Online payments brand PayU has joined hands with Reliance Money to offer instant app-based personal loans, said the firms in a joint statement. The service will be offered via LazyPay.
According to the official communiqué, the company sees a potential of 15 crore borrowers in the credit market of India. The service of digital personal loans will be available to both salaried and non-salaried individuals with repayment linked to their bank accounts.
The loan amount will range from Rs 100 and will be extended up to Rs 100000. The duration for the same would vary from 15 days to 24 months, depending on the creditworthiness of the individual. This line of credit will be availed via LazyPay on Citrus App.
Reliance Money would be verifying the creditworthiness of the customers, furthermore, the company is looking for direct debit facility on the customer’s account for loan repayment.
Instant digital .loan facility will be available across 10 cities, including several metros and tier II cities namely Ahmedabad, Jaipur, Hyderabad, Bangalore, Chandigarh, Lucknow. The company is set to extent the facility to 110 locations by the end of third quarter of the current year, the companies stated.
“The tie-up helps Reliance Money to move ahead in its financial inclusion effort of “go-retail” by reaching out to underserved customers with innovative financial solutions. Any increase in PayU India’s client base will directly and positively impact our bottom-line,” said Devang Mody, Executive Director and CEO of Reliance Money.
