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Swiggy facilitated disbursement of Rs 102 crore in loans to delivery partners
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Thursday, 14 December, 2023, 13 : 00 PM [IST]
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Our Bureau, Bengaluru
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Swiggy, India’s leading on-demand convenience platform, first started enabling delivery partners with loans in 2019. In the last 12 months, the company has facilitated the disbursement of loans worth Rs 102 crore of which Rs10.1 crores was disbursed in November alone.
The company, which receives over 1.5 lakh loan applications monthly, has partnered with Betterplace and Refyne to enable loans. There is no limit to the number of loans delivery partners can apply for, provided they maintain a good repayment history. This has enabled delivery partners to take loans up to 3 times on average during their tenure with the platform.
Recently, it introduced the Hospicash policy in partnership with Reliance General Insurance. This policy offers coverage to the delivery partner in situations such as death, partial or temporary disability, and hospitalisation. Notably, the premium for this policy is set at a minimal 1% of the loan amount. The hospicash policy stands as a safety net, ensuring that in the event of an incident, the financial responsibility to pay the EMI or the remaining loan amount does not fall upon the delivery partner or their family.
Mihir Shah, head of operations, Swiggy, said, "Our loans initiative isn't just a program, it's another way of looking out for our delivery partners. Personal emergencies, needs, and aspirations often need quick access to funds. We’re glad that our delivery partners trust Swiggy for having their backs. Like with the recently launched Hospicash policy, where their loans are insured against any hospitalization, taking off the pressure to repay during an emergency.”
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