The online platform is offering its technology solution to NSIC to access the loan applications of small entrepreneurs and eradicate the uncertainty of loan rejections
Rubique, the one-stop online marketplace providing technology enabled end-to-end solution to financing needs of MSMEs, has signed an agreement with National Small Industries Corporation Limited (NSIC), a Mini Ratna Enterprise of Ministry of Micro, Small and Medium Enterprises, Government of India, that renders integrated support to MSMEs. The MOU between Rubique & NSIC was signed during the inauguration ceremony of NSIC’s Finance Facilitation Center at Bangalore held in Peenya Industrial Association Centre.
Rubique and NSIC will create an interface which will ease credit facilitation for MSMEs by allowing quicker decision making and evaluation.
NSIC has been providing integrated support to MSMEs catering their diverse needs in areas of Marketing, Credit, Technology and other Support Services. In its endeavors of facilitating MSMEs, NSIC synergizes with various players in the sector and for facilitating credit it has tie-up arrangements with 33 public and private sector banks and FIs. NSIC team is relentlessly working towards facilitating MSME segment meet their credit requirements and now this tie-up between NSIC – Rubique will bring in the technology interface by way of the online platform, to strengthen NSIC’s endeavor.
Rubique, which provides an end-to-end loan fulfillment through its 60+ tie-ups with financial institutions, envisages to fulfill larger segment of SMEs by joining hands with NSIC and adding its 33+ banks and financial institutions to offer wide array of loan products to SMEs. Additionally, Rubique’s matchmaking algorithm would bring more certainty in the process by doing first level qualification check of the application by matching borrower’s eligibility with financial institutions’ lending criteria on the website itself.
The details entered on the website will be transmitted to NSIC to enable real-time tracking of the cases across all their branches pan India and allow faster decision making at financiers’ end. Thus making the entire process faster & smooth for all stakeholders involved. The website will be launched soon.
The NSIC members as well as new MSMEs to NSIC can apply through this co-branded website their funding requirements
Commenting on this partnership, Manavjeet Singh, founder and CEO of Rubique said, “Small firms in the country have always had a tough time in raising finance for their business activities. They run from pillar to post to get their working capital or any urgent funding requirements fulfilled. A majority of times they are either clueless of which bank to approach or are simply denied finance as they fail to meet the criteria of the financial institutions. The rejection rates are quite high in this space. With the association with NSIC, we will be able to reach out to larger base of MSMEs & provide them the technology solution to find a right deal for their financing requirement. This would be a moment where startup India would help flourish skill in India with help of Digital India initiative.”
At present, Rubique is providing its services in the cities of Mumbai, Pune, Delhi-NCR, Bangalore, Kolkata and Hyderabad and will eventually spread out its geographical boundaries in other cities as well. Apart from business expansion, Rubique is also emphasizing on promoting the government’s ground-breaking campaigns like Digital India through this consolidated online platform to provide a seamless experience in online credit facilitation to MSMEs. As an ardent supporter of ‘Startup India, Standup India’, Rubique is one of the very few startups in the country encouraging Skill India by providing training to empower influencers in the ecosystem to become financial entrepreneurs under its Business Associate Program and increase their earning capability.
NSIC is constantly working towards improving processes in line with Hon’ble Prime Minister’s vision of Digital India, and same has been appreciated across ministry as well. Sh. Nilesh Mitash, Principal Secretary to Government of Karnataka (MSMEs & Mines) who was present during inauguration ceremony stated that NSIC’s initiative of online Finance Facilitation Centre is another thoughtful innovative service which will enhance the competence of MSMEs.
On partnership with Rubique, Mr. Ravindra Nath, Chairman & Managing director – NSIC said, “Finance has always been a major issue for the MSMEs, thus making finance facilitation a crucial subject of intervention for NSIC. This tie-up with Rubique will be another of an on-line initiative of NSIC and would facilitate MSMEs with easy access to finance while saving ample amount of time and without any additional cost. It would help us improve their competitiveness of MSMEs in the country.”
Building synergies with Rubique and offering its technology platform to MSMEs will also help NSIC align its efforts to promote Digital India initiative. After Bangalore Online Finance Facilitation Centre, NSIC soon will be opening similar centers at Ludhiana, Guwahati, Lucknow, Ahmedabad, Mumbai and Delhi.