Foodtech giant Swiggy, which battles with Zomato, said it has facilitated the disbursement of loans worth Rs 102 crore to its delivery partners in the last twelve months. The company said Rs 10.1 crore of this total was disbursed in November alone.
“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” said Mihir Shah, Head of Operations at Swiggy.
No cap on loan applications
Swiggy has established partnerships with Betterplace and Refyne to streamline the loan process for its delivery partners. The company has not capped the number of loans a delivery partner can apply for as long as they maintain a good repayment history.
According to Swiggy, the policy has enabled partners to take loans up to three times on average during their tenure with Swiggy, offering them considerable financial flexibility.
What is Hospicash policy?
Swiggy has recently introduced the Hospicash policy in partnership with Reliance General Insurance. Swiggy said the policy provides coverage in various scenarios, including death, partial or temporary disability, and hospitalization.
While the premium is set at 1% of the loan amount, The food delivery company said the policy acts as a safety net, ensuring that in the event of an incident, the financial burden of repaying the loan does not fall on the delivery partner or their family.
“Like with the recently launched Hospicash policy, where their loans are insured against any hospitalization, taking off the pressure to repay during an emergency,” Shah added.
Guiding applicants
Swiggy said the loan applicants are guided through informative messages, loan confirmation, and document support. The company is also planning to address reservations about loans among its partners.
It has established a dedicated Central Insurance team, alongside the Loan service and Insurance customer service team, to address any concerns or complaints, ensuring a supportive environment for its delivery partners.
The company recently appointed Anand Kripalu as an Independent Director and its Board of Directors Chairperson.
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