NEW DELHI: Small Industries Improvement Financial institution of India (SIDBI) on Saturday partnered with fintech portal Onion Life to make use of its know-how platform KarmaLife for a pilot to offer small enterprise loans to gig employees.
With the fast progress of the gig financial system in India, offering reasonably priced and accessible monetary assist to non-salaried gig employees, who present companies by gig platform aggregators, has change into extra important.
“SIDBI is dedicated to utilizing the most recent digital know-how for offering reasonably priced credit score to completely different classes of micro-enterprises to gasoline the entrepreneurial aspirations throughout the nation. On this regard, the partnership with Onion Life will assist us perceive and help the brand new and rising enterprise class of gig employees,” stated S Ramann, CMD, SIDBI.
KarmaLife will assist gig employees entry micro-loans by way of a cell app whereas chopping down the trouble of intensive paperwork or bodily documentation. The know-how course of will make it simpler for gig employees to handle the liquidity wants of their enterprise actions.
Ramann famous that the pilot will even assist in “growing an institutional mechanism for evaluation of credit score threat” of the gig financial system.
“We’re excited to be related to SIDBI to empower gig employees with the monetary assets they should thrive within the gig financial system. Our mission is discovering efficient options to assist gig employees effectively handle liquidity for his or her enterprises,” added Rohit Rathi, Co-founder and CEO, Onion Life.
