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SBM Bank India on Thursday announced its partnership with CredAvenue. Through the partnership, SBM Bank India along with CredAvenue, would facilitate access to funds at affordable cost for NBFCs and Fintechs serving their respective vision of financial inclusion.

The partnership combines CredAvenue's power of technology to manage the complete debt lifecycle and SBM Bank India's banking prowess comprising of its diverse product range, collaborative ecosystem and global expertise in managing finances, the Bank said in a statement.

Commenting on the partnership, Neeraj Sinha, Head - Retail and Consumer Banking, SBM Bank India, said, "In sync with our smart banking mission we are proud to partner with CredAvenue and give necessary impetus to collaborative ecosystem.

"The partnership makes it easier for borrowers to grant loans through digital platforms and covers the entire loan processing cycle without manual intervention, from on-boarding to disbursement to monitoring. With this, we are further enabling the smart banking ecosystem in the country and more importantly, play a collaborative role in transforming business ecosystem in India using easy to access, customised banking solutions."

CredAvenue would support SBM Bank India in the end-to-end partner discovery, provide underwriting tools, automated operations workflows, risk management and reporting solutions.

"Our platform clubs a robust discovery model with a fully digital operations solutions which makes it an inherently scalable model. If you take the lender's perspective- all you have to do is integrate with the platform, choose multiple partners, set your credit and product parameters, and get going as the platform gets configured to match your requirements. From an NBFC/Fintech partners perspective- it entails access to multiple lenders through a one-time integration. It also allows for an operationally lean and flexible environment which we believe is critical for such partnerships to take off", said Irfan Mohammed, Chief Business Officer, CredAvenue.

The partnership aims at the un-served and under-served sectors of the economy and makes funds available to the ultimate beneficiary at an affordable cost.