Lendingkart Finance, BASIX Sub-K partner to facilitate loans to Micro- Enterprises

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Lendingkart Finance Ltd., on Tuesday announced its partnership with BASIX Sub-K, the subsidiary of BASIX Social Enterprise Group to facilitate collateral free short term working capital loan for its micro-enterprises empowered by BASIX Sub-K iTransactions Limited across the country.

BASIX Sub-K offers affordable, accessible and scalable financial payment solutions to informal and unbanked segments in the country. With India's unbanked population staggering close to 250 million, the partnership is a significant development in addressing the financial gap for lakhs of small retailers who do not have access to formalized banks for their credit needs.

"BASIX Group has been pioneering livelihood promotion and financial inclusion for rural and semi-urban segment for the past two decades. Their mission towards enabling financial empowerment to lakhs of small retailers compliments our vision of meeting the finance gap for SMEs across the remotest corner of the country," said CEO and co-founder Lendingkart Technologies, Harshvardhan Lunia.

"At Lendingkart Finance, we are looking forward to this partnership to simplify loan disbursal and enhance accessibility of working capital for lakhs of micro enterprises and contribute significantly towards creating a 'financially included' society," added Lunia.

BASIX Sub-K through its extensive distribution network and domain expertise has designed and developed a variety of solutions for addressing the challenges in financial inclusion space in collaboration with various public and private partners.

"Lendingkart with its unique assessment system and by leveraging tech company's path-breaking Fintech capabilities, makes a perfect partner for BASIX as we strive to integrate un(der)banked but bankable entrepreneurs in small towns into formal financial system. We are confident this collaboration would be a win-win for Lendingkart Finance, BASIX Sub-K and our customers," said CEO BASIX Sub-K, Sasidhar N. Thumuluri.

Lendingkart Finance offers quick and easy collateral-free loans with minimal paperwork. The robust technology platform has helped create a highly operational efficiency model that enables swift loan disbursement within 72 hours of loan application.

Over 1,20,000 SMEs have till date reached out to Lendingkart Finance for their credit needs.