similar to the little one in this story :


A Father was reading his emails and his little daughter every now & then distracted him. To keep her busy, he tore one page on which was printed the map of the world. He tore it into pieces and asked her to go to her room and put them together to make the map again.

He was sure she would take the whole day to get it done. But the little one came back within minutes with perfect map. When he asked how she could do it so quickly, she said, “Oh…. Dad, there is a man’s face on the other side of the paper… I made the face perfect to get the map right.” She ran outside to play leaving the father surprised.


Your business is like a puzzle which will be tough to crack. There will be all sort of problems. But in the end, you have made your business by completing the puzzle.

And we @NeoGrowth HELP you in the process to complete your puzzle by giving you financial aid for your business!

NeoGrowth Credit Pvt Ltd can help you get business loans. For more information refer here : https://www.neogrowth.in/applyNow/

You can also download NeoGrowth-business-loans PDF file for your reference.

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

What Are The Alternate Ways Of Funding SME?


Inability to find a sustainable funding source to keep one’s business growing has probably killed more dreams than anything else in the business world. While it is comparatively easy to find a business idea, it is highly difficult to look at the cash flow forecast and realize that all the money that you have might soon run out – completely.
There is a definite importance that SMEs hold in a nation’s economy. However, the traditional belief is that there are only banks available to help fund the SMEs. In fact, financing the amount of cash that you want is often difficult. This is evident from the fact that around 60 percent of the SMEs do not end up getting the amount of bank loans that they really want.

Funding Options For SMEs

Bank loans are not the only funding options for the SMEs and this is one of the most important things to know for people who operate small businesses. Since bank finance is increasingly becoming difficult to access, SMEs should take inspiration from business giants and large companies to find appropriate funding methods.


NeoGrowth Credit Pvt. Ltd. is one institution that provides working capital to SMEs without any hassles or long procedures. You can opt for NeoGrowth or from the multitude of funding options available for small firms and businesses. Some of the alternate ways of funding the SMEs are discussed below.


  • Angel investors: These are a group of individuals who are willing to provide funding in lieu of convertible debt or equity. Personal mentoring and one-on-one support are two of the biggest advantages associated with this form of funding. However, angel investors might not necessarily have deep pockets like any other funding source.
  • Cash advances: There are a number of finitech firms that provide a multiple of services and a quick access to cash. One such example is that of a Swedish finitech firm called iZettle. In addition to providing sales software, the firm quickly scrutinizes the sales history of the SMEs and based on the analysis, offer quick loans. In addition, finitech firms provide an option to pay back the amount in regular instalments based on the volume of future sales.
  • Crowdfunding: Crowdfunding has evolved to become one of the most popular alternate ways of funding the SMEs. It allows organizations and individuals to fund the SMEs in return of equity. Crowdfunding allows the SME to collect small sums of money from a huge number of people, rather than to get huge amount of money from a few people. It helps expose the business to a huge number of people and SMEs are able to raise large amounts of money in the shortest period of time.


Alternate External Financing Techniques

Apart from the solutions described above, there are additional external financing techniques that the SMEs should target for. Some of these techniques are:

  • Asset-based lending (ABL): This technique refers to any form of lending secured by an asset. Under ABL, four types of asset classes are secured – inventory, accounts receivable, inventory and real estate. The amount that the SME can borrow depends on the value of the selected assets, rather than the overall worth of the firm. The ease of selling the assets in case the SME is unable to pay the loan is also put into consideration.
  • Hybrid instruments: This financing option combines the features of debt and equity in a single vehicle. Some of the common examples of hybrid instruments include silent participation, convertible debt and warrants, subordinating debts and participating loans. In case of convertible debts and warrants, the investor has the power to convert debt into stock, thus reflecting an increase in the overall value of the company.
  • Alternative debt: In case of alternative debt, investors in the capital market fund the SME, rather than the banks. This is one of the major differences between alternative debt and traditional lending. Alternative debt includes direct tools such as corporate bonds and indirect tools such as covered bonds and securitized debts. Alternative debt is considered to be one of the “innovative” financing options for the SMEs and small-scale business owners.

