Latest news with #CRIF
Finextra
2 days ago
- Business
- Finextra
Mifundo and Crif unite to create Swiss credit information network
Mifundo, the fintech building Europe's unified cross-border credit data platform, today announced a strategic partnership with CRIF Switzerland, the leading Swiss provider of credit risk management solutions. 0 The collaboration integrates CRIF's comprehensive Swiss credit data with Mifundo's pan-European network, enabling European banks to gain instant access to Swiss credit information when serving Swiss mobile professionals. The partnership addresses a significant gap in European financial mobility. Swiss professionals working across Europe often face lengthy verification processes when applying for banking services, as European banks cannot easily access their Swiss credit histories. Through this integration, European banks can access comprehensive Swiss credit data instantly via Mifundo's platform. "Adding Swiss data to our platform represents another crucial step toward making banking truly borderless across Europe," said Kaido Saar, CEO of Mifundo. "Swiss professionals contribute significantly to Europe's economic dynamism as they work across European countries. This partnership advances our mission of creating a passportable financial identity that works everywhere in Europe by ensuring people's credit history follows them wherever they go." Daniel Gamma, Director Corporate Sales at CRIF Switzerland, commented: "With over 30 years of experience serving financial institutions, we recognize the strategic importance of enabling seamless cross-border credit assessment. Our partnership with Mifundo marks a significant milestone in advancing European financial integration. This collaboration empowers European banks with access to reliable Swiss credit data through a unified platform, essential for enabling financial inclusion. We're proud to leverage our expertise to build infrastructure that not only benefits financial institutions but also supports the dynamic needs of mobile professionals' The technical integration maintains full compliance with GDPR and Swiss data protection standards while providing banks with reliable information for confident lending decisions. Mifundo's experience has shown up to 7x reduction in credit risk and 15% increase in business volume for banks using reliable credit histories to serve cross-border customers. CRIF Switzerland brings three decades of market expertise and proven infrastructure serving thousands of financial institutions to the partnership. The collaboration strengthens Mifundo's pan-European network, whose passportable identity platform now covers over 70% of European population. The partnership supports the EU's broader vision of integrated financial services by connecting national credit systems through robust data infrastructure. Both companies have received substantial validation for this approach, with Mifundo securing €10 million from the European Innovation Council and recognition as Europe's LendTech of the Year 2023.
bnok24
7 days ago
- Business
- bnok24
Suez Canal Bank Partners with CRIF Egypt to Promote Sustainability through Synesgy Platform
Reaffirming its efforts in sustainability, Suez Canal Bank has signed a cooperation protocol with CRIF Egypt to introduce the Synesgy platform. This innovative platform enables clients to evaluate their sustainability performance, aligning with the bank's dedication to adopting Environmental, Social, and Governance (ESG) principles which supports Egypt's 2030 Vision for sustainable development The protocol signing ceremony was attended by Mr. Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, Mr. Shehab Zidan, Deputy CEO and Managing Director, along with heads of Corporate Banking, Corporate Finance & Investment Banking, and Sustainability & Sustainable Finance departments. From CRIF, Mr. Marco Preti, CEO CRIBIS D&B and General Manager CRIF Group, Mr. Manjeet Chhabra, Managing Director CRIF UAE & Egypt, Mr. Emad Kozman, Country Manager CRIF Egypt The partnership underscores Suez Canal Bank's efforts to integrate ESG practices into its operations and empower clients—particularly small and medium enterprises (SMEs)—to assess and enhance their sustainability efforts. Developed by CRIF, a global leader in digital solutions and business information, Synesgy offers a comprehensive suite of tools to evaluate ESG performance and make responsible business decisions Synesgy facilitates the integration of sustainability standards into daily operations by offering key performance indicators and advanced tools for assessing ESG compliance. These features help businesses manage risks, meet regulatory expectations, and align with both local and international sustainability standards. Additionally, the platform enhances companies' reputations, making them more attractive to investors and customers focused on sustainability Suez Canal Bank is ensuring the platform's seamless adoption. To this end, the bank organized a workshop attended by senior executives, department heads, and relationship managers to provide the necessary training and support for clients This initiative reflects Suez Canal Bank's vision to deliver advanced banking services that contribute to sustainable development goals. By empowering businesses to address environmental challenges, the bank is also fostering new opportunities for sustainable economic growth in Egypt Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, emphasized: 'This partnership reflects the bank's dedication to integrating ESG into its banking activities and providing clients with tools to make responsible decisions that enhance their business sustainability Marco Preti, CEO CRIBIS D&B and General Manager CRIF Group, highlighted the importance of this collaboration: 'We are pleased to partner with Suez Canal Bank to introduce the Synesgy platform in Egypt. This is a significant step in supporting businesses to strengthen their sustainability efforts through advanced technology and data, helping them evaluate and improve their ESG performance Google News تابعونا على تابعونا على تطبيق نبض
