Navi Group, a technology-driven financial products and services company, announced a partnership with Piramal Capital & Housing Finance Ltd., to offer Digital Personal Loan to customers across India.
Under this partnership, borrowers can avail personal loans up to Rs 20 lakhs with a tenure of up to 72 months on 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 11,000+ pin codes pan-India.
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.”
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 (NBFC, wholly owned subsidiary of Navi Technologies).
Jairam Sridharan, Managing Director, Piramal Capital & Housing Finance Ltd., said, “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.”
With 343 active branches, Piramal Finance continues to invest in its expansion across Bharat and aims to be present in 1,000+ locations in the country over the near term.