LoanTap Launches BICRI Report Nationwide: A Game-Changer for Credit Assessment in India’s MSME Sector

Empowering micro-retailers with enhanced credit evaluations and paving the way for financial inclusion

27th January 2025, Mumbai: LoanTap, one of India’s leading fintech companies, proudly announces the nationwide rollout of the BICRI (Business Indicator for Credit Ratings in India) Report. This cutting-edge credit assessment tool is designed to revolutionize the way micro-retailers and MSMEs access credit. The full-scale launch builds upon the success of its reveal during the Global Fintech Fest (GFF) in 2024, where the innovative framework was introduced to an enthusiastic response. Over 4,000 inquiries were received during the limited rollout phase, demonstrating the tool’s potential to meet an unmet need in the credit market.

BICRI, an AI-powered framework, evaluates a range of parameters—including financial data, credit history, social metrics, and trade behavior—to deliver an accurate and holistic credit score. It enables micro-retailers and MSMEs to assess their creditworthiness and improve their financial standing while equipping lenders with reliable data for informed decision-making. The initial feedback from GFF reveal was instrumental in refining BICRI further. LoanTap incorporated suggestions from early adopters to enhance the tool’s usability and accuracy. Key improvements include the integration of the Account Aggregator platform, enabling users to securely share bank statements via OTP instead of manual uploads. BICRI is launched with an aggressive price of ₹499 to attract more first time users.

Key Highlights of BICRI Report:

• Holistic Credit Assessment: Evaluates financial data, trade behavior, credit history, and social metrics.

• Account Aggregator Integration: Simplifies the sharing of bank statements with OTP-based access.

• Special Pricing: Available at ₹499 for a limited period to encourage adoption.

• User-Centric Design: Built on insights and feedback from early adopters, ensuring the tool addresses real-world needs.

• Inclusive Financial Ecosystem: Aims to empower underserved MSME sectors and drive financial literacy.

Satyam Kumar, CEO and Co-founder of LoanTap, shared his vision for BICRI:

“We are thrilled to bring BICRI to the national stage, as it represents our commitment to fostering financial inclusion for MSMEs. By leveraging AI and customer feedback, we’ve developed a solution that empowers micro-retailers with actionable insights into their creditworthiness. This is not just about improving access to credit but about creating a sustainable credit ecosystem that aligns with the unique needs of India’s small businesses.”

The reveal of BICRI during the 2024 Global Fintech Fest served as a testing ground for its framework. With an overwhelmingly positive response from industry stakeholders and users, LoanTap prioritized refining the product based on real-world use cases and feedback. This iterative process ensures that the full market launch of BICRI is positioned to address the unique challenges faced by India’s unorganised micro retailers.