Lendingkart

Lendingkart ties up with TransUnion CIBIL to enable loan for SMEs

Lendingkart

Ahmedabad-based digital lending platform Lendingkart has announced its partnership with TransUnion CIBIL, one of India’s leading credit information companies.

Following the tie-up, self-employed professionals and small business enterprises will now be able to access loans offered by Lendingkart Finance on the TransUnion marketplace platform.

“Our association with CIBIL MarketPlace is a step in the right direction. For years they have been helping businesses manage risk and devise appropriate lending and/or borrowing strategies, thereby creating trust and value for the lending ecosystem,” said CEO and co-founder, Lendingkart Technologies, Harshvardhan Lunia, reported Business Standard.

CIBIL Score was introduced in 2007 as India’s first credit scoring model for banking and financial institutions in the country. In the year 2016, TransUnion acquired 82% stake in CIBIL and its name was changed to TransUnion CIBIL.

Mumbai-based TransUnion CIBIL is India’s leading credit information company and maintains one of the largest repositories of credit information globally. It has over 2600 members–including all leading banks, financial institutions, non-banking financial companies and housing finance companies – and maintain more than 600 million credit records of individuals and businesses.

In February, TransUnion CIBIL launched CIBIL MSME Rank (CMR) – a credit risk rank for MSMEs. CMR uses machine learning algorithms to predict the probability of an MSME becoming NPA in the next 12 months, which is based on its credit history data.

Lendingkart was founded in 2014 by Harshvardhan Lunia and Mukul Sachan. The company claims to have disbursed loans to over 10,000 borrowers, and over 3,00,000 SMEs from more than 850 cities in the country have till date reached out to Lendingkart Finance for their credit needs.

Also Read: Ahmedabad-based Lendingkart raises $10 million through debt financing

Lendingkart Finance offers quick and easy collateral-free loans with minimal paperwork. The robust technology platform has helped create a highly operational efficiency model that enables swift loan disbursement within 72 hours of loan application.

The Ahmedabad-based venture is also moving towards the hybrid lending model. The model will start co-lending with banks and other financial firms through a marketplace platform in the next six-nine months.

With lakhs of MSMEs engaging with the credit info company to understand their CIBIL score and report, the association with Lendingkart Finance will enable seamless and easy credit access for this underserved sector.

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Lendingkart

Lendingkart ties up with TransUnion CIBIL to enable loan for SMEs

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Below is the bank details:

 
Amount: INR 3,19, 000 (After Adding 18% GST and Deducting 2% TDS)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
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