Punjab National Bank enters into Tie up Arrangement with Lendingkart Finance Limited for Co-lending Business
This arrangement shall focus on digital underwriting and cashflow based lending
cityairnews
Dec 24, 2021 07:01
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Hyderabad/New Delhi, December 24, 2021: To align with the Government of India reform agenda and to improve the flow of credit to the unserved and underserved sector of the economy, Punjab National Bank has entered into 4th Co-Lending arrangement with Lendigkart Finance Limited. This arrangement shall focus on digital underwriting and cashflow based lending. The ultimate beneficiaries shall be MSME Borrowers who will get the funds at an affordable rate with greater outreach considering the lower cost of funds from banks and greater reach of the NBFC.
As per RBI Co-Lending Model (CLM), Bank and NBFC will co-lend the customer in the ratio of 80% and 20% respectively. However, NBFC will act as a single point of interface for the customer and will service the loan throughout its tenure.
In presence of Sh. Surendra Kumar Dixit, CGM PNB & Sh. Arun Sharma, GM (Agriculture) PNB, Sh. Ashok Kumar Gupta, GM (MSME) PNB signed the co-lending agreements w.r.t. above arrangement. The partnership under the said arrangement will result in significant disbursement under Priority Sector Lending.
