Navi, Piramal Finance enter into co-lending partnership to offer digital personal loans

NEW DELHI: Navi Group, a technology-driven financial products and services company founded by Sachin Bansal and Ankit Agarwal, on Tuesday announced a partnership with Piramal Capital & Housing Finance Ltd., to offer ‘Digital Personal Loan’ to customers across Bharat. Piramal Capital & Housing Finance is a wholly owned subsidiary of Piramal Enterprises Ltd.

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 billion Indians.”

Under this partnership, borrowers can avail personal loans up to 20 lakhs with a tenure of up to 72 months on the 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 more than 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, a wholly-owned subsidiary of Navi Technologies.

Jairam Sridharan, managing director, Piramal Capital & Housing Finance, said, “We are pleased to partner with Navi to offer Digital personal loans in 5 steps to customers. It has been our endeavour 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.”

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