New Delhi: Lendingkart Technologies, India’s leading fintech platform, today announced that it’s a wholly-owned subsidiary, Lendingkart Finance has partnered with Bank of Maharashtra for co-lending of business loans to MSME borrowers across India. Through this partnership with India’s premier public sector bank, Lendingkart aims to make economical credit available to MSME borrowers at their doorstep powered by the ‘zero touch’ technology platform Lendingkart ‘2gthr’.
Lendingkart ‘2gthr’ enables Banks and NBFCs to seamlessly onboard and disburse unsecured business loans to MSME borrowers across India in a live environment. The ‘2gthr’ platform enables co-lenders to underwrite business loan applications using cash-flow-based assessment model ‘cred8’ with high-end dashboards depicting end-to-end funnel visibility on loans in various stages. Under this arrangement, the Bank of Maharashtra will also leverage Lendingkart’s origination platform ‘xlr8’ to distribute MSME loans sourced through multi-channel strategies supporting its vision of financial inclusion.
Commenting on the Partnership, A S Rajeev, Managing Director & CEO, Bank of Maharashtra said, “The partnership under the Co-Lending arrangement will result in significant disbursement under Priority Sector Lending and it will make available funds to the ultimate beneficiary at an affordable cost. Bank of Maharashtra is fostering such arrangements and adopting digital channels to facilitate seamless credit delivery. This partnership will pave the path for sustainable growth of the Bank’s MSME credit portfolio. The customers will also be benefited by cost-effective loans in unserved and underserved areas.”
Harshvardhan Lunia, CEO & Co-founder at Lendingkart said, “We aim to enhance financial inclusion to complement Reserve Bank of India vision and enable MSME borrowers to achieve higher growth in their respective sectors. Bank of Maharashtra will support Lendingkart in addressing the credit gaps existing in the financial services market and together we aim to solve and contribute to the GDP growth of the country. We are well prepared to leverage this partnership to achieve common objectives to serve the MSME segment in India”
Lendingkart has been at the forefront in leveraging various digital tools such as video KYC, participating with India stack, e-NACH, e-sign, and others. This has tremendously enhanced Lendingkart’s capability to deliver its offering to the remotest locations in the country. Lendingkart extends its services pan India with no branch presence. It is supported by a world-class technology infrastructure that allows zero physical touchpoints, a customer-centric and transparent loan process for borrowers as well as lending partners. Lendingkart’s underwriting model is not limited to a traditional financial basis, and instead adopts a holistic approach of evaluating alternate customer data e.g. bank data and GST data to estimate the customer creditworthiness. The underwriting is based on its proprietary machine-learning model working on close to 5,000+ variables for each loan, which has resulted in strong portfolio performance.