Time of India
14-07-2025
- Business
- Time of India
Centre scraps fixed highway targets: States to pick priority projects; move aimed at faster execution
Representative image In a major policy shift, the union ministry of road transport and highways has scrapped the practice of assigning fixed construction targets to states. Instead, it will now work jointly with states and collaborate in order to set floating targets for building national highways, expressways, and greenfield corridors, reported ET. Under the new approach, the centre will propose multiple infrastructure projects in each selected state, allowing state governments to choose and prioritise the ones they wish to pursue, moving away from the earlier system where states were required to execute centrally assigned projects. A senior government official told the financial daily that the measure has been taken with the aim of timely completion of projects. And based on the necessary regulatory approvals and progress in land acquisition the floating targets would be set. "The idea is to get projects off the ground to avoid delays that often result in huge time and cost overrun," the official added. This would allow states to cut the duration of project completion, as they can choose to take-up projects with prior basic approvals. "It is a win-win for both Centre as well as states. There will be a bouquet of roads offered to states for development and states will be allowed to proceed with projects where they see some progress," an industry expert was quoted as saying, adding this will help fast-track completion of pending projects also. Though the ministry of road transport and highways primarily oversees national highway construction, via its autonomous agency, the National Highways Authority of India (NHAI), state governments play a key supporting role. They help with land acquisition, resettlement of displaced communities, and securing necessary approvals. For 2025–26, the centre has set a target of constructing 10,000 km of highways, slightly below the 10,421 km goal for 2024–25. Similarly, the road asset monetisation target for the current fiscal year has been revised down to ₹30,000 crore, compared to ₹39,000 crore in the previous year. In addition, the centre provides financial assistance to state governments and union territories (UT's) for the development and upkeep of state roads through the central road & infrastructure fund (CRIF) scheme. For the fiscal year 2024–25, ₹9,030 crore has been allocated under this scheme. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
13-07-2025
- Business
- Time of India
No more fixed highway targets, states can prioritise projects
New Delhi: In a significant shift in strategy, the ministry of road transport and highways has done away with fixed targets for states and will now collaborate with them on floating targets for the construction of national highways, expressways and greenfield corridors passing through states. Under this, the ministry is expected to offer multiple projects passing through each identified state and leave it to states to prioritise work on these projects unlike the existing practice where states have to work on the project assigned by the Centre. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Bank-Repossessed Cars in the Philippines at Bargain Prices! SUV Deals | Search Ads Search Now Undo The focus, instead, will be on ensuring timely completion of projects and hence the idea of floating targets based on the progress of land acquisition and other regulatory approvals, a senior government official told ET. "The idea is to get projects off the ground to avoid delays that often result in huge time and cost overrun," the official added. Live Events This is expected to give enough flexibility to states to pick up projects which can be quickly started since the majority of the basic requirements are in place. "It is a win-win for both Centre as well as states. There will be a bouquet of roads offered to states for development and states will be allowed to proceed with projects where they see some progress," an industry expert said, adding this will help fast-track completion of pending projects also. While construction of national highways is primarily the responsibility of the ministry of road transport and highway, which works through its autonomous body the National Highways Authority of India, states assist the central government with land acquisition, rehabilitation of project-affected people and obtaining various clearances. The government has set the target of constructing 10,000 km of highways in 2025-26, lower than the 10,421 km target set for 2024-25. Even the monetisation target for the current financial year has been scaled down to ₹30,000 crore compared to the target of ₹39,000 crore set for the preceding year. Besides, the ministry of road transport and highways allocates funds for state governments and union territories (UTs) for development and maintenance of state roads under the Central Road & Infrastructure Fund (CRIF) scheme. The ministry has allocated ₹9,030 crore under the scheme in 2024-25.
