MSMEs in India have multiple EMIs and face the problem of requiring short term money to pay their EMIs at least once in a year. They resort to banks or local money lenders for short term loans which takes longer to process and have an impact on credit score. Banks charge an average interest of 1.2% for late EMI payment along with additional penalty charges and local market go as high as 4% per month for quick financing.
Also, many MSMEs have multiple bank accounts and find it difficult to manage expenses/payments across all.
Understanding the working of Bank loans, Charge Cards, and Currently available solutions were required to decide the lending policy of mewt.
Understanding the dynamics of MSMEs and their problems was essential to designing the features of the app. We conducted a survey which was participated by 16 established MSMEs and 3 Bank Managers.
Brainstorming for the app features, making the app, and integrating the AI models (Toughest!).