Lendingkart Finance Limited on Wednesday announced that it has raised Rs. 25 crore in cash credit facility from State Bank of India (SBI) 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.
Presently, Lendingkart Finance has disbursed over 20,000 loans to more than 12,000 SMEs across 23 diverse sectors.
"Given the role SMEs play in growing our economy, if India is to witness unremitting progress, supporting these enterprises is a must. With the funds raised, we will further grow our loan books, expanding our reach to many more underserved SMEs," said CEO and co-founder Lendingkart Technologies, Harshvardhan Lunia.
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 and compliance. Once the evaluation process is completed, loan amount is disbursed to the deserving borrower within 72 hours from the time of application.
Lendingkart Finance has expanded its operations pan India and is present in over 950 cities across 29 states and seven union territories, offering quick and easy collateral-free loans with minimal paperwork. Till date, over 3, 70,000 SMEs have reached out to Lendingkart Finance for their credit requirement.
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