SBM Bank India has partnered with fintech start-up Lendingkart to launch a customised overdraft facility for over 1 lakh customers of the fintech.
Sidharth Rath, managing director and chief executive of SBM Bank India, said, in the current scenario for this customer segment across the nation, overdraft facilities provided by most lenders require borrowers to provide details of collaterals such as property, fixed deposit and business inventories, which many small businesses are not is a position to provide.
“Our collaboration is aimed at solving such challenges through technology, efficiency and customised solutions,” said Rath.
Harshvardhan Lunia, founder and managing director of Lendingkart, said, the team have put their energies and investments in ensuring that they provide the right credit product, especially amid the new normal and partner with the right financial partner that shares the same vision.
“We look forward to collaborating for more opportunities for working together on newer credit facilities being offered and utilising Lendingkart’s platform and on ground strengths to achieve the common goal,” said Lunia.