Paytail has collaborated with HDB Financial Services Ltd. (HDBFS), India’s top NBFC, to provide loans on lifestyle products such as bicycles, electric vehicles (EVs), mobile devices, Consumer Durables, and kitchen appliances. This collaboration will provide millions of customers with fast digital funding for in-store purchases, as well as the opportunity to pay for the product in convenient instalments. It would also enable retailers in over 85,000 stores throughout India establish opportunities for cross-selling and up-selling their items.
Depending on the borrowed amount and product sector, the loan amount ranges from Rs 5,000 to Rs 3,00,000 with a hassle-free EMI period of up to 24 months.
Speaking on the association, G Ramesh, MD & CEO, HDB Financial Services, said, “Our aim is to enable ease of purchase by improving access to credit to customers across India through digital and digitised journeys. Purchase experