PNB partners with Lendingkart Finance Ltd for co-lending activities

To align with the Indian government’s reform agenda and improve the flow of credit to the unserved and underserved sector of the economy, the Punjab National Bank has entered into a fourth co-loan agreement with Lendigkart Finance Limited. This deal will focus on digital underwriting and cash flow-based lending. The ultimate beneficiaries will be MSME borrowers who will obtain the funds at an affordable rate with greater reach considering the lower cost of funds from banks and the greater reach of NBFC.

In the presence of Surendra Kumar Dixit, CGM PNB and Arun Sharma, GM (Agriculture) PNB, Ashok Kumar Gupta, GM (MSME) PNB signed the co-loan agreements in accordance with the above arrangement. The partnership under the said agreement will lead to significant disbursements under the loans to the priority sectors.

In accordance with the RBI co-lending model (CLM), the Bank and NBFC will co-lend the client at a ratio of 80% and 20% respectively. However, NBFC will act as a single point of interface for the client and service the loan throughout their tenure.

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Posted: Tuesday, December 28, 2021, 8:30 PM IST

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