iQuippo, a digital marketplace for infrastructure equipment, has become the country’s first digital platform to digitise the co-lending programmes of banks and non-banking finance companies (NBFCs), it said.
The platform now offers its customers an option to choose offers from different financial institutions; it also negotiates with them online on behalf of the financial institutions and customises offers according to their financing needs.
“Indians always have a preference for bargain buys and to digitise the process of negotiation initially was a challenge. But we are delighted that we have been able to introduce this aspect and create a value proposition for our customers”, Anant Raj Kanoria, CEO at iQuippo said.
The customer will also benefit from single window access to multiple financiers, simple documentation and hassle-free application.
"We have developed the portal together with IBM and in the process became India's first ever platform to digitise the co-lending process. We believe that the portal will be a game changer in the equipment market as it makes life easier for all stakeholders through a transparent process," Kanoria said.
On the other hand, the dealers will be able to upload their invoices, generate leads, track customer applications and avail a free Customer Relationship Management tool while financiers will have a chance to check their credit scores and receive other necessary data for loan approvals.
A statement from the company said that the current sole lending and co-lending banks including HDFC Bank, ICICI Bank, Axis Bank, YES Bank, Bank of Baroda, Oriental Bank of Commerce, and financial services companies like Srei Equipment Finance and Mahindra & Mahindra Financial Services are expected to offer loans to iQuippo customers for purchase of infrastructure equipment on the platform.