Money & Banking

iQuippo conducts interest rate auction for financing infrastructure equipment

V Rishi Kumar Hyderabad | Updated on July 21, 2019 Published on July 21, 2019

Over 20 OEMs, 1,100 equipment owners, banks/NBFCs take part in ‘Paison Ki Nilami’ event

iQuippo, a Kanoria Foundation initiative, organised ‘Paison Ki Nilami’, a simulcast auction of interest rates for facilitating financing of infrastructure equipment. More than 20 original equipment manufacturers and 1,100 equipment owners participated.

The auction was held across seven locations through webcasting and gave iQuippo’s customers an opportunity to bid for the lowest lending rate for purchase of infrastructure equipment from different geographies.

The event also provided a platform to iQuippo’s OEM, banking, non-banking and insurance partners to showcase their products and services to customers from Hyderabad, Kolkata, Mumbai, Pune, Nagpur, Jaipur and Ahmedabad.

Anant Raj Kanoria, CEO, iQuippo, said: “We have noticed that in the market customers always want to negotiate pricing and interest rates and we through our platform want to digitise and make this process transparent. Therefore, through ‘Paison Ki Nilami’ we want customers and all stakeholders to feel that they have got the best deal in the market.”

The equipment pool comprised of internationally acclaimed brands including Komatsu, JCB, Puzzolana, Volvo Equipment, and SANY. The financial partners included Bank of Baroda, ICICI Bank, Axis Bank, Syndicate Bank, OBC, and UBI, as well as NBFCs such as Srei Equipment Finance and Mahindra Finance.

Published on July 21, 2019
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