Business Standard
11-07-2025
- Business
- Business Standard
Eligibility Criteria to Apply for a Business Loan
VMPL New Delhi [India], July 11: A business loan can help fund daily operations, growth plans, or asset purchases for new or established businesses. Lenders assess eligibility based on business age, credit score, financials, and documentation. Strong credit history, stable income, and proper documentation increase your chances of loan approval. Understanding these requirements helps you prepare effectively for a business loan and avoid rejections. This article explains the key criteria Indian lenders use to evaluate business loan applicants. 1. Business Type and Vintage Most lenders require the business to be operational for at least 1 to 3 years. A running business with a proven track record offers assurance of repayment compared to a new ventures. While start-ups may still apply for business loan through special government schemes or startup-focused lenders, traditional institutions prefer stable businesses with consistent revenues and loyal customers. High-risk sectors such as speculative trading or highly seasonal industries may face additional scrutiny or be excluded altogether. 2. Age of the Applicant The age of the borrower, whether an individual or a proprietor, is another criterion. Typically: - The minimum age is 21 years at the time of application. - The maximum age is generally 65 years at loan maturity. This ensures the borrower is legally eligible to enter a financial contract and has sufficient working years left to fulfil the repayment obligations. 3. Credit Score and Credit History Creditworthiness is another important factor in business loan evaluation. Lenders usually check both: - The personal credit score of the business owner(s), especially for proprietorships and partnerships. - The business credit report, if applicable (e.g., from CIBIL or CRIF High Mark for businesses). A credit score of 700 or above is generally preferred, but even slightly lower scores could be considered if the business performance is strong. Delays in existing loans or high credit utilisation may negatively affect eligibility. 4. Business Turnover and Profitability Lenders evaluate the business' financial performance to gauge its repayment ability. Typically, the following parameters are scrutinised: - Minimum turnover requirement (varies by lender, often ₹10 lakh to ₹1 crore per year). - Stable profit margins or positive cash flows. - Recent audited financial statements, bank statements, and income tax returns. 5. Type of Business Entity The legal structure of the business also matters: - Sole proprietors and partnerships may need to provide personal guarantees. - LLPs, Private Limited Companies, or Public Limited Companies must comply with documentation requirements like PAN, GST, registration certificates, etc. - Registered businesses with a legal identity are more likely to be considered favorably due to regulatory transparency. 6. Existing Liabilities Lenders also assess your debt-to-income (DTI) ratio or current repayment obligations. An existing high loan could limit your eligibility for a new loan, even if other criteria are met. They may also check for the following: - Outstanding EMIs or bounced cheques - Unpaid taxes or statutory dues - Legal disputes involving the business These can affect both approval and loan terms, like interest rate or repayment tenure. 7. Collateral (for Secured Loans) For secured business loans, eligibility depends on having valuable assets to offer as collateral. This can include: - Commercial property - Equipment or machinery - Inventory or receivables Lenders may offer higher loan amounts and lower interest rates when backed by collateral. However, many NBFCs and fintech lenders also provide unsecured business loans, subject to stronger financial metrics. 8. Industry Risk and Market Conditions Lenders assess the risk level of your industry before approving a loan, which can influence your estimated EMIs. Sectors such as hospitality, real estate, or entertainment may be seen as higher risk, particularly in volatile markets. As a result, loan approval can be harder or come with stricter terms. Still, a strong business plan and good market standing can boost your eligibility and improve repayment terms. To estimate how loan eligibility factors affect your repayments, you can use a business loan EMI calculator for better planning. 9. Documentation and KYC Compliance Eligibility is not just about financials; complete and accurate documentation is a must. Commonly required documents include: - PAN and Aadhaar - GST registration certificate - Business proof (Shop Act, Udyam registration, etc.) - Income tax returns (usually last 2-3 years) - Bank statements (typically last 6-12 months) - Audited financials and P & L statement Failure to provide valid documents can lead to rejection of loans. Conclusion Being eligible for a business loan goes beyond just meeting minimum income or age criteria. It involves a comprehensive assessment of your business's financial health, operational stability, repayment capacity, and credit history. By understanding and preparing for these eligibility parameters, you are not only increasing your chances of approval but also gaining access to better terms, such as lower interest rates, flexible repayment, and higher loan amounts. For any business, borrowing is not just about accessing capital; it is about leveraging for growth, stability, and long-term success.
