Lendingkart Finance Limited, one of the leading NBFCs in the SME working capital space, today announced that it expects a growth of 300% by end of FY18. Lendingkart Finance has expanded its reach to 650 cities across the country, catering close to 8,000 SMEs till date for their working capital needs. Disbursing 11,000 loans across 28 states and 7 Union Territories, Lendingkart Finance is truly meeting the ever-increasing demand-supply gap of working capital requirement for thousands of SMEs.
Lendingkart Finance has assessed over 4,000 variables to determine the financial health, comparative market performance and social reliability quotient of borrowers to determine their creditworthiness. By leveraging on a robust technology platform, Lendingkart Finance facilitates seamless disbursal of loan and has witnessed more than 2 lakh SMEs across the country reaching out to them for their credit requirements.
Speaking on the development, Harshvardhan Lunia, CEO and Cofounder, Lendingkart Technologies said “Lendingkart Finance uses strong data analytic skills and has till now evaluated loan requirement of lakhs of SMEs which has been critical in plugging the finance gap especially for SMEs in tier 2 and below cities. With a focus on empowering small enterprises, especially those belonging to the unbanked population, Lendingkart Finance has continuously aimed at making the loan disbursal process simpler and seamless through minimum documentation. With the large majority of SMEs unable to access credit from traditional bank and other formalized institutions, Lendingkart Finance, through its reach and lending potential is working towards enabling true financial inclusion for many small and medium enterprises. As a business, our long-term vision is to replace distributor funding of SMEs from friends & family by offering relatively economical source of funds at the click of a button”.
As per the MSME ministry, although banks or formalized institutions have covered large part of the country, yet over 35% SMEs in the country does not have access to formalized institution. The demand of alternative lending platforms has increased quite significantly among SMEs in tier II & III cities and Lendingkart Finance is playing a critical role in addressing the largely underserved market by simplifying the loan disbursal process. The typical loan disbursal process for Lendingkart Finance is 72 hours from the time of application.