BoB, Srei teamed up to offer joint loans for infra equipment under a co-lending arrangement.
Kolkata: Srei Equipment Finance Limited (SEFL), an arm of the Kolkata-headquartered Srei Infrastructure Finance Limited (Srei) owned by the Kanorias, has teamed up with Bank of Baroda, India’s second largest public sector bank, to offer joint loans for infrastructure equipment under a co-lending arrangement. iQuippo, a Kanoria Foundation initiative, will facilitate sourcing of loans under this strategic alliance.
The partnership will allow SEFL and Bank of Baroda to collaborate, co-operate and widen their respective markets and customer base. In the new scheme of things, the two partners will be able to leverage each other's customers and cross-sell their products. The offerings would include both business to business (B2B) and business to customer (B2C) propositions.
"Bank of Baroda has a strong track record, brand appeal and experience in customer services, which 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.
Anant Raj Kanoria, CEO, iQuippo, on his parts, said: "Bank of Baroda with its reach and network will be able to leverage our risk engine and digital process to on board new segment of customers especially in the SME and MSME space. Also with Bank of Baroda’s uniqueness we will be able to service strategic clients and fleet owners who would be able to take advantage of the bank’s differentiated product offering. We will assist our partner with the strength of technology to offer seamless services to our customers at the touch of a button, while ensuring efficiency and transparency in the process."
Interestingly, the two partners will also use the platform of iQuippo, a unique digital marketplace, for loan origination, loan dues collection, auction of equipment, valuation of equipment and several other facilities provided by the platform.