Lendingkart Finance Limited has announced that it has raised Rs 25 crore in cash
credit facility from State Bank of India, India’s largest
public sector banking and financial services company. This new influx of funds
will be used towards growing the loan book. As the company expands its reach
to over 950 cities across the country, these funds will come
in handy to widen Lendingkart Finance’s offerings to SMEs country-wide.
As of today, Lendingkart Finance has disbursed over 20,000 loans to
more than 12,000 SMEs across 23 diverse sectors.
Speaking on the latest development, Harshvardhan Lunia,
CEO and Co-founder, Lendingkart Technologies said, “At Lendingkart
Finance, we recognize the importance of promoting financial inclusivity among
SMEs in our country who are one of the most critical sectors contributing
towards the country’s revenue. Given the role they play in growing our economy,
if India is to witness unremitting progress, supporting these enterprises is a
must. We feel extremely privileged to have partnered with India’s largest bank
which also shares the same vision of supporting the unbanked SME sector. SBI,
being one of the oldest and largest banks, has played a critical role in
shaping India’s financial landscape for the last century. Their rich experience
and sound knowledge of the banking industry, will enable us to bridge the gap
between demand and supply of small business loans in the country. With the
funds raised, we will further grow our loan books, expanding our reach to many
more underserved SMEs.”
Aligned with the Government of India’s agenda of building
financial inclusion, Lendingkart Finance is working towards ensuring
availability of working capital for SMEs across the country that currently do
not have access to credit or are capital deficient.
Lendingkart Finance uses robust in-house technology tools based
on big data analytics and machine learning algorithms to evaluate its
client’s creditworthiness. About 5,000 data variables are assessed to
determine factors like financial health, comparative market performance, social
reliability & compliance. Once the evaluation process is completed, loan
amount is disbursed to the deserving borrower within 72 hours from
the time of application.
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