Flipkart Partners with Axis Bank to approve Personal Loans for Customers, in 30 Seconds!
- ByStartupStory | July 7, 2023
Flipkart, India’s leading e-commerce marketplace, has joined forces with Axis Bank, one of the country’s largest private sector banks, to introduce a strategic partnership that offers personal loans to its valued customers. This collaboration aims to provide enhanced convenience and benefits to Flipkart’s massive customer base of 450 million individuals. The newly launched personal loan service provides highly competitive loan options, granting customers access to loan amounts as high as ₹5 lakhs. With flexible repayment cycles ranging from 6 to 36 months, Flipkart is committed to addressing customers’ financial needs in today’s evolving landscape and leveraging the power of digital lending.
As consumer aspirations in India continue to evolve, there is a growing desire to enhance lifestyles. To meet these demands, Flipkart and Axis Bank have consistently innovated digital-first solutions, simplifying customer journeys. The introduction of personal loans empowers customers with increased purchasing power while improving accessibility and affordability. Flipkart has made significant commitments to create an extensive lineup of credit offerings and comprehensive financial solutions, including Pay Later, Product Financing, Seller Financing, Credit Cards, and now, Personal Loans.
Dheeraj Aneja, Senior Vice President of the Fintech and Payments Group at Flipkart, expressed his excitement about the partnership, stating, “Through strategic collaborations with leading banking institutions, we have successfully empowered our customers with a wide array of affordable payment options, including Buy Now Pay Later (BNPL), Equated Monthly Installments (EMI), and Co-branded Credit Cards. We are delighted to now introduce a Personal Loan service in partnership with Axis Bank. Our focus is to enable credit and enhance purchasing power by granting access to liquidity precisely when needed. These financial solutions cater to the evolving demands of consumers, offering greater flexibility and convenience throughout their purchasing journeys. Our commitment lies in reshaping the online shopping landscape, ensuring accessibility and inclusivity for all.”
Sameer Shetty, President & Head – Digital Business & Transformation at Axis Bank, also commented on the launch, stating, “Axis Bank is a full-suite financial solutions provider, and we continue to build on innovation-led partnership models with a commitment to drive access to formal credit in India, offering solutions that benefit the customer the most. In this endeavor, we are pleased to partner with Flipkart to provide unparalleled lending solutions to a wider spectrum of customers, offering customized solutions that cater to the specific needs of users. Together, we are set to bring forth a new era of convenience and accessibility for customers.”
Customers can expect a seamless and swift loan approval process, completed in just 30 seconds. To initiate their loan application, customers are required to provide basic details such as PAN (Permanent Account Number), date of birth, and work details. Once these details are provided, Axis Bank will approve their loan limit. Customers can then select their preferred loan amount and repayment method, considering their comfortable monthly repayment capability. Flipkart will present a comprehensive loan summary, repayment details, and terms and conditions for review before finalizing the loan application.
Follow Startup Story
Related Posts
