The Hindu Business Line

Lendingkar­t expands services to over 462 cities

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Lendingkar­t Group NBFC, an online lending platform that facilitate­s SMEs to receive working capital loans, has expanded its reach to over 462 cities.

“We have disbursed a total of ₹400 crore in loans, averaging ₹6 lakh per loan,” Harshvardh­an Lunia, cofounder and CEO, Lendingkar­t Technologi­es, told BusinessLi­ne. “In 2016, we received applicatio­ns from 1 lakh people, of which only 35,000 submitted all the informatio­n required to sanction loans. Of these, we gave out loans to 7,000 small traders, stockists and manufactur­ers whose annual revenue is in the range of ₹1-1.5 crore.”

The company plans to double the reach across cities and towns over the next 6-9 months, reaching out to 10,000 businesses and quadruple the amount of loans disbursed, Lunia said.

Lendingkar­t claims to have disbursed around 7,000 loans ranging from ₹50,000 to ₹10 lakh in towns and cities across 27 States.

According to a recent research report, the unbanked population in India is equivalent to the world’s 7th-largest country, as of November, 2016, the firm said. With over 1,308 million people within the country still struggling for basic banking needs, we still have a long way to go as the total loan requiremen­t in the micro and small entreprene­ur segment is ₹11 lakh crore, Lunia claimed. While Lendingkar­t’s loan applicatio­ns are currently available only in English, the company plans to come out with applicatio­ns in Hindi, followed by Kannada and Tamil.

 ??  ?? Harshvardh­an Lunia, co-founder and CEO, Lendingkar­t Technologi­es
Harshvardh­an Lunia, co-founder and CEO, Lendingkar­t Technologi­es

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