Lendingkart to offer working capital loans to 1000 SMEs in Gujarat

Online platform that facilitates SMEs in obtaining working capital loans through its NBFC's Lendingkart Finance on Wednesday disbursed loans to over 1000 SMEs in the state of Gujarat.

The Ahmedabad-based digital lending platform has reached out to SMEs in more than 40 cities in the state, through quick and easier disbursal of loans.

In line with the government of India's agenda towards driving financial inclusion, Lendingkart Group has reach across tier II and tier III cities in the state including smaller towns such as Morbi, Deesa, Junagadh, Nadiad and Bhavnagar among others.

The Gujarat Government recently announced the launch of a separate MSME cell to incentivize and encourage sector's growth in the state. One of the critical challenges that most SMEs face in the state is lack of easy access to working capital loans.

In Tier III towns, it is more so, as there is scarce or no availability of formal financial institution making it that much more difficult for small entrepreneurs to avail loans for their business. Lendingkart Technologies (the technological arm of Lendingkart Group), with its robust technology has made loan disbursal processes simpler, seamless and convenient for lakhs of SMEs, primarily in tier II and III cities. With no collateral and minimum documentation, SMEs can complete the process of loan approval and disbursement within 72 hours from the time of application.

"Gujarat has witnessed phenomenal growth in past few years and SMEs have played a critical role in development of the state. However, access to working capital is important for the functioning of these SMEs and we, at Lendingkart Finance, are happy to address their need through convenient and timely disbursal of loans. With minimum human intervention and seamless automation, we have been able to reach some of the remotest corners of the state, empowering SMEs to run successful businesses through easy access of loans," said co-founder and COO Lendingkart Technologies, Mukul Sachan.

Lendingkart Finance is currently present in over 500 cities across the country and have partnered with over 100 channel partners to address the working capital need for lakhs of SMEs.

The robust technology platform has helped create a highly operational efficiency model that analyses over 2800+ variables and data points for swift loan disbursement, delivered within 72 hours of loan application.