Flipkart has tied up with its first banking partner Axis Bank to provide digitally enabled personal loans to its customers. Long repayment cycle ranging from 6 to 36 months after taking the loan
Bengaluru India’s e-commerce marketplace Flipkart has entered into a strategic partnership with Axis Bank, one of India’s largest private banks, to provide easy access to personal loans to its human customers, making it easier for its over 45 crore customers to access loans. The newly launched personal loan service will offer several competitive advantages. In which Rs.
For amounts up to five lakhs, customers have the facility of flexible repayment cycles ranging from 6 to 36 months.
As the buying patterns of Indian consumers are changing, their lifestyles are also changing with rising expectations. Flipkart and Axis Bank continue to innovate in digital-first solutions to make life easier for their customers. Personal loan facility will increase the purchasing power of customers and they will be able to shop easily and affordably. Flipkart has introduced a range of credit offerings and complete financing options, including pay letters, product financing, seller financing, credit cards and personal loan extensions.
Dheeraj Aneja, Senior Vice President, Flipkart said, “Through strategic tie-ups with leading banking institutions, we offer our customers a wide range of affordable payment options like ‘Buy Now Pay Later’ (BNPL), ‘Equated Monthly Installments’ (EMI) and co-branded credit cards. It has also empowered the customers.
We are pleased to launch Personal Loan Services in partnership with Axis Bank. Our focus is to increase the purchasing power of customers by providing them with finance when they need it. These financial solutions cater to the changing needs of customers and provide instant flexibility and convenience in their purchasing process. Our commitment lies in reshaping the online shopping experience and bringing flexibility and inclusiveness.”
Speaking on the launch Sameer Shetty, President and Head (Digital Business & Transformation), Axis Bank said, “Axis Bank is a full suite financial services provider and we are committed to facilitating formal credit in India with an offering that is most beneficial to customers, with an innovation-led partnership model. We will continue to build.
In this endeavour, we are delighted to partner with Flipkart to provide unmatched financing options to a wide range of customers by offering customized solutions that meet the specific needs of users. Together, we are poised to bring a new era of convenience and flexibility to customers.”
Customers can expect their loan process to be approved in just 30 seconds. For loan application they have to provide PAN (Permanent Account Number), date of birth and work details. Axis Bank will approve their loan limit after providing these details.
The customer can then choose the loan amount and repayment method keeping in mind their repayment capacity. Flipkart will provide a complete loan summary, repayment details and terms before finalizing the loan application.