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- Religare Finvest Limited (RFL) to bring innovative loan services for SMEs
- Focus on the need to bring better credit facilities to businesses
New Delhi, 18th March, 2011: Addressing the credit requirement of Indian Small and Medium Enterprises (SMEs), Religare Finvest Limited (RFL), lending arm & wholly owned subsidiary of Religare Enterprises Limited, has partnered with IndiaMART.com, India’s largest online B2B marketplace, to offer business loan solutions to small businesses. With a view to provide credit support to small entrepreneurs, they have announced a host of loan products which will cater to the need of SMEs’ finance. This significant partnership offers solution of lending on commercial earning assets through RFL’s three lines of business i.e. SME Loans, Loans against Property and Loans on Commercial Assets.
Emphasising on the importance of the tie-up, Mr. Dinesh Agarwal, Founder and CEO, IndiaMART.com, said, “SMEs have always faced issues when it comes to financing. With this partnership, we aim to facilitate them with better financing options. We are delighted to associate with RFL and I am sure this will write a new chapter in credit financing for SMEs in the country.”
Commenting on the association, Religare spokesperson said, “SMEs contribution to India’s GDP is well known. Religare would like to partner with all SMEs in their relentless growth by providing innovative, fast and flexible financial solutions. IndiaMART.com is a great platform which helps SMEs engage with organizations like Religare in accomplishing their success story. We are confident this confluence will deliver great results.”
A start-up or expansion of a business require capital either for the purchase of new equipments, marketing or for short or long-term working capital. Identifying this need, RFL alongwith IndiaMART.com, introduced tailor-made SME loans that can be availed by all self-employed traders, manufacturers and professionals from private or public limited firms.
As the values of commercial and residential properties are on the rise, RFL acknowledges that a number of SMEs have significant value in their property assets. Through Loans Against Property, structures loans that are priced to reflect the collateral of the property behind it, businesses can use the value of the asset in other business ventures.
RFL is also cognizant of the need to have a proper developed transportation system for a business and for this, both RFL and IndiaMART.com, has come up with Commercial Vehicle Loans for new and used three-wheel vehicles, multi-utility vehicles, light and heavy commercial vehicles, tractor trailers, buses and high-end cranes. RFL also offers Religare’s Construction Equipment Loans. SMEs can leverage these services for the purchase of new and used construction equipment, including earth-moving machinery such as JCBs, excavators, backhoe excavators and wheel loaders.