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Customers can conveniently apply for personal loans of up to ₹20 lakhs on the Navi mobile app under this partnership
India, Mumbai, 15 November 2022: Navi Group, a technology-driven financial products and services company founded by Sachin Bansal & Ankit Agarwal, today announced a partnership with Piramal Capital & Housing Finance Ltd., herein referred to as Piramal Finance, to offer ‘Digital Personal Loan’ to customers across Bharat. Piramal Capital & Housing Finance Ltd. is a wholly owned subsidiary of Piramal Enterprises Limited and an established financial services company in India.
Under this partnership, borrowers can avail personal loans up to Rs. 20 lakhs with a tenure of up to 72 months on Navi app. To drive convenience, Navi will enable a completely digital onboarding process with minimum documentation and flexible repayment methods.
This partnership will expand Navi’s lending platform capabilities, supported by Piramal Finance’s home-grown technology as well as its deep footprint in 11,000+ pin codes pan-India. Under the co-lending partnership agreement, Navi will originate and process the personal loans based on mutually aligned credit parameters and eligibility criteria. Piramal Finance will fund 80% of the loan generated by the co-lending arrangement while the remaining 20% will be funded by Navi Finserv (NBFC, wholly owned subsidiary of Navi Technologies).
Sachin Bansal, CEO and Chairman at Navi Technologies, said, “Our partnership with Piramal Finance will give further impetus to scale our lending business with the same superior customer experience of Navi. This partnership sets a compelling example for the industry to follow. Further, we have launched Navi Lending Cloud – our co-lending and direct assignment platform to give seamless digital experience to our partners. This will take us one step closer to our mission of making financial services affordable and accessible to 1 bn Indians.”
Jairam Sridharan, Managing Director, Piramal Capital & Housing Finance Ltd., said, “We are pleased to partner with Navi to offer Digital personal loans in 5 steps to customers. It has been our endeavor to serve customers with the most hassle-free user experience enabled by digital journeys. This Co-Lending partnership with Navi adds a new dimension to our business as it brings us together with a partner that is equally obsessed with great user experience.”
With 343 active branches, Piramal Finance continues to invest in its expansion across Bharat and aims to be present in 1,000+ locations in the country over the near term. With a ‘Digital at its Core’ strategy, the Piramal Finance platform offers a quick and easy way to embed credit as a micro-service in customer and merchant journeys, at scale.
Since its inception in 2020, the Embedded Finance business of Piramal Finance has launched over 22 programs in partnership with leading digital consumers and merchant engagement platforms. In Q2 FY23, 90% of new customer acquisition were generated by the Embedded Finance business and the company’s retail loan disbursements grew 62% quarter-on-quarter to INR 3,973 Cr., as a result of the activation of multiple branches, lending partnerships and customer acquisition.
How borrowers can avail loans on the Navi Mobile App:
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