Lendingkart and Canara Bank join hands to push MSME credit; offers up to Rs 10 lakh loan

New Delhi, Jan 19 (KNN) Lendingkart, a fintech company and government owned Canara Bank have entered into a co-lending agreement to provide MSMEs with up to INR 10 lakh loans.

The approvals for loans will be given by “Lendingkart2gthr” platform derived on ‘zero touch’ technology. 

This pact comes under the RBI’s priority sector initiative, as our objective is to foster financial inclusivity by supporting MSME borrowers, said Canara Bank. 

Expressing Canara Bank’s efforts to improve the flow of credit to non-corporate sectors, Executive Director, Manimekhalai, said “We will be offering loans to MSMEs under the MUDRA category on the digital platform.”

For same day approvals on business loans for MSME, Lendingkart will be using its cash-flow based underwriting model using zero-touch loan journey. 

For origination and distribution of loans ‘xlr8’ will be accessed, and to underwrite these loans ‘cred8’ will be used. 

MSME borrowers across India will be onboarded using Lendingkart’s data, said Harshvardhan Lunia, Co-founder and CEO, Lendingkart.

He stated that through this pact MSME borrowers will be connected to the banks for economic growth.