Providing appropriate funding to small- and medium-sized enterprises are an important step toward a strong national economy. Since a majority of small business owners might believe that there are only a limited number of financing options available to them, it is important to remind them about a multitude of alternate financing options that they could apply for. Moreover, SMEs can choose from the available financing options that suit their requirements and needs in the best possible way.


NeoGrowth Credit Pvt Ltd can help you get business loans. For more information refer here : https://www.neogrowth.in/applyNow/

You can also download NeoGrowth-business-loans PDF file for your reference.

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

How Technology Is Changing The Way We Do Business In The Banking World?


Technology has changed banking and its associated activities forever. Moreover, this change is a continuous process. Despite being one of the oldest forms of business in the world, the advent of technology has changed how this form of business works.
For example, the first bank was opened in Italy in 1472 and it operates till date. That means that the bank must have had invested millions of dollars to keep up with the speed of changing technology and remain relevant in the life of its customers.

Effects of Technology on Business

There is one thing that is common among all forms of businesses – everything that speeds up the production or attracts more customers is always welcomed. A majority of such things is a result of technology. That is the reason why businesses tend to change their infrastructure time and again and adapt to the changing technology.
A number of businesses, in fact, a majority of them are now conducted on computers or smartphone. Technology has offered people millions of software, databases, personal schedules and stuff to make things easy for them while conducting their business.

The Way We Do Banking Now

Banks and its branches still remain integral to the customers, just like before. However, the way banking conduct business now has changed for sure, majorly because of the changes in technology.
Earlier, banks were not open at all days of the week. The cash counters used to close almost two hours after the lunch and people could only get information about their bank account and the balance cash by visiting the bank branch and filling a small strip of paper before handing it over to the cashier.
But the situation is a lot different today. People can have a 24X7 access to their money stored at the bank and they do not need to visit the bank anymore. While some may still like to visit the bank, but millions of people today now prefer to download the mobile phone app to make payments, check balance and apply for a credit card or a debit card purchase.
Moreover, a majority of banking-related queries are now cleared up over Facebook, email, phone, Skype or Twitter. That is, people do not have to queue up at the bank like their fathers and grandfathers to book an appointment with the manager or to talk to the cashier.

4 Ways Technology Has Changed Banking

 While technology might have changed the way we conduct business in the banking world in a million ways, there are a few major identifiable aspects that have indeed made a big impact in the banking world. Some of these aspects are discussed below:

(1) Banking On-the-Go

Ever heard of banking without banks? Well, this has actually become true with the advent in technology. Now, a person hardly has to visit a bank. Just open an account and the rest of the things are taken care of online, even when the person is travelling. Moreover, banks are willing to provide door-to-door service for practically every service that they provide. For example, people can request for a new cheque book or file a credit card request and all the banking material would eventually arrive at their doorstep.

(2) One Tap Payment

Just about a decade ago, people literally had to walk up to telephone exchange and powerhouses, stand in queue and wait for their turn before they could pay the bill. Now, everything can be done through a single tap on their phone. People no longer need to stand in a queue to make payments. Technological innovations like Google Wallet allows users to store their personal banking information such as debit card details and credit card number on their phones, that too safely. This contactless technology has invaded the banks too.

(3) Reduced Customer Service

 The introduction of mobile banking and online banking means that banks no longer need to provide an extensive face-to-face service for features that are majorly being used by the customers through their smartphones and computers. The elimination of generic customer service has paved way for a more specialized personal service that is tailored according to the needs of the individual customers. This is particularly important as a customer phones the bank for some query or personally visits the branch.

(4) Biometrics

People no longer need to remember their passwords for authentication. They can simply take advantage of the relatively new form of authentication that uses biometrics. Banks all over the world have started to welcome the use of biometrics for authentication. Techniques such as fingerprint and palm identification and facial and voice recognition have become relatively common now. Moreover, these are considered to be relatively safe forms of customer authentication.
Adapting to the changing technology has, in fact, become one of the most important transitions for banks around the world. In the wake of getting a competitive advantage over its rival, banks have now become relatively open to new technologies and new innovative ways through which banking is now conducted. NeoGrowth Credit Pvt. Ltd. which gives businesses funds or working capital is one institution that has matched its steps with the technological up-gradations.

