Flipkart, an Indian e-commerce platform, has formed a strategic partnership with Axis Bank, one of the largest private sector banks in the country. The aim of this collaboration is to offer personal loans to Flipkart’s 450 million customers, providing them with added convenience and benefits. The introduction of personal loans by Flipkart demonstrates its commitment to meeting the financial needs of customers and taking advantage of the potential of digital lending.
Flipkart and Axis Bank Partnership Introduces Competitive Personal Loan Service
The personal loan service introduced by Flipkart and Axis Bank offers competitive loan options, allowing customers to borrow amounts as high as ₹5 lakhs. It also provides flexible repayment cycles ranging from 6 to 36 months. This initiative enables Flipkart customers to access increased purchasing power and improved affordability. It is part of Flipkart’s broader commitment to offer a range of credit options 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 enthusiasm about the partnership, stating that through collaborations with leading banks, Flipkart has empowered customers with affordable payment options like Buy Now Pay Later (BNPL), Equated Monthly Installments (EMI), and Co-branded Credit Cards. Aneja emphasized Flipkart’s focus on granting customers access to liquidity precisely when they need it and catering to the evolving demands of consumers by offering flexibility and convenience throughout their purchasing journeys.
Innovative Lending Solutions for Faster Loan Approvals and Enhanced Customer Convenience
Sameer Shetty, President & Head of Digital Business & Transformation at Axis Bank, highlighted Axis Bank’s commitment to providing formal credit access in India through innovative partnerships. Shetty expressed pleasure in partnering with Flipkart to offer customized lending solutions that cater to the specific needs of a wide range of customers. The collaboration aims to bring forth a new era of convenience and accessibility for customers.
Customers can expect a quick approval process for their loans, with a turnaround time of just 30 seconds. To apply for a loan, customers need to provide basic details such as PAN (Permanent Account Number), date of birth, and work details. After providing these details, Axis Bank will approve their loan limit. Customers can then choose their preferred loan amount and repayment method based on their monthly repayment capability. Flipkart will present a comprehensive loan summary, repayment details, and terms and conditions for review before finalizing the loan application.
