iQuippo digitises co-lending programmes of banks & NBFCs

KOLKATA: 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 not only 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. Incidentally, the portal has been jointly developed with IBM to offer transformational technology with highest level of security, performance and transparency.

"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.