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Axis Bank & Piramal Finance offer loans to underserved segments in India

By Gloria Mathias

July 01, 2024

  • Axis Bank
  • Co-lending business
  • fintech India
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Piramal Finance, Navi, Axis Bank, Loans, Lending, Co-lending business, Fintech news, Fintech India, Middle income borrowers, Low income borrowers, India Fintech news, Axis Bank, India’s private sector bank and Piramal Capital and Housing Finance Limited, referred to as Piramal Finance, a Non-Banking Financial Company and Housing Finance Company (NBFC-HFC), have announced a strategic partnership in the co-lending business.

Through this partnership, both lenders will offer loans to middle and low-income borrowers, with a focus on rural and semi-urban regions.

The partnership will leverage Axis Bank’s deep financial expertise and Piramal Finance’s loan processing technology to assess borrowers’ credit profiles and provide them with loans at competitive interest rates through a network of 490 Piramal Finance branches. This partnership will cater to potential customers who are either new to credit or untapped by larger institutions and build a multi-product loan book.

Jairam Sridharan, Managing Director, Piramal Capital & Housing Finance Ltd said, “We are pleased to announce our co-lending partnership with Axis Bank, a leading financial institution in the nation. This collaboration underscores our mutual commitment to providing credit to underserved markets. By leveraging Axis Bank’s expansive network and Piramal Finance’s deep reach, we are well-positioned to penetrate deeper geographies across Bharat. Together, our shared goal is to enhance accessibility to formal credit, drive growth, and realize the aspirations of customers across Bharat.”

The collaboration between two lenders aims to cater to customers in the unorganized sector, including self-employed or salaried borrowers who have limited access to credit due to the lack of sufficient income proof.

By combining their strengths, Axis Bank and Piramal Finance will address the credit gap faced by MSMEs and home loan borrowers by utilizing their extensive customer reach and rigorous credit underwriting and assessment tools. With a track record of serving millions of customers, the partnership with Axis Bank is an indication of Piramal Finance’s commitment to the affordable housing finance space.

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