It would be an understatement to say that it is yet to be seen how the banking would evolve in the future or whether the adaptation would be enough to keep up with the changing needs of the customer.

For more info refer: https://www.neogrowth.in/applyNow/

You can also download NeoGrowth-business-loans PDF file for your reference.

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

Tips for Buying Commercial Kitchen Equipment

commercial kitchen equipment

In the process of setting up a commercial kitchen, buying kitchen equipment is the most important part that promises a lot of excitement. It makes for an enjoyable experience but it can also leave you flustered. This is because there is a huge variety out there to explore from. Also, one is confused between the prospects of buying second-hand and brand new. So, how does one solve the conundrum?

Well, it is not easy for sure. Choices add to the confusion and given the constraints put by the budget, it becomes quite challenging to select the best. And the truth is no one wants to settle for anything less than the best and should not either. Your kitchen deserves the best equipment within your budget and you should always strive to pick the most efficient equipment as they will play a major role in the success of your venture. So, here are some tips for you that will help you make an informed decision.

New Vs Second-hand

The debate about “New Vs Second-hand” is very relevant when it comes to buying kitchen equipment because there are lots of equipments to be purchased. You have to look for oven, refrigerator, prep tables, microwave, grills, dishwasher, freezer, coffeemaker and more. Now, buying so many appliances means spending a good deal of money. And in most of the cases, businesses that are starting out are hard-pressed for finance. So, it seems a wise thing to buy second-hand equipments.

But you should not go the whole hog and purchase every equipment from the second-hand category. The truth is most second-hand equipments have a short shelf life and the repairs costs make them a poor investment decision in the long run. So, you should buy only those used equipments that are in good shape. Also, it is advisable to buy only one or two used appliances. And when you buy, you should always take a test drive before saying “yes”.

Lease-to-own commercial kitchen equipment

As said above, second-hand equipment does not make for a very wise option but given the scarcity of finances, one tends to gravitate towards them. The option is not entirely unwise but there is one better option that lets you work with new equipments and you do not have to pay much either. Lease-to-own commercial kitchen equipment is a viable option as you can use new equipments by entering into a lease agreement.

The cost is not high and you have to pay a monthly rent which is a small fraction of the total cost. What is more, at times, the lease agreement involves repair costs as well and hence, you do not need to worry in case of any breakage or fault. And the best thing is that you can own the appliance at the end of the agreement period. This is a flexible, fair and fulfilling option and if your budget allows it, you should definitely go for it.

Discounted equipments

Another very fabulous option is to buy brand new equipments that come with special discounts. You can find the discount offers on dented and scratched appliances. Dents, bruises are common fallouts of shipping and they diminish the aesthetic value of the appliance. To fend off losses, sellers offer special discounts on these appliances which bring down the prices a good deal. And you can capitalize on these discounts. It saves you a fine amount of money and also ensures efficient equipment for your kitchen.

Important tips

Besides the above mentioned points, there are some other important tips as well which would do you well, if you keep them in mind. They are:

  1. Always put quality above other things – Quality is foremost whether you are buying new or second-hand or lease-to-own equipment. You must see to it that the appliance works well, covers guarantee and belongs to a reputed brand. In some case, it might turn out to be a little higher in the cost part, but it is worth the money.
  2. Look for utility – The market is abuzz with fancy equipments that come at equally fancy prices. But if you do not need them, do not purchase them. You must go for the feature-rich, efficient and fair-priced appliances that will prove to be wise investments in the long run.
  3. Do your homework/research – Whether it is comparing the prices or talking to industry experts or analyzing the working of the different appliances, you must do your homework well. It will not just help you buy the best piece but will also save you lots of money. You will also get hands-on knowledge about the equipments, which will help you in future.

So, if you are ready to shop and set up your kitchen, just keep these points in mind and go ahead. You will easily find the most fitting equipments within your budget that will definitely prove to be worthwhile investments.

Business loans for restaurants
NeoGrowth provides business loans if you are in the food/restaurant business!

