Paytm, India’s mobile payment and commerce platform has announced its partnership with Lendingkart to offer collateral free business loans to small and medium enterprises (SME’s). Lendingkart is an online platform for credit evaluation for SMEs.
“Our commitment is to provide our merchants with simple, seamless selling experience on our platform without having to worry about issues like arranging funds for operational purposes,” said Renu Satti, Vice President, Paytm.
The company said that through Lendingkart’s credit evaluation process, loan distribution will take place in 3 days. It uses Big Data analytics to derive credit comfort and digitally assesss tthe credentials of busines owners. Additionally, it also does its credit risk analysis digitally in order to distribute loans within 48 hours.
Harshvardhan Lunia, CEO, Lendingkart said, “The benefits we provide at Lendingkart allow the entrepreneurs to focus on building their businesses instead of worrying about gaps in their cash-flows.”
The partnership aims to offer access to finance to small businesses who cannot use new technologies or compete in global markets due to lack of funds.
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