Bank of Maharashtra partners with Lendingkart to offer low-cost loans to MSMEs
Fintech company Lendingkart said on Tuesday that it has partnered with Bank of Maharashtra to co-lend loans to micro, small and medium enterprises (MSMEs). Through this partnership, Lendingkart aims to make cost-effective credit available to MSME borrowers at their doorstep, powered by the Lendingkart “2gthr” zero-touch technology platform.
Lendingkart explained that “2gthr” allows banks and NBFCs to seamlessly integrate and disburse unsecured commercial loans up to ₹10 lakh to MSME borrowers across the country in a real environment. The platform also allows co-lenders to underwrite business loan applications using the “cred8” cash flow based valuation model with premium dashboards outlining credit visibility. end-to-end funnel on loans at different stages.
“We aim to improve financial inclusion to complement the 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 of Lendingkart. existing credit gaps in the financial services market and together we aim to solve and contribute to the country’s GDP growth. We are well prepared to leverage this partnership to achieve common goals to serve the MSME segment in India,” Lunia added.
As part of the deal, Bank of Maharashtra will also leverage Lendingkart’s “xlr8” origination platform to distribute loans to MSMEs from multi-channel strategies supporting its vision of financial inclusion.
“The partnership under the co-loan agreement will result in significant disbursements under the priority sector loans and will make funds available to the ultimate beneficiary at an affordable cost. The Bank of Maharashtra encourages such agreements and adopts digital channels to facilitate the provision of credit in a transparent manner. This partnership will pave the way for sustainable growth of the bank’s MSME lending portfolio. Customers will also benefit from profitable loans in unserved and underserved areas,” said AS Rajeev, Managing Director and CEO of Bank of Maharashtra.
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