Sidbi Udyamimitra

SIDBI (Small Industries Development Bank of India) has introduced a new portal

www.UdyamiMitra.in. The main objective is to help the MSMEs (Micro Small Medium Enterprises) with easy and secure access to financial and non-financial services. The following are the positive impacts of SIDBI’s UdyamiMitra portal:

• Availing of Enterprise Loans (any type). For instance,
  • MUDRA Loan (up to Rs. 10 Lakhs)
  • Stand-Up India Scheme (From Rs. 10 Lakhs to Rs. 100 Lakhs)
  • SME Loans (up to Rs. 10 crores)
• Access to all the knowledge material and ideas
• Easy and direct access to all branches of banks
• Direct connection to Handholding agencies totaling more than 17,000 agencies. The handholding agencies help in filing of applications, providing financial training, training in various skills, and providing easy access to the subsidy or margin money.
• See all the lenders in an area and ability to select the preferred lender.
• Wider access to banks – A single application in the UdyamiMitra portal allows access to all participating banks.
• The loan application form is standardized across the nation and is completely online thus enabling “Any time Anywhere” application
• Complete transparency in viewing the status of the proposal and tracking the progress.

Important Features of UdyamiMitra portal:

Platform to match Loan seekers and Lenders – This is a one of a kind portal where MSME loan seekers can connect virtually to Lenders and Handholding agencies. The UdyamiMitra portal can accept different types of MSME loan applications. The ceiling level for MSME loan is 10 crores at present. The aim of the portal is to be the interface between loan seekers and lenders and providing the all-important support system. Access to Financial Services– The UdyamiMitra portal provides access to about 1.25 lakhs branches of banks. These banks include:

• Public Sector Banks
• Private Sector Banks
• NBFCs
• Foreign Banks
• Small Finance Banks and
• Fintechs

The portal standardizes the pre-sanction process of various banks such that the borrowers have a much easier and simpler way to apply for loans. It is designed like a virtual market place where banks can compete in loan delivery and choose applicants based on their preferences stated online. The bankers or lenders do the “Peruse, Pick and Process” (P3) method on loan applications offline and can mark rejections online.

Access to Non-Financial Services- The portal also provides access to over 17,000 hand holding agencies that help with applying for loans and processing of loans in a shorter time. The borrower can select a handholding agency operating in the area around the proposed enterprise. The handholding agencies are also categorized based on their areas of expertise to search and select the agency. Some of these categories are:

• Application Filing
• Financial Training
• Skill Development etc.

Online Registration and Login – The applicant is directed to register online and then login securely into the portal. Based on the information provided by the applicant, the system intelligently segregates the borrower into two types:

• Trainee: Such applicants do not have much knowledge and experience and hence need training and assistance before they can be ready. Trainees are guided to the handholding agencies.
• Ready Borrower: These applicants have enough knowledge and can directly contact the lenders. Ready Borrowers are guided to the Direct Loan Application Module.

Once the borrower applies in the Direct Loan Application Module online, an immediate SMS and email confirmation of the loan application is sent to the applicant. The loan application is directed to the preferred bank selected by the borrower or applicant. Moreover, the Nodal officer and Lead District Managers of the particular bank are also notified online. The complete loan application process is made transparent to all the stakeholders: Applicants or Borrowers, Bank officials or lenders, Handholding agencies, SIDBI and other Government agencies.