Lendingkart, Bank of India to co-lend this much credit under Mudra loans to MSMEs | The Financial Express

Lendingkart, Bank of India to co-lend this much credit under Mudra loans to MSMEs

Credit and finance for MSMEs: Harshvardhan Lunia, CEO & Founder at Lendingkart said, “Our growing partner base comprising of marquee banks and co-lenders are enabling us to take a step forward towards realizing our aspiration of strengthening MSMEs through an effective collaboration.”

Lendingkart, Bank of India to co-lend this much credit under Mudra loans to MSMEs
Founded in 2014, Lendingkart has disbursed over 11,500 crore loans to more than 1.6 lakh MSMEs.

Credit and finance for MSMEs: Digital lending platform Lendingkart has partnered with public sector lender Bank of India for a co-lending agreement to cater to the growing credit demand from the MSME sector. The tie-up with lead to last-mile collateral-free finance to over 5,000 customers with disbursals of Rs 1-10 lakh loans up to Rs 250 crore under Mudra loan. Lendingkart said it will use its technology platform 2gthr for disbursing credit. 2gthr is a co-lending software-as-a-service (SaaS) platform by the company built for banks and NBFCs to onboard within two weeks and give loans to MSMEs. 

“The partnership will enable Bank of India to leverage Lendingkart’s technological capabilities with the assistance of platforms such as ‘Xlr8’ for Zero-touch and ‘Cred8’ for underwriting business loan applications using cash-flow-based assessment. Similarly, Lendingkart will gain access to the Bank of India’s liquidity to support its vision of financial inclusion,” Lendingkart said in a statement. 

Harshvardhan Lunia, CEO & Founder at Lendingkart said, “Our growing partner base comprising of marquee banks and co-lenders are enabling us to take a step forward towards realizing our aspiration of strengthening MSMEs through an effective collaboration.”

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Founded in 2014, Lendingkart has disbursed over 11,500 crore loans to more than 1.6 lakh MSMEs. The company is backed by Fullerton Financial Holding (FFH) (100% subsidiary of Singapore Sovereign Fund Temasek Holdings), Bertelsmann, Mayfield India, Saama Capital, etc., with around Rs 1,050 crores of equity raised till date. 

Meanwhile, banks had deployed Rs 17.99 lakh crore to MSMEs in October 2022, up 20.3 per cent up from Rs 14.95 lakh crore deployed in October 2021 while in September 2022, the total MSME credit deployed was Rs 18.55 lakh crore, according to the RBI’s latest data on sectoral deployment. India’s overall digital lending recorded a 216 per cent jump in the second quarter of the current fiscal to Rs 14,016 crore from Rs 4,435 crore during the year-ago period, according to a report by the Fintech Association for Consumer Empowerment (FACE).

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First published on: 01-12-2022 at 18:20 IST