Eko has come up with a unique solution to help partners reach their optimum business potential. Through Lending 2.0, Eko is furthering its ambitions of providing financial freedom to its merchants and distributors by enabling them to achieve higher standards of business performance. Eko’s Lending 2.0 is an online loan approval platform for its merchants.
What is Lending 2.0?
As part of the regular business format, Eko merchants who want to get eValue from Eko, investment some amount with the company. This requires access to some monetary funds. Sometimes, merchants face a monetary crunch impacting their capacity to get eValue from Eko. Many of these merchants have a strong flow of walk-ins at their outlets and lack of funds hampers their otherwise steady business volume. For such partners, Eko has launched a unique loaning facility called Lending 2.0.
Why was this product needed?
Traditionally, an Eko merchant who wanted a loan could get one if he was eligible, through Eko’s lending partners. The merchant would have to go through the regular process of filling out loan applications to multiple lenders and wait for it to be sanctioned. The process was complicated, and the disbursement took a long time. Not to mention, many good merchants with a regular customer flow would not qualify the loan requirements.
Who does it benefit and how?
Through Lending 2.0, Eko offers its merchants and distributors the opportunity to go to the company portal and avail a loan of preference. Unlike traditional banking systems and formal lending channels, Eko’s offering provides the merchants with the power to choose!
Lending 2.0 works on an automated online lending format with customised options that suit the borrowers’ capacity. Eko’s online platform connects the borrowers with the lenders while providing them with lower interest rates. It also covers those merchants who were not eligible for bank loans. The process ensures a much faster approval on loans due to the entire chain being online. The offering gives priority to security as Eko utilises the latest technology ensuring all customer details are safe and there are no data breaches.
To avail a loan, a merchant can go to the portal and choose from an array of banks by looking into the loan amount they offered, the interest rates and the loan tenure. They can choose the bank they prefer themselves. It is not only a highly democratic and transparent process of loan approval but also a highly efficient one. The merchants can upload all the required documents online which can be quickly verified by the lenders. They can check the status of their request too. All this enhances the agility of the process, leading to merchants receiving much faster funding.
The market is abuzz with positive feedback around Lending 2.0. With the customised approach, the offering covers far more merchants than the traditional methods. The company has seen an increase of XX% in the number of borrowers per month after the launch of Lending 2.0. Currently, Eko has 6 lending partners active on its online platform and the company may plan to add more to the mix.