Bank of India Introduces BOI Trade Easy to MSMEs

1. Initiative Overview

• Bank: Bank of India (BOI)
• Service Introduced: BOI Trade Easy - a quick loan service.
• Partner: Cashinvoice, a technology firm in supply chain financing.
• Key Objective: To offer faster access to credit among Micro, Small, and Medium Enterprises (MSMEs).

2. Key Features & Benefits

• Speed: The platform is able to give loans within 30 minutes which is a massive cut off the time-consuming process of 15-30 days of the traditional process.
• Procedure: It is based on automated credit evaluation, which provides borrowers with a quicker, more transparent, and efficient procedure.
• Target: BOI expects to make available 1,000 crore working capital loans via this platform in 4-6 months.
• Outreach: This project will have a potential of benefiting more than 2 lakh MSMEs.

3. About the Partners

• Bank of India:
  • Founded: 1906
  • Headquarters: Mumbai
  • MD & CEO: Rajneesh Karnatak
  • Slogan: Relationships Beyond Banking.
• Cashinvoice:
  • The co-founder and CEO is Arun Poojari.