“The funds generated will be utilised to further build the loan book as the company expands its functional areas to Small and Medium-sized Enterprises (SMEs) operating in tier 3 and below cities facing lack of formal credit facilities,” an official communiqué from the company said.
“At Lendingkart Finance, as we expand our reach to meet the growing needs of millions of small businesses in the country, we are extremely pleased to have YES Bank on-board supporting our vision. YES Bank is a dynamic and innovative institution with sound knowledge of the Indian financial sector while also undertaking substantial work towards promoting FinTech in the country,”said Harshvardhan Lunia, CEO and Co-founder, Lendingkart Technologies.
We firmly believe that our relationship will prove to be mutually advantageous, complementing each other’s strength as we drive true financial inclusion,” he said.
“Aligned with the Government’s agenda towards building financial inclusion, Lendingkart Finance claims to be working towards ensuring seamless availability of working capital financing for small and medium businesses across the country that do not have access to traditional credit avenues. Till date, more than 11,000 loans have been disbursed by Lendingkart Finance to over 7500 plus SMEs present across India,” it said.
According to the company, it uses a robust in-house technology tools based on big data analytics and machine learning algorithm to evaluate its client’s business.
“Over 4,000 data variables are assessed to determine the financial health, comparative market performance, social reliability & compliance to statutory requirements for determining the credit worthiness of borrowers. Once the evaluation process is completed, loan amount is disbursed to the deserving borrower within 72 hours from the time of application,” the statement added.
Lendingkart Finance has extended its operations pan India and is present in over 650 cities across 29 states and seven Union Territories. It offers quick and easy collateral-free loans with minimal paperwork. Till date, over 200,000 SMEs have reached out to Lendingkart Finance for their credit requirement.