Axis Bank, India’s third-largest private sector bank, and Piramal Capital and Housing Finance Limited, also known as Piramal Finance, a leading Non-Banking Financial Company – Housing Finance Company (NBFC-HFC) and wholly owned subsidiary of Piramal Enterprises Limited (PEL), have announced a strategic partnership in the co-lending business. Through this collaboration, both lenders will offer loans to middle and low-income borrowers, with a concentration on rural and semi-urban areas.
The cooperation would combine Axis Bank’s substantial financial experience with Piramal Finance’s loan processing technology to assess clients’ credit profiles and give loans at affordable interest rates through Piramal Finance’s network of 490 outlets. This collaboration will cater to potential clients who are either new to credit or underserved by larger schools, resulting in a multi-product loan book.
Also read: Axis Bank registers ₹7,130 crore net profit in Q4 of FY24
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 intends to serve consumers in the unorganised sector, such as self-employed or salaried borrowers who have limited access to credit due to a lack of adequate income evidence. By merging their expertise, Axis Bank and Piramal Finance will bridge the credit gap for MSMEs and house loan customers by using their broad customer reach, rigorous credit screening and assessment technologies. With a track record of serving millions of consumers, Piramal Finance’s cooperation with Axis Bank demonstrates the company’s dedication to affordable housing finance.
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