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Lendingkart ties up with TransUnion CIBIL for loans

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Lendingkart ties up with TransUnion CIBIL for loans

Lendingkart has tied up with the TransUnion CIBIL credit bureau in order to enable easier access to Lendingkart Finance loans for small businesses and self-employed professionals on the CIBIL MarketPlace platform. CIBIL MarketPlace is a novel online platform, helping users select from several offers across participating lenders and products. The offers at the marketplace are deftly customized, based on the CIBIL score of the user, income and other aspects.

Users can presently access offers for personal loans, credit cards, loan against property and home loans. A non-banking finance company (NBFC) is operated by Lendingkart and it makes use of TransUnion CIBIL data for new customers along with providing default data for the bureau as well. Lendingkart offers loans between Rs.1-40 lakhs on the platform and strives to sanction within only a single day with disbursal within just three days. The loans come with interest rates between 16-24% and there will be minimal documentation, particularly in case of e-commerce vendors and other businesses and sellers will not have to put up any details of net worth or collateral for the same.

Credit bureaus have been tying with several fintech companies in recent times. Wishfin (the company behind Deal4loans) tied up with TransUnion CIBIL for offering free CIBIL Score and Credit Score for customers on Wishfin.com. This will help borrowers learn more about their status and credit history. Borrowers can also easily rectify any errors in the credit report. BankBazaar, has already raised an amount of $30 million in a series D funding round courtesy Experian, the global credit bureau. BankBazaar has tied up already with Experian earlier in the year where customers can avail of the free credit monitoring services via the credit agency.

Lendingkart has already raised a sum of $10.51 million (equivalent to Rs.70 crore) in the form of equity funding from major investors like Sistema Asia Fund (based in Singapore) along with witnessing participation from major investors like Mayfield India, Bertelsmann India Investment, Darrin Capital Management, India Quotient and Saama Capital. The company has confirmed that it has raised a sum of Rs. 534 crore or $83.28 million. Out of this amount, equity funding to the tune of Rs.243 crore has been raised along with Rs.291 crore in debt funding. $10 million in debt funding was raised in August, for expanding operations across 700 cities. The company has also raised approximately Rs.50 crore in debt funding from Yes Bank in June.

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