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Business News/ Companies / News/  Bank of Maharashtra, Lendingkart partner to offer small-ticket MSME loans

Fintech company Lendingkart on Tuesday said it has partnered with Bank of Maharashtra to co-lend business loans to micro, small and medium enterprises (MSME). Through this partnership, Lendingkart aims to make economical credit available to MSME borrowers at their doorstep powered by the ‘zero touch’ technology platform Lendingkart ‘2gthr’.

Lendingkart explained ‘2gthr’ enables banks and NBFCs to seamlessly onboard and disburse unsecured business loans up to 10 lakh to MSME borrowers across the country in a live environment. The platform also 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.

“We aim to enhance financial inclusion to complement Reserve Bank of India's vision and enable MSME borrowers to achieve higher growth in their respective sectors," said Harshvardhan Lunia, CEO and co-founder, Lendingkart. “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," Lunia added. 

Under this arrangement, 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.

“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 bank’s MSME credit portfolio. The customers will also be benefited by cost effective loans in unserved and underserved areas," said A S Rajeev, managing director and CEO, Bank of Maharashtra.

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Updated: 25 Jan 2022, 12:38 PM IST
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