IndusInd Bank partners with Rupyy to offer loans for used cars

used cars

IndusInd Bank has signed a Memorandum of Association (MoU) with a new-age digital lending platform called Rupyy. According to the announcement, the strategic partnership will be offering 100 per cent paperless loan processing.

Rupyy is the fintech arm of the Jaipur-based Girnarsoft Pvt. Ltd., which houses brands including CarDekho, BikeDekho, Zigwheels, and Powerdrift, among others. This cooperation will allow Rupyy users to benefit from simpler documentation and instant processing of car loans from IndusInd Bank. Moreover, customers of the bank can now choose from a variety of flexible repayment alternatives while transacting on Rupyy.

A.G. Sriram, Head of Consumer Finance Division of IndusInd Bank, while announcing the MoU, stated, “We are delighted to partner with Rupyy to provide the whole gamut of used-car loan offers. As a customer-first Bank, we are excited to increase our digital footprint and reach out to potential customers on their preferred online channels. We believe this partnership will add an extra layer of convenience for customers in order to onboard a seamless auto loan journey. At IndusInd Bank, it is our constant endeavor to bring forth path-breaking propositions to ensure a delightful banking experience for customers.”

Further elaborating, Executive Vice President of IndusInd Bank, T.A. Rajagoppalan added, “At IndusInd Bank, it has been our constant attempt to bring forth innovative propositions that can accelerate the shift to a digital economy. With our decades of expertise in the vehicle finance segment, combined with Rupyy’s new-age digital experience, we are sure that this marks the beginning of an exciting phase in our relationship with Rupyy, as well as a wonderful digital-first experience for our customers.”

Besides, IndusInd Bank will also make use of Rupyy’s digital assets and provide consumers with additional incentives through its schemes.

Recently, the banking company announced a strategic partnership with the insights-led customer engagement platform MoEngage, to provide a distinct digital experience across numerous customer journeys. As part of the partnership, Induslnd Bank is said to leverage MoEngage’s technology platform to deliver a ‘Gen Z’ digital banking experience to its customers. Through this collaboration, the bank will be able to curate personalised content and recommendations across channels where consumers spend the majority of their time.

The 1994-launched IndusInd Bank serves the requirements of both individual and corporate customers. Its technology platform supports multi-channel delivery capabilities. As of March 31, 2022, IndusInd Bank has 2,265 branches and 2,767 ATMs spread across 776 geographical locations in the country. Additionally, the bank maintains representative offices in Abu Dhabi, Dubai, and London.

Also Read | Indel Money partners with IndusInd Bank for gold loan co-lending partnership

It enjoys clearing bank status for the two major stock exchanges, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), and major commodity exchanges in the country, including the Multi Commodity Exchange of India Limited (MCX), the National Commodity and Derivatives Exchange Limited (NCDEX), and the National Multi-Commodity Exchange (NMCE).

On April 1, 2013, IndusInd Bank was added to the NIFTY 50 (National Stock Exchange FIFTY) benchmark index. Additionally, IndusInd Bank Limited shares were last traded at Rs 1043.20 on the BSE, as compared to the previous close of Rs 1017.70.

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