Microfinance institution Shakti Foundation in collaboration with Delivery Tiger, a logistics platform, launched ‘e-Loan’ product for online entrepreneurs.
The ‘e-Loan’ allows small and medium online retailers to get loans of up to Tk 500,000 within five to seven working days of application, according to a media release received on Wednesday.
The entire process from loan origination to disbursement and repayment is completely digitised, the release said, adding that it ensures quick access to finance. Moreover, the service charge of this loan is also relatively low compared to MFI standards.
Entrepreneurs, who currently can't apply for SME loans from banks due to trade licence or other document-related issues, can also easily apply for this e-Loan.
Shakti Foundation and Delivery Tiger are hoping that this product will help meet the demand of working capital for online SMEs, read the release.
An agreement regarding e-Loan was signed on 28th February at the Head Office of Shakti Foundation in Dhaka. Imran Ahmed, Deputy Executive Director of Shakti Foundation, and A K M Fahim Mashroor, Chief Executive Officer of Delivery Tiger, were present on the occasion.