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iQuippo, the digital marketplace which was earlier focusing only on buying and selling of infrastructure equipment, is now making it easy for customers to avail credit from banks and NBFCs that are listed on its platform. It has also digitised the co-lending programmes of banks and NBFCs.
The platform will give its customers, who want to buy a certain equipment, an option to choose offers from different financial institutions. It will negotiate with them online on behalf of the financial institutions and customise offers according to their financing needs, said a press statement issued by the company.
The portal was jointly developed with IBM to offer transformational technology with high level of security, performance and transparency. Customers will be able to track their loan applications online, get feedback on documents needed to get loans and get answers to all their queries relating to the disbursement process. They will also benefit from a single window access to multiple financiers, simple documentation and hassle-free application. They will also get real time offers from the financiers in the form of competitive rates and higher loan to value ratio.
Credit scores
Financiers will have a chance to check credit scores and receive other necessary data for loan approvals in a transparent and efficient manner in turn leading to a quicker turnaround time, digitised documentation and reduction in cost for financing partners.
“Ever since the concept of co-lending was introduced by the Reserve Bank of India at the end of 2018 we have been observing the market and noticed that the volumes have not been high through this model. Our research showed that the primary reason for low volumes was the slow turnaround time. Hence, with the help of technology we decided to remove the existing process barriers and made the entire process easier and faster for all our stakeholders,” Anant Raj Kanoria, CEO, iQuippo, said in the release.
The current sole lending and co-lending banks such as HDFC Bank, ICICI Bank, Axis Bank, YES Bank, Bank of Baroda, Oriental Bank of Commerce and financial services companies such as like Srei Equipment Finance and Mahindra & Mahindra Financial Services are expected to offer loans to iQuippo customers for purchase of infrastructure equipment on the platform.
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