Fintech startup Navi Technologies has partnered with Piramal Capital & Housing Finance Ltd, to offer digital personal loans. Under this partnership, borrowers, using the Navi app, will be able to avail of personal loans up to Rs 20 lakh for a tenure of up to 72 months. The entire process, from the loan application to disbursal, will be done with minimum documentation.
Commenting on the partnership, Sachin Bansal, CEO and chairman at Navi Technologies said that the partnership will allow the company to scale up the lending business. “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 a 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 billion Indians.”
Piramal Capital & Housing Finance Ltd., a fully owned subsidiary of Piramal Enterprises Ltd, will be funding 80 per cent of the loans generated under the partnership. The remaining 20 per cent will come from Navi Technologies. Under the partnership, Navi will generate, and process loans based on mutually aligned credit parameters and eligibility criteria.
Jairam Sridharan, managing director, of Piramal Capital & Housing Finance, said, that the companies will be able to offer personal loans to the borrowers in 5 steps. ” 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,” he added.
Flipkart co-founder Sachin Bansal’s Navi Technologies offer several financial solutions like loans, general insurance, mutual funds and microfinance. The company is set to go for an initial public offering (IPO) and has already received a green signal from the Securities and Exchange Board of India (SEBI). The company filed the draft papers for the IPO in March of this year.
Navi Technologies, in its Draft Red Herring Prospectus, had sought to raise up to Rs 3,350 crore through a fresh issue of shares. The IPO will have an offer for sale (OFS) by Sachin Bansal, who presently owns a 97.39 per cent stake in the fintech.
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