If you are looking for a business loan to buy commercial kitchen equipments, opt for NeoGrowth Credit Pvt. Ltd. The hassle free procedure involves doorstep documentation and the use of modern technology. So, you need not worry about the flow of funds. NeoGrowth offers business loan not on the basis of the financial statements, but on the stability and performance of your business and the cash flow estimation. And, for repayment, you can choose to pay more when your business is flourishing or less when the sales have dipped. This ensures that you pay more attention to your business.

For more info refer: https://www.neogrowth.in/applyNow/

You can also download NeoGrowth Business loans PDF file for your reference.

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

3 Most Overlooked Factors in Your B2B E-Commerce Success

Screen Shot 2016-05-31 at 11.12.20 am

Just to get the most pertinent of introductions out of the way: B2B (business-to-business or e-biz) refers to the occasion of a business offering its products and services to other businesses, while B2C (business-to-consumer) refer to instances of a business offering its products and services directly to the consumer. In other words, B2B ventures caters to businesses as their customers, while B2C ventures cater to consumers as their customers. And, while these terms (i.e., B2B and B2C) refer to both offline and online businesses, the terms had only come into use during the dotcom boom.
Now, most ecommerce websites generally follow a B2C model. But there are also enough online ventures out there whose main target customers are other businesses. And, while B2C and B2B obviously will have some similarities, the approach that is needed to run either is, predictably, pretty different.
However, considering the rising levels of customer-engagement that is possible today, there are factors that are overlooked when it comes to B2B, simply because these factors seem inherently more suitable for B2C. But that’s a grand oversight. In fact, merging the following three factors into the running of your B2B ecommerce business could very well spell the difference between your venture’s success or failure.

Factor 1: Personalization

The last thing any business wants to seem is unprofessional or amateurish. And for good reason. Giving either of the two impressions to customers, especially when you’re a B2B ecommerce business, is a sure-fire way to lose potential customers. However, there is a strong misconception that appearing casual, friendly, or personal in one’s interactions with other businesses is equivalent to appearing unprofessional – which is definitely not the case.

Now, chances are that if you were running a B2C business, you would be adopting a light-hearted and casual tone to connect with your individual customers as the norm. Because it’s pretty obvious that people prefer to do business with those they feel connected to. However, as, in running a B2B business, you are trying to reach out to other businesses, you will most likely adopt a formal, detached tone with plenty of jargon and marketing-based overtures, thinking that this is what your business customers will appreciate. After all, your customers are businesses, not individuals. So it is obvious that you can’t employ personalization and should rather treat them as a mechanical unit, right?

Nope. Very much wrong.

For you see, although in a B2B your customers are not individuals, it does not mean that it is absent of “people” either. Businesses, in fact, are made up of people at its very core. And as a B2B, you should not forget that. Because, even in a B2B, your business customers will be more likely to want to do business with you if they feel like you’re connecting to them. In fact, leave off the annoying business jargon and blasé marketing terms in your communications; they don’t work anymore. Rather, try for light and casual, with friendly overtones that make it clear to your customer that their business is important to you.

In short, your customers will be much more receptive (and more likely to continue doing business with you) if you take a more personalized approach.

Factor 2: Shipping

Screen Shot 2016-05-31 at 11.12.27 am

In storytelling, one common piece of advice is that what the audience will remember the most about a story is it’s ending. And the same advice can be applied to B2B ecommerce in a sense as well. Only here, the “ending” refers to the final stage of a business placing an order with your B2B: the shipping and delivery of the ordered product(s) or service(s). However, while most B2Bs spend a lot of time optimizing all their other processes, the shipping and delivery aspect is what is most often overlooked – which can often trigger a business pulling away as your customer. In fact, statistics show that a lack of reliable and affordable shipping options is what makes B2Bs lose the most number of customers. For, up to 61% of businesses have indicated that they have abandoned a cart because of unexpected and ill-affordable shipping costs. And up to 50% indicated their orders not qualifying the minimum requirement for free shipping being the reason they abandon their carts (and as B2Bs usually run as wholesalers, the minimum requirement set for free shipping is an important aspect to consider).

