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iQuippo, India's first digital marketplace for infrastructure equipment, launched its upgraded financing portal (www.iquippo.com) and became the first digital platform in the country to digitise the co-lending programmes of banks and NBFCs.

IQuippo 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. Customers will be able to track their loan applications online, get feedback on documents that they need to avail loans and get answers to all their queries relating to the disbursement process.

The current sole lending and co-lending banks such as  HDFC Bank, ICICI Bank, Axis Bank, YES Bank, Bank of Baroda, Oriental Bank of Commerce and leading 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 through the newly launched platform. The platform is especially beneficial to SMEs and MSMEs as they will be empowered with the knowledge of their credit disbursement process.

Commenting on the development, Anant Raj Kanoria, CEO, iQuippo, said, “Ever since the concept of co-lending was introduced by the Reserve Bank of India (RBI) at the end of 2018 we have been observing the market and noticed that the volumes have not been high through this model. Our research showed that the primary reason for low volumes was the slow turnaround time. Hence, with the help of technology, we decided to remove the existing process barriers and made the entire process easier and faster for all our stakeholders. We are committed to transform the infrastructure equipment industry and will continue to innovate to create an environment in which P2P, B2B and B2C businesses flourish.”