Lendingkart Technologies’ subsidiary Lendingkart Finance has partnered with the Bank of Maharashtra to co-lend business loans to MSME borrowers across India at low interest rates.
Through this partnership, the fintech start-up aims to make credit available to MSME borrowers at their doorstep powered by the ‘zero touch’ technology platform Lendingkart ‘2gthr’. The MSMEs will be eligible for loans up to ₹10 lakhs.
Last week, Lendingkart had announced a similar partnership with Canara Bank too.
The ‘2gthr’ platform 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. Under this arrangement, the 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.
A S Rajeev, Managing Director & CEO, Bank of Maharashtra, said, “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.”
Harshvardhan Lunia, CEO & Co-founder at Lendingkart, said: “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. 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.”