Thus, re-organizing your shipping and delivery options to be affordable and reliable for your customers will greatly reduce customer abandonment of your carts.

Factor 3: Segmentation

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The segmentation factor is directly tied to the personalization factor mentioned earlier. In simple terms, segmentation here means categorizing your buyers (i.e., customers) based on various factors like price, timing, etc., while also categorizing your buyers, according to demographics, size, business needs, order volumes, and the likes. Basically, segmentation will allow you to personalize your B2B approach for various buyer categories, thereby intriguing them towards higher levels of engagement in your business.

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

What You Need to Know About a Small Business Loan Application


What is Small Business Loan Application?

At some point of time in your business you wish to expand it with new product line, new employees, new location, new machinery, inventory management, warehousing etc. It is thrilling but also stressful because you may not have enough cash reserves to copeup the expansion. This situation demands for small business loan– a cash infusion that pays for itself inclusive of interest, with the new opportunities and extra income it allows you to create. Lender provides loan to small businesses for various purposes. The requirements vary business to business generally it is less restrictive which enables the small business to secure their funds. The borrower may get benefit of incentives provided by the small business loan, which could minimize expenses for the business.

Before applying for a small business loan it is important to be prepared for its application process. Though every bank has its own requirements and procedures but many documents are obligatory across lenders.Whether you are seeking a loan to commence a new business or already run a successful business, the requirement of documents doesn’t differ much. However, the supporting criteria might be different. Not all lenders ask for the same information. Some pieces of information they could request include a plan for how the money will be used, your credit history and a verification of your income and assets.

Common slip-ups the entrepreneurs make when submitting documentation are providing incomplete tax returns (often lacking the required schedules) and incomplete or wrong personal financial statements.

Both small and large Banks often have similar lending criteria.  Many big banks refuse the startup loans request because small business owner fail to provide 3 years’ worth of financial data.  In such circumstances, smaller, regional banks and credit unions may be more promising.  Even though it can be easier to obtain a loan from an alternative lender, you still have to provide them with an array of personal, business and financial information0.

Both the banks and the non-bank lenders have pros and cons but the question is how do you decide which is the right one for you? Let’s discuss them separately

 Benefits of opting for a Non-Bank lender?

  • Competitive rates- Non banking institution offer very competitive rates andcan also be a cheaper option comparatively
  • Flexibility- They often have flexible lending criteria,with which the credit rating is on the low side
  • They have low set up and ongoing costs.
  • They often understand your specific needs and requirements and offer the solution
  • Personalized customer service and variety of niche loan products to suit individual requirements like apparel, optician, pharmacies, groceries, salons etc.

Benefits of opting for a Bank lender?

  • Generally Banks are more recognizedand established financial institutions and hold the majority of the market when it comes to mortgages.
  • Ease of access- Many of us find it easier to manage all the finances under one roof, but you should always do market research as you may find better deal which save your time and cost in ling run


Neogrowth as an option for small business loan:

Neogrowth offers an innovative loan product highly suited for the Retail and SME businesses. NeoGrowth gives loans against future credit card and debit card sales to retailers. The repayment is based on the business cycles and there is no fixed EMI.

Neogrowth simplifies the small business loan application process-

  • Key Eligibility Criteria
    • Business operations of > 6 months
    • Average monthly sales over INR 2 lacs per month
  • Documentation requirements:
    • Last 6 months bank statement (showing card payment settlement/remittances from marketplaces)
    • PAN Card ( business)
    • Address proof ( Residential & business) – Passport, Voter’s id, rent agreement, Adhaar card
    • VAT certificate of the business


How Neogrowth is different from others:

Neogrowth understands your requirement and following points separates from others:

Flexible Repayment Tenure

  • Based on merchant’s average card sales/ online sales in the past, NeoGrowth forecasts a projected timeline for repayment of the lump sum amount.
  • No penal charges for any tenure extension

Partnership Model

  • No fixed EMI repayment schedule
  • Repayment dependent on the volume of business in a month
  • The repayment is automatic and flexible

Hassle Free loan disbursement

  • The merchant would never need to visit NeoGrowth office. NeoGrowth’s sales team comes to the merchant’s assistance at his doorstep
  • Easy and simple paper work
  • NeoGrowth believes in minimum documentation only to oversee the current state of business.

