The Hindu Business Line
Lendingkart expands services to over 462 cities
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.