Swiggy, the prominent online food delivery platform, reported on Tuesday that it has been instrumental in facilitating the distribution of loans totaling INR 102 crore over the past 12 months. Impressively, a noteworthy sum of INR 10.1 crore was disbursed in November alone.
Swiggy has collaborated with Betterplace and Refyne to facilitate the provision of these loans.
Delivery partners are not restricted in the number of loans they can apply for, as long as they uphold a positive repayment track record. This policy has empowered delivery partners to secure loans, on average, up to three times throughout their association with the platform, as stated by the company.
“Our loans initiative isn’t just a programme, 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” Mihir Shah, Head of Operations, at Swiggy, said in a statement.
Swiggy has recently unveiled the Hospicash policy in collaboration with Reliance General Insurance.
The policy provides coverage to the delivery partner in circumstances such as death, partial or temporary disability, and hospitalization.
The premium for this policy is established at a nominal 1% of the loan amount.
Swiggy additionally provides extensive assistance to educate and raise awareness among its delivery partners regarding both the Hospicash policy and the loan application process.
New loan applicants receive assistance through informative messages, confirmation of loan details, and support in document submission. The company also intends to educate individuals with reservations about taking loans.
Furthermore, Swiggy stated that a specialized Central Insurance team, in conjunction with the Loan service and Insurance customer service team, is accessible to address any concerns or complaints.