Pre-closure facility

  • Merchant has the option of pre-closure at any stage without any penal charges


Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166


New Online Lenders – Boon for Small Businesses Loans


I believe this is one area on which I have also started working for past one year and have seen lot of action and some Einstellung thoughts / business actions which go a long way in defining a fresh /new business model getting emerged where the customer (small business unit) will be the ultimate winner. Gone are the days when businesses had to queue up outside banks to get business loans. With the entry of new online lenders in the market, loans are quite easy to come by. You do not need to move out of your house, face tedious paperwork and bothersome negotiations with the bank manager. The online lenders are very business friendly and understand the specific needs of this niche.

Who are the New Online Lenders

So, who exactly are these new online lenders? These are companies that facilitate credit for small businesses by bringing the borrowers and lenders on a common online platform, or they themselves act as lending companies under the aegis of RBI as an NBFC.

Also known as online peer-to-peer lending, it is a very well-known method that offers fast and hassle-free loan to businesses at amicable interest rates and favorable conditions. The major names include Fair cent, NeoGrowth Credit, iLend, Lendbox, IndiaLends, World Of Lending, CashKumar ,SMECorner and many more.

These lenders leverage the power of technology to speed up the application process. They use web tools for evaluating eligibility, repayment capacity, credit worthiness and other variables that govern the loan sanction process. They are more flexible than their traditional counterparts and are proving to be very popular with small and medium business enterprises.

Quick and Easy EDC Swipe Loans 

 One of the most innovative and easy credit sources, EDC swipe loans are gaining acceptance among businesses. This is a loan that is secured against the EDC i.e. Electronic Data Capture machine or Card Swipe Machine, by swiping your credit card. It lets you access extra cash for your business in record time. Quick and easy, you can use this loan in any way your business requires as it is an all-purpose loan. The best part is that it is a collateral free loan with easy EMIs and attractive rates.

NeoGrowth is a pioneer in this field and today have expanded to 10 major cities across the country.

Advantages of Online Lending 

These new online lenders are becoming the go-to people for small businesses as they offer many advantages against the traditional lenders. Let us take a look.

  • Online lenders are easy to access, offer quick loans and the processing is faster as compared to conventional banks.
  • They offer loans at competitive and attractive rates which suits small businesses and startups.
  • They also offer customized loans which means there is greater scope for different business niches to fulfill their borrowing needs. From a manufacturing unit to a spa owner, all can apply and get assured loans.
  • The lending criteria are highly flexible and the interest rates vary according to the amount. They can be low as well as high, depending on the nature of the loan.

 Online Vs Traditional Lenders


There is no doubt that these new online lenders have made things easier for businesses but before you take the plunge, you should be aware of all the downsides. Here are the details.

  • Online lenders may charge high interest in case of loans that are on the upper end of the risk graph. But then most of these loans are for shorter tenor of say within 6 to 24 months, whereas banks /traditional NBFC would have tenors of 24 to 48 months.
  • The processing fee may also be higher and there is also higher penalty fee for late repayment, unlike traditional banks, which have fair processing fee and lesser penalty in case of default.
  • Online lenders, mostly, asks for repayment over a short span of time which is not the case with banks. This often leads to undue pressure on the borrower.
  • Online lenders are new entrants and still striving to become established in order to give competition to the banks which are more recognized and trusted. The latter have a wider network and also enjoy more clout. 


NeoGrowth as a Platform 

This FIN-tech company – NeoGrowth Credit – offers innovative loan products that are perfectly suited to the current business environment. They focus on small and medium sized retailers and have tailored their loans to bypass the troublesome paperwork and fixed EMI system. Loans are offered against future credit card and debit card sales to retailers. The main eligibility criteria are:

  • Business operations of > 6 months
  • Average monthly sales over INR 2 lacs per month

The documentation is also simple and the repayment tenure flexible. The repayment is automatic and dependent on the volume of business in a month. No penal charges are levied for tenure extension. Also, the borrower is given the option of pre-closure without having to pay any charges or undergo formalities.

