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Punjab National Bank (PNB) has entered into a co-lending arrangement with Lendingkart Finance Limited as part of its efforts to improve the flow of credit to the unserved and underserved sector of the economy.
This arrangement, fourth for PNB, will focus on digital underwriting and cashflow based lending. The ultimate beneficiaries would be MSME borrowers who will get the funds at an affordable rate with greater outreach considering the lower cost of funds from banks and greater reach of the NBFC.
As per RBI Co-Lending Model (CLM), bank and NBFC will co-lend the customer in the ratio of 80 and 20 per cent, respectively. However, the NBFC will act as a single point of interface for the customer and will service the loan throughout its tenure.
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