BoB, Srei enter co-lending alliance

City-based Srei Equipment Finance Ltd and Bank of Baroda will come together to offer joint loans for infrastructure equipment under a new agreement, company officials said on Thursday.

The partners will be able to leverage each other's customers and cross-sell their products. The offerings would include both business-to-business and business-to-customer propositions, a Srei release said.

Srei's 'iQuippo' platform will facilitate sourcing of loans under this arrangement.

"Given that the increase in mechanisation is critical to timely and cost-efficient to large infrastructure and housing projects, there is a strong need for robust financing of equipment," Bank of Baroda MD and CEO, PS Jayakumar, said.

The partnership will allow Srei and Bank of Baroda to collaborate, cooperate and widen their respective markets and customer base, the release said.

"Apart from access to affordable financing, customers will be able to explore a wide range of innovative banking products," Srei Equipment MD, D K Vyas, said.