Swiggy, India’s leading on-demand convenience platform, first started enabling delivery partners with loans in 2019. In the last 12 months, Swiggy has facilitated the disbursement of loans worth Rs.102 Crores of which Rs.10.1 crores was disbursed in November alone.
Swiggy, which receives over 1.5 lakh loan applications monthly, has partnered with Betterplace and Refyne to enable loans. There is no limit to the number of loans delivery partners can apply for, provided they maintain a good repayment history. This has enabled delivery partners to take loans up to 3 times on average during their tenure with the platform.
Swiggy Launches An Industry-First Hospicash Policy For Delivery Partners
Swiggy has recently introduced the Hospicash policy in partnership with Reliance General Insurance. This policy offers coverage to the delivery partner in situations such as death, partial or temporary disability, and hospitalization. Notably, the premium for this policy is set at a minimal 1% of the loan amount. The hospicash policy stands as a safety net, ensuring that in the event of an incident, the financial responsibility to pay the EMI or the remaining loan amount does not fall upon the delivery partner or their family.
“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. “Like with the recently launched Hospicash policy, where their loans are insured against any hospitalization, taking off the pressure to repay during an emergency.”
Swiggy offers comprehensive support to educate and create awareness among its delivery partners about the Hospicash policy and the loan application process. New loan applicants receive guidance through informative messages, loan confirmation, and document support. Swiggy also plans to educate those with reservations about loans. Additionally, a dedicated Central Insurance team, alongside the Loan service and Insurance customer service team is available to address concerns or complaints.