{"id":2019,"date":"2024-09-20T00:10:08","date_gmt":"2024-09-20T05:10:08","guid":{"rendered":"https:\/\/www.credacc.com\/insights\/?p=2019"},"modified":"2024-09-24T00:38:12","modified_gmt":"2024-09-24T05:38:12","slug":"top-6-features-and-benefits-of-a-next-gen-sme-loan-origination-system","status":"publish","type":"post","link":"https:\/\/www.credacc.com\/insights\/blogs\/top-6-features-and-benefits-of-a-next-gen-sme-loan-origination-system\/","title":{"rendered":"Top 6 features and benefits of a next-gen SME Loan Origination System"},"content":{"rendered":"\n\n
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In India, Small and Medium Enterprises (SMEs) are the backbone of the economy, contributing to about 30% of the country\u2019s overall GDP<\/a><\/span><\/span> and employing over 11 crore people. Despite their growing significance in the market, accessing timely finance has been challenging for SMEs. They rely on formal (banks and financial institutions) and informal lending channels to ensure availability of capital. The traditional loan origination systems used by these lenders often leave SMEs waiting for months, unable to keep pace with their evolving requirements and potentially costing them crucial growth opportunities.  <\/p>\n

This is where the MSME lenders need a next-gen loan origination system to not just meet but also exceed the expectations of today\u2019s promising businesses. For Indian banks and NBFCs, implementing a modern, innovative and customer-centric loan origination system (software platform) is essential to bridge this credit gap. <\/p>\n

In this blog, we will:<\/p>\n