Srei Equipment Finance Limited, a wholly owned subsidiary of Srei Infrastructure Finance Limited, and UCO Bank, one of India’s premier public sector banks, have announced a strategic alliance to offer joint loans for the purchase of construction, mining, farm and medical equipment under a co-lending arrangement. iQuippo, a Kanoria Foundation initiative, will facilitate sourcing of loans under this programme.
The partnership will allow Srei Equipment and UCO Bank to collaborate, cooperate and widen their respective markets and customer bases. The strategic alliance will also allow both the lenders to leverage each other’s customers and cross-sell their products.
The lenders will use the iQuippo platform, a unique digital marketplace with more than 90,000 registered users, for loan origination and sourcing by prospective borrowers and electronic auction of equipment, as and when required.