The collaboration between two lenders aims to cater to customers in the unorganized sector, including self-employed or salaried borrowers who have limited access to credit due to the lack of sufficient income proofs
FinTech BizNews Service
Mumbai, July 01, 2024: Axis Bank, India’s third-largest private sector bank and Piramal Capital and Housing Finance Limited, referred to as Piramal Finance, a leading Non-Banking Financial Company - Housing Finance Company (NBFC-HFC) and wholly owned subsidiary of Piramal Enterprises Limited (PEL), announced a strategic partnership under the co-lending business. Through this partnership, both the lenders will offer Loans to the middle and low-income segment borrowers with focus on rural and semi-urban regions.
The partnership will leverage the deep financial expertise of Axis Bank, and loan processing technology of Piramal Finance, to assess the credit profile of borrowers and provide them loans at competitive interest rates through a network of 490 branches of Piramal Finance. This partnership will cater to potential customers who are either new to credit or untapped by larger institutions and build a multi-product loan book.
Jairam Sridharan, Managing Director, Piramal Capital & Housing Finance Ltd said, “We are pleased to announce our co-lending partnership with Axis Bank, a leading financial institution in the nation. This collaboration underscores our mutual commitment to providing credit to underserved markets. By leveraging Axis Bank's expansive network and Piramal Finance's deep reach, we are well positioned to penetrate deeper geographies across Bharat. Together, our shared goal is to enhance accessibility to formal credit, drive growth, and realize the aspirations of customers across Bharat.”
The collaboration between two lenders aims to cater to customers in the unorganized sector, including self-employed or salaried borrowers who have limited access to credit due to the lack of sufficient income proofs. By combining their strengths, Axis Bank and Piramal Finance will address the credit gap faced by MSMEs and home loan borrowers by utilizing their extensive customer reach, rigorous credit underwriting and assessment tools. With a track record of serving millions of customers, the partnership with Axis Bank is an indication of Piramal Finance’s commitment to the affordable housing finance space.
