There is a sense of foreboding associated with obtaining loans. The process is so complex that many people are either put off by it or are forced to choose the wrong options and face disappointment.
There are several incidents where the brackets and criteria do not cover many otherwise eligible candidates like small and medium enterprises (SMEs) and freelancers.
Ex-bankers and colleagues at Axis Bank, H.D. Sheriff and Jyotsna Vasudevan would see several eligible SMEs running from pillar to post to get their working capital or any urgent finance requirements. They are either denied timely finance or are rejected when the SME does not meet the bank's parameters.
The duo set up Quikrupee in Chennai to solve this problem and help SMEs get timely finance from the right lender. It is an online portal for distribution of financial products for SME financing, like business loans, working capital loans up to Rs 5crs, and personal finance.