Over the last few months we have spoken to a lot MSMEs. The goal was to understand what keeps them up at night. Around 80% of them are simply worried about their monthly GST dues that they have to clear on the 20th of every month. Most of the entities we spoke to are small and medium businesses and include proprietorship to partnership firms to private limited companies. Most of them have receivables way more than their GST dues. They needed a small loan for paying their GST dues and we thought we could help them.
JiT Finco‘s GST BillPay Loan Product is for micro and small businesses that need help to pay their GST dues. It is designed to eliminate most of the friction from the loan process. A small business owner only needs to provide us with KYC documentation, last 6 months GST transaction data and value of his 90 day receivables and we use the data to make a loan decision almost instantly. Post the loan decision, the SME owner will sign the loan contract and can create a GST Challan for the payment to be made. JiT Finco will pay the amount on the GST portal against the SMEs GST challan and convert that amount to a loan for the SME.
GST Loan Product Summary
We offer this for MSMEs with GST Number
Loan for GST payment only
Payment will be made against the challan directly
Average Tenure – 90-120 days
Interest Rate – 11-16%
Collateral Required – No
If you are an MSME and want to avail this loan for making your GST payment, please WhatsApp us on +91 84310 75020 or write to us at hello@jitfin.co
