Credit Wise Capital (CWC), a tech-driven Non-Banking Financial Company (NBFC) known for its experience in two-wheeler financing, has announced a strategic co-lending agreement with HDFC Bank, India’s top private sector bank, to provide two-wheeler loans in the country’s tier 2, 3, and 4 cities.
The cooperation combines HDFC Bank’s expertise in providing credit to the unserved or underserved areas of the economy with Credit Wise Capital’s powerful and simple loan processing tech platform for screening potential borrowers as well as their credit profile. The collaboration seeks to provide seamless finance solutions in a convenient and cost-effective digital format via Twin2, a Credit Wise Capital proprietary platform.
Expressing his excitement, Aalesh Avlani, Co-Founder, Credit Wise Capital, stated, “Our strategic co-lending partnership signifies a paradigm shift in the lending landscape, bringing enhanced accessibility and affordability to two-wheeler loans, particularly in rural and semi-urban areas. By harnessing the robust network of HDFC Bank, we can extend our reach to a broader audience, empowering them to fulfill their aspirations of owning a two-wheeler through seamless access to affordable credit. We firmly believe that this partnership will unlock substantial value for our customers and fuel the growth of the two-wheeler financing market.”
Gurpreet Singh Sodhi, Co-Founder, Credit Wise Capital, expressed his views, “The exponential growth of India’s two-wheeler finance market, driven by escalating demand from tier 2, 3, and 4 towns, is truly remarkable. We are thrilled to partner with HDFC Bank, the nation’s largest private sector bank, as a co-lender for two-wheeler loans. HDFC Bank’s robust due diligence process, backed by our technology, will help us turn the pivot in the lending landscape. With this partnership, we are committed to empower individuals, enabling them to effortlessly realize their dreams of two-wheeler ownership by ensuring easy access to credit.”
Prashant Patel, Exe Vice President, Capital & Commodity Markets, HDFC Bank, said, “HDFC Bank has always been at the forefront of offering innovative and customized financial solutions to our customers. Our collaboration with Credit Wise Capital aligns with our vision of expanding our reach and catering to the evolving needs of our customers. By combining our expertise and resources, we aim to make the two-wheeler loan process simpler, faster, and more convenient for individuals across the country.”
Credit Wise Capital offers simple financial solutions via Twin2, a WhatsApp chatbot available in five languages: Hindi, Marathi, Kannada, Gujarati, and English. It is the first company in the two-wheeler market to employ Account Aggregator (AA) to acquire client banking information online, as well as an affluence score that uses satellite pictures to provide location scores for better underwriting and a faster turnaround time. CWC caters to tier 2, 3, and 4 cities in India using this multilingual chatbot and by utilising alternative data such as AA and the affluence score, enabling consumers in smaller towns who are new to credit in securing two-wheeler loans.
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This co-lending relationship is a big step forward for Credit Wise Capital, demonstrating a shared commitment to fostering financial inclusion and empowering individuals with affordable mobility options.
