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Srei Equipment Finance, UCO Bank to co-lend through iQuippo platform

Srei Equipment Finance Limited ("Srei Equipment"), a wholly-owned subsidiary of Srei Infrastructure Finance Limited ("Srei"), and UCO Bank, one among India's premier public sector banks, today announced a strategic alliance to supply joint loans for purchase of construction and mining, farm and medical equipment under a co-lending arrangement. iQuippo, a Kanoria Foundation initiative, will facilitate sourcing of loans under this programme.

The partnership will allow Srei Equipment and UCO Bank to collaborate, co-operate and widen their respective markets and customer base. The strategic alliance also will allow both lenders to leverage each other's customers and cross-sell their products.

The lenders will use the iQuippo platform, a singular digital market place with quite 90,000 registered users, for loan origination and sourcing of prospective borrowers and electronic auction of kit as and when required.

Commenting on the partnership, Mr. Sunil Kanoria, president , Srei, said: "UCO Bank's strong diary and wide reach, especially in eastern India, makes us confident about the success of this programme. The combined strength of Srei Equipment, UCO Bank and iQuippo will provide the required boost to demand for infrastructure equipment and make a win-win situation for all the partners and therefore the customers. The strategic alliance also will help in fulfilling the government's vision of creating credit available to MSME and retail customers in infrastructure space at a reasonable cost."

Mr. Atul Kumar Goel, MD & CEO, UCO Bank, said: "We are happy to partner with Srei and play a key role in increasing funding to MSMEs through this initiative. This partnership will certainly boost credit availability to larger spectrum of MSMEs, which contributes significantly to the GDP and generate large scale employment. The pan India reach of UCO Bank leveraged with Srei's expertise in equipment financing will certainly give quick access to low cost of funds to MSMEs especially in hard-to-reach markets in tier II and tier III cities. this may boost our Bank's lending profile in priority sector. While we increase the lending, we might even be ensuring quality credit underwriting through this model."

On this occasion, Mr. Ajay Vyas, executive , UCO Bank, said: "RBI's initiative of co-origination is useful to all or any the stakeholders. Fresh credit flow will help the NBFCs and catalyse the expansion of MSME sector, which is that the backbone of our economy. The digitised co-lending process through iQuippo portal will facilitate speedy disbursal of credit to MSMEs. it'll help us increase our customer base at a lower cost."

Mr. Anant Raj Kanoria, CEO, iQuippo, said: "iQuippo's state-of-the art platform, designed along side IBM, is India's first platform to digitise the co-lending process. We are excited to feature UCO Bank within the growing list of our financial services partners. we'll assist the bank in expanding its reach the MSME space and particularly the development and mining equipment sector; with the strength of our technology we feel that it'll benefit our customers by availing faster access to financing, while ensuring efficiency and transparency within the process."

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