In a move set to redefine loaning to farmers, Maharashtra State Cooperative Bank has unveiled a new App developed by Bengaluru’s tech boys which makes it possible to give loan in flat 5 minutes.
Explaining the new scheme, MSCB’s Admin Board Chairman says “A farmer usually stores his produce in the nearby warehouse, which in turn gives him a receipt of the same. The farmer has to upload the receipt to get an instant loan, Anaskar added.
Inspired by the Chinese idea of “loan in 2 minutes”, MSCB contacted the indigenous tech team and finally settled with a Bangalore software company to fulfil its goal of effortless loan to farmers.
“A farmer has just to upload his photograph along with the receipt received from the warehouse to complete the process. It has been kept simple to support seamless disbursal of funds”, underlined Anaskar.
The best part is there is no human interaction in the process, says Anaskar. He also claimed that 9% interest, being charged for this loan is one of the lowest in the market.
