Navi Group, a technology-driven financial products and services company founded by Sachin Bansal and Ankit Agarwal, today announced a partnership with Piramal Capital & Housing Finance Ltd., hereby referred to as Piramal Finance, to provide customers throughout Bharat a ‘Digital Personal Loan.’ Piramal Capital & Housing Finance Ltd. is a completely owned subsidiary of Piramal Enterprises Limited, a well-known Indian financial services firm.
Borrowers can use the Navi app to get personal loans up to Rs. 20 lakhs with terms of up to 72 months. Navi will offer a completely digital onboarding procedure with little documents and numerous payback alternatives to increase convenience.
This collaboration will enhance Navi’s lending platform capabilities, backed by Piramal Finance’s in-house technology and strong presence in 11,000+ pin codes across India. Navi shall originate and process personal loans based on mutually agreed-upon credit parameters and eligibility requirements under the co-lending partnership agreement. Piramal Finance will fund 80 per cent of the loan created by the co-lending arrangement, while Navi Finserv would fund the other 20 per cent. (NBFC, wholly owned subsidiary of Navi Technologies).
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. This partnership sets a compelling example for the industry to follow. Further, we have launched Navi Lending Cloud – our co-lending and direct assignment platform to give a seamless digital experience to our partners. This will take us one step closer to our mission of making financial services affordable and accessible to 1 bn Indians.”
Jairam Sridharan, Managing Director, Piramal Capital & Housing Finance Ltd., said, “We are pleased to partner with Navi to offer Digital personal loans in 5 steps to customers. It has been our endeavor to serve customers with the most hassle-free user experience enabled by digital journeys. 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.”
Piramal Finance has 343 active branches and plans to expand to 1,000+ sites across the country in the near future. With a ‘Digital at its Core’ strategy, the Piramal Finance platform provides a quick and easy method to embed credit as a micro-service in consumer and merchant journeys at scale.
Piramal Finance’s Embedded Finance division has launched over 22 projects in collaboration with key digital consumers and merchant interaction platforms since its beginning in 2020. The Embedded Finance business generated 90 per cent of new customer acquisition in Q2 FY23, and the company’s retail loan disbursements increased 62 per cent quarter on quarter to INR 3,973 Cr. as a consequence of the activation of various branches, lending partnerships, and customer acquisition.
