SBM Bank India, a new-age universal digital bank today announced its collaboration with Lendingkart, a leading fintech start-up in working capital space. On this occasion, SBM Bank also launched a customised Overdraft Facility to empower one lakh+ customers comprising of Lendingkart - largely representing Bharat's MSME sector.
Speaking on the occasion, Mr. Sidharth Rath, MD & CEO, SBM Bank India, said, "We continue to grow inorganically through collaborative banking strategy. Latest one to join our #SmartBanking family is India's leading working capital fintech - Lendingkart. In the current ecosystem for this customer segment across the nation, overdraft facilities offered by most lenders require borrowers to furnish collaterals such as property, fixed deposit, business inventories etc. which most small businesses are not unable to provide. Our collaboration is aimed at solving such challenges through technology, efficiency and customised solutions."
Traditionally, financial companies have extended term loans with fixed tenors to serve their customers with overdraft products remaining an exclusive domain for banks. With this collaboration, the Indian MSMEs being catered by Lendingkart, can avail the unique overdraft facility powered by SBM Bank India on Lendingkart platform. This flexible credit line is available for all customers sourced through digital channels and offers features such as on-demand disbursement, zero physical paperwork and ready account statements creating superlative customer experience.
Speaking on the collaboration, Harshvardhan Lunia, Founder and Managing Director of Lendingkart, said, "Our team has invested resources in ensuring that we offer the right credit product, especially in the new normal and liaison with the right financial partner that shares our passion and disruptive innovative approach for supporting the backbone of Indian economy, the MSME segment and I am delighted that we have associated with SBM Bank India, who have been instrumental in paving the way for financial solutions being extended to these customers in the Bharat segment. We look forward to collaborating for more opportunities for working together on newer credit facilities being offered and utilizing Lendingkart's platform and on ground strengths to achieve the common goal."
Lendingkart has already provided credit facilities totaling Rs 7000+ crores to MSMEs since its inception and continues to strive towards its objective of building an ecosystem to make credit available to its business customers via an end-to-end digital journey.