Evaluating Online Lenders 

At the end I would say that before moving to any online/Fintech lender, do compare the different rates offered by them. Research well and decided what you are looking to get. In short your laundry list should be well prepared before you start the search, this will help you to take a decision faster.

Happy Borrowing.

Post By-
Jatinder Mohan Singh Shah
Sr.Vice President – Sales & Marketing

 NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

How will technology transform Indian banking in 2016


Role of technology in indian banking

I believe in todays time the Indian Banking industry is in the middle of a digital revolution &  2016 is undoubtedly a year of digital transformation for financial sector,

I do not recall when last time I visited my bank for so called banking transactions . Today’s customer is interacting with the world through many digital platforms like social media, websites, digital wallet, Mobile Apps, e-commerce etc. Therefore, Banks have now bloomed into one-stop Supermarkets. Their focus is shifting from mass banking to Class banking to the introduction of value-added and customized products in order to survive the competition.

Technology enablement products like ATMS, internet banking, mobile banking (Apps), digital wallets and pre-paid cards have had favorable benefits on both banks and customers. For the customers, the important benefits are anywhere banking, ease of payment, use of secured debit and credit cards. For the banks, the major benefits are centralization of customer information, centralized transaction process, centralized accounting process, basic MIS reporting and real-time information availability.

So who is leading the charge here?

Last year ICICI bank launched many digital services which include Smart Vault which is India’s first automated locker facility with high-end robotic technology.

SBI introduced three digital banking facilities using TAB banking which enables the customer to open the saving account, apply for a housing loan and do e-KYC (Know your customer) at their doorstep.

HDFC Bank has introduced location-based mobile service for customers who will receive notification on their iWatch. ICICI Bank is also considering to add NFC tag which will introduce `tap and pay’ feature without the customer having to reach for his wallet.

NFC is a great digital initiative taken by banks. It is enabled contactless debit cards, with which the customers need to only tap their cards at the point of sales (PoS) terminals, instead of swiping them.

Mobile banking and digital wallets – front running technologies

Digital wallets and mobile banking are opening the door for telcos and software players. In an increasingly crowded and cashless financial system, traditional banks may no longer be key players.

The success of mobile payments would not have been possible without the massive growth in the number of smartphones and the falling cost of computing power, both of which are lowering the barriers to new entrants.

Researchers are sometimes tempted to ask – ‘Do we even need cash’?  Here’s a video which talks about the decreasing role of cash in the global economy.



The number of mobile banking users globally is forecasted to double to 1.8 billion, over 25 percent of the world’s population, in the next four years, according to research by KPMG


Banks tying up with e-commerce platforms


Today many businesses are embracing e-commerce to expand their business and stay connected to their customers globally. With this emerging trend, banks are designing and deploying a range of new e-commerce products to interact with the customer, improve their reach and the quality of engagement.

Snapdeal and HDFC entering into a three-year partnership to launch a co-branded credit card which will drive more purchases as customers will now have a payment mechanism to use for snapdeal and will also open up customer acquisitions in smaller towns for HDFC Bank.

“Banks will have to take cognizance of e-commerce the way it is galloping,” said HR Khan, RBI deputy governor in a report in The Economic Times.

Banks will continue to invest in fin tech, with more banks having an increasing focus on ROI. A significant number of banks will also open up their APIs to the fin tech community in 2016.”–  said Danny Tang, Channel Transformation Leader, Global Banking at IBM


Breaking barriers of truly social banking

Last year, Facebook announced that in America its instant-messaging app will soon allow users to send each other money just as easily as texts and photos. All they need to do is link their debit cards to their Facebook account, tap on a dollar sign in the app, type in the amount and press send. In Asia, messaging apps, such as WeChat and Line, have offered P2P transfers for some time.

Were Facebook to expand its offering internationally and make it truly instant, the impact could be huge. Facebook has 1.4 billion members, its messaging service 500m users. When this comes to India, you can expect nothing short of a revolution.

