Religare Finvest Partners with IndiaMART.com to Offer Financing Solution to SMEs
- 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.
IndiaMART.comis India's largest online B2B marketplace connecting global buyers with suppliers through business directories, online product catalogs, buy-sell offers, industry specific marketplaces, printed media and trade shows participation.
Founded in 1996 by Mr. Dinesh Agarwal (CEO), the company has a pan-India presence in over 100 cities. With over 3500 employees located across 71 offices in the country, IndiaMART.com offers an extensive range of value- added products and services to its 1 million registered members and nearly 5 million global buyers across various industries and verticals.
IndiaMART.com has won numerous awards over the years and has been widely covered by media such as CNBC, BBC, BusinessMoney, CNN, Businessworld, Economic Times, Financial Express, etc for its pioneering role in promoting SME business in the country. Its existing investors include Intel Capital and Bennett, Coleman & Co. Ltd (Times Group), India's largest print media group.
For more information, please visit: www.indiamart.com/corporate/press-section, my.indiamart.com/business-offers
About Religare Finvest Limited
Religare Finvest Limited (RFL), a 100% subsidiary of Religare Enterprises Limited, is registered with the Reserve Bank of India (RBI) as a Non-Banking Finance Company (NBFC) and is presently engaged in providing Consumer Finance, IPO Financing and Personal Financial Services. RFL is aggressively making a name in the Financial Services arena in India. In a fast paced, constantly changing dynamic business environment, RFL has developed a change resilient vertically integrated value chain for delivering the most competitive products and services.
Media ContactsPawandeep Kaur
Manager - Corporate Communication