SEFL, Bank of Baroda tie up
20 अप्रैल 2019
Srei Equipment Finance (SEFL) has entered into an alliance with Bank of Baroda to offer joint loans for infrastructure equipment under a co-lending arrangement.
The sourcing of loans under this programme would be facilitated by iQuippo, a Kanoria Foundation initiative. “The partnership will allow SEFL and Bank of Baroda to collaborate, co-operate, and widen their respective markets and customer base. The offerings would include both business to business (B2B) and business to customer (B2C) propositions,” said a press statement issued by SEFL.
The two partners will use the platform of iQuippo, a digital marketplace, for loan origination, dues collection, auction and valuation of equipment, and several other facilities provided by the platform. iQuippo has facilitated disbursement of loans worth more than $400 million to 70,000 customers through its platform.
SEFL and Bank of Baroda will jointly offer loans and other services for construction and mining equipment, tippers, IT and allied equipment, medical and allied equipment, and farm equipment.
“Bank of Baroda’s brand appeal and experience in customer services will be complemented by Srei’s knowledge, experience, and strong partnerships in the equipment finance space. The alliance will create value for both businesses and customers, and continue our leadership position in the equipment financing business,” said Sunil Kanoria, Vice-Chairman, Srei.