The lending business

logo1Lending, one of the primary functions of the business, is also changing. Various players like Neogrowth are now using technology to make loan payments hassle free. For example, in Neogrowth’s business model, the repayment is automatic and flexible so that the merchant doesn’t need to pay a fixed EMI. It is based on the merchant’s average card sales.


Threats and challenges

There are many bridges to be overcome in the journey

Let’s take mobile banking for example The weak spot in any mobile-payment system is the point of enrolment when a customer’s existing credit card is linked to the system. This has to be made a fool proof system so that fraud levels do not increase in the mobile environment.

Taking due note of such challenges would ensure that 2016 is called the year of Indian banking transformation

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Top 5 Mobile Apps for Small Business Owners in India


There is a misconception that mobile apps are only for end-consumers. There are a whole range of mobile apps in the productivity, storage and financial services space for example which small businesses can also use. This article lists the top five based on our understanding of the most pressing needs of SME’s in India.

 1. Expensify


Expensify is a well organised, paperless cloud-based expense report solution mobile application. Expensify allows the users to sync their credit cards and bank accounts with the system, so expenses are tracked and recorded automatically, which is much easier.

Expensify includes various features like administration, compliance, expenses, receipts, mobile access and integrations. This mobile app even organizes expenses by trip or by payment method where users can keep track of their expenses and miles travelled all at once.  The user can upload or email the receipt image. The expensify mobile app makes the uploading process so easy that the user can do it anywhere. There is an unlimited amount of storage for receipts to ensure that no expense goes unaccounted. Expensify supports the popular accounting software Quickbook and is also available on iphone, android, blackberry devices.

2. Basecamp


Basecamp is perfect for small business owners who want to control some of the chaos. The mobile app is designed to help teams finish projects together while allowing for different roles, responsibilities, and objectives.

Basecamp is among the top project management mobile application software options for small businesses. Whether your project is big or small basecamp helps you to manage all. It is the only project management app which allows managing single page projects. The user can have a quick look on single or multiple projects. The interface includes sharing files, scheduling appointments, discussing projects, calendars and to-do lists. Basecamp mobile app is easy to afford, as they offer five different plans which can be selected according to your need and budget.

If you are a business owner, whether big or small, Basecamp helps you to stay on top of every project. You can keep a track on who is doing what, assign work, review day summary, review the work, and evaluate pending tasks – all under one roof.

3. Dropbox


Dropbox is one of the most popular free online file storage/ sharing services. It allows you to simply store and share documents, videos, and photos and access them anywhere anytime on any device when you need them. The user can install the Dropbox mobile app on their smartphone for easy and quick access to the files

Dropbox can be very useful for Small business owners and their employees. It is important for any business to store important files and data in different places so that in the case of any adversity the data is secured. Being an absolutely free service, it allows the user to retrieve the data or file. It retains the history of the file added and deleted within 30 days.



QuickBooks, the #1 accounting solution for small business, is a smart alternative to spreadsheets. QuickBooks Online simplifies the process even further for small business owners by giving them the freedom to work anywhere from a smartphone or computer with the QuickBooks mobile app. Quickbooks is synonymous with small business accounting. It is designed for small businesses aiming at helping users to manage each of their accounting functions, including accounts payable, accounts receivable, sales invoicing, expense billing, credit card management and financial reporting.Quickbooks mobile app allows the user to access the business finance anytime, anywhere and on any device. It supports all devices- mobile, desktops and tabs. QuickBooks mobile app is a well organised and searchable service which offers you all the details in one place. It also tracks every sale you make and every expense you incur.

5. ICICI Net Banking App


Although we have taken the example of ICICI, any banking mobile application has become a must for any small business owner in India. ICICI Net Banking App or ICICI Bank iMobile is the most comprehensive and secured official mobile banking app by ICICI bank. With ICICI Bank iMobile any user can practically perform all the internet banking transactions on mobiles phones .The application allows business owners to transfer funds to ICICI and Non ICICI Bank accounts, check account balance, pay utility bills and taxes and such other services.  Customers can also pay insurance premium through this facility. ICICI Bank offers this facility free of charge to customers.

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Or Give Missed Call @ 08080861166