Lendingkart Finance, the NBFC (non-banking finance company) of Lendingkart Group, a leading online platform that facilitates SMEs (small and medium enterprises) to obtain working capital loans, has expanded its reach to 462 cities across the country.

Disbursing over 6,500 loans in small towns and cities across India, Lendingkart Finance has covered 27 states in the country. With over 100 channel partners supporting its efforts, Lendingkart is aiming at reaching out to 10,000 businesses in the SME space in the next six months.

“While the Government of India through its various initiatives is focusing on financial inclusion for people at the bottom of the pyramid, the country is still far from achieving its true potential,” the company said. “A recent report by PWC states that the population of India that is still unbanked, as of November, 2016 is equivalent to world’s seventh largest country,” it said.

“With over 1,308 million people in the country still struggling for basic banking needs, Lendingkart Finance is doing its bit to ensure that small and medium industries that provide employment to millions of people have access to requisite working capital,” Lendingkart said.

“Over 1 lakh borrowers have reached out to Lendingkart Finance for their credit needs in the last one year alone,” said Harshvardhan Lunia, Co-Founder and CEO, Lendingkart Technologies. “Today we are proud to say that we evaluate a new application every five minutes and a loan is disbursed every 15 minutes in our system,” he said.

Lendingkart Finance said it provides for working capital needs of SMEs offering quick and easy collateral-free loans with minimal paperwork. “The robust technology platform has helped create a highly operational efficiency model that utilises over 2,200 variables and data points for swift loan disbursement, delivered within 72 hours of loan application,” the company said.

Source: The Times of India