Fintech platform Lendingkart, announced its co-lending partnership with Cholamandalam Investment and Finance company Ltd (Chola) to disburse business loans to SMEs. The partnership will be a 100 percent digital process for customers and working capital loans will be disbursed to small and medium businesses. With this partnership, Lendingkart aims to expand their reach to tier 2 and tier 3 cities to bridge the financial gaps that exist in these cities, informed a press release from Lendingkart on Tuesday.
Commenting on the partnership, Harshvardhan Lunia, CEO and Founder, Lendingkart said, “We are putting our efforts together to reach out to each market in India and assist entrepreneurs who are determined to create something of their own. In our journey of promoting financial inclusion in the country, these meaningful partnerships, like the one with Chola, will become our backbone and assist us with required liquidity support, while Lendingkart will leverage its network and technology to further expand the services to small businesses in India”.
“We are excited to extend our business loan offerings to SMEs and MSMEs through Lendingkart’s digital platform. We are happy to be partnering with a brand that has been successful in inculcating a culture of innovation and excellence in a very short span of 8 years. Building quality relationships has always been the foundation of Chola’s philosophy. Such partnerships go a long way in helping us towards making our products and services available to our potential customers. This collaboration with Lendingkart will facilitate convenience to those SMEs and MSMEs who are seeking business loans, making the overall process faster and seamless,” commented Ravindra Kumar Kundu, Executive Director, Cholamandalam Investment and Finance Company Limited.
Lendingkart Group has evaluated nearly half a million applications, disbursing over 1,40,000 loans to more than 200K MSMEs in 4000+ cities and towns across all states and union territories of India, making it an NBFC having the largest geographical footprint in the country. To date, Lendingkart has disbursed 1.5 billion USD worth of loans, added the press release.