News Correspondent, abptakmaa, 15th Jan 2020 : iQuippo, India’s first digital marketplace for infrastructure equipment, today launched its upgraded financing portal (www.iquippo.com) and became the first digital platform in the country to digitise the co-lending programmes of banks and NBFCs.
The state-of-the-art platform now offers its customers an option to choose offers from different financial institutions; it also negotiates with them online on behalf of the financial institutions and customises offers according to their financing 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 disbursement process. They will also benefit from a single window access to multiple financiers, simple documentation and hassle-free application. They will also get real time offers from the financiers in form of competitive rates and higher LTVs (loan to value ratio). Following this launch, iQuippo’s customers will be to avail finance for their equipment purchase at the click of a mouse 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. The current sole 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, original equipment makers (“OEMs”), dealers and financiers – on one platform. The portal has integrated the risk and the pricing engine, which provide customers with dynamic pricing and financiers with dynamic 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.
The portal has been jointly developed with IBM to offer transformational technology with highest level of security, performance and transparency. With this launch, iQuippo has emerged as the one-stop-shop for all its stakeholders.
Commenting on the development, Mr. Anant Raj Kanoria, CEO, iQuippo, said: “We have developed the portal together with IBM and in the process became India’s first ever platform to digitise the co-lending process. Our teams have been part of several desgin thinking workshops with internal and external stakeholders and conducitng market surverys to find the best technology solution for our stakeholders. We believe that the portal will be a game changer in the equipment market as it makes life easier for all stakeholders through a transparent process.”
“Ever since the concept of co-lending was introduced by the Reserve Bank of India (“RBI”) at the end of 2018 we have been observing the market and noticed that the volumes have not been high through this model. Our research showed that the primary reason for low volumes was the slow turnaround time. Hence, with the help of technology we decided to remove the existing process barriers and made the entire process easier and faster for all our stakeholders,” he added.
“The most fascinating aspects of our portal are the negotiation and customisation options for our customers. Indians always have a preference for bargain buys and to digitise the process of negotiation initially 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 want to be known for our innovation and 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,” Mr. Kanoria said. Publicity : Perfect Relations.