Zomato, InCred join together for loans with zero processing fees to restaurants

• ByStartupStory     |    September 18, 2021

Zomato and InCred joined together to help cash-strapped food businesses, operating under the Zomato across India, by offering zero processing fees on credit from 1st September 2021 till 31st October 2021. The collaboration will support over 50,000 businesses working with Zomato to overcome any credit crunch with tailor-made solutions.

Within a year, the advent of the COVID-19 pandemic has unfavorably affected the food delivery industry. As the economy opened, the business is back on track to pre-covid levels. Yet, the restaurants still face challenges in terms of working capital crunch due to factors like lack of staff, different restrictions in different states, vaccination of staff, etc.

InCred, a new-age financial service platform provides an effortless digital journey of acquiring the loan and doesn’t involve any leaden paperwork. The simple eligibility criteria require the businesses in need of credit to be listed on Zomato for at least six months and have a monthly business of Rs 30,000 to benefit from the offer.

“Millions of loans are sanctioned in India every day but dated policies make financial inclusion a problem for many. At InCred we have always been determined to make credit more accessible. Currently, the industry charges 2 to 3 percent of the total loan amount as processing fees, which can be a deterrent and a dampener for those really in need of taking a business loan. Our partnership with Zomato to extend zero processing fee loans will help such small businesses and restaurants to bounce back”, Saurabh Jhalaria, CEO, SME Business, InCred, said,

The Non-Banking Finance Company (NBFC) focuses on consumer loans, education loans, and SME loans. Using technology and data science, the credit provider is redefining lending, making it quick, simple, and hassle-free.

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