iQuippo becomes India's first digital platform to digitise co-lending programs of Banks and NBFCs

iQuippo, India's first digital marketplace for infrastructure equipment, launched its upgraded financing portal (www.iquippo.com) to become the first digital platform in the country to digitise the co-lending programs of Banks and NBFCs. Customers now have the option to choose from different financial institutions. They will benefit from a single-window access to multiple financiers, simple and hassle-free documentation. They will get real time offers from the financiers with competitive rates and higher LTVs (loan to value ratio).

The platform will also negotiate online on behalf of the financial institutions and customise the finance deals according to their 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 loan disbursement process. They will be to avail finance for their equipment purchase at the click of a button from the comfort of their home/office. Meanwhile, dealers will be able to upload their invoices, generate leads, track customer applications, and avail a free Customer Relationship Management tool, which will improve their client relationships.

Financiers will have a chance to check credit scores and receive other necessary data for loan approvals in a transparent and efficient manner. This will lead to a quicker turnaround time, digitised documentation, and reduction in cost for financing partners. 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 on the platform.

The move further enhances iQuippo's drive to digitise the entire lifecycle of infrastructure equipment and bring all the relevant stakeholders – customers, OEMs, dealers and financiers on a single platform. The portal has integrated the risk and the pricing engine, which provide customers with dynamic pricing and financiers with risk adjustments according to the changes in the market situation, both at micro and macro levels. The platform is especially beneficial to SMEs and MSMEs as they will be empowered with the knowledge of their credit disbursement process, and will be able to address any issues on a real time basis.

Said Anant Raj Kanoria, CEO, iQuippo, "We have developed the portal together with IBM, to offer the highest level of security, performance and transparency. We believe that the portal will be a game changer in the equipment market as it makes life easier for all stakeholders. Ever since the concept of co-lending was introduced by the Reserve Bank of India in 2018, we have observed that the volumes have not been high through this model due to the slow turnaround time. But now, with the help of technology we will remove all the existing process barriers and make the entire process easier and faster.”

He informed that the most fascinating aspects of the portal are the negotiation and customisation options for the customers. “Indians always have a preference for bargain buys and to digitise the process of negotiation was a challenge. But we are delighted that we have been able to introduce this aspect and create a value proposition for our customers. We are happy to positively disrupt the infrastructure equipment ecosystem by bringing customers, OEMs, dealers and financiers on one platform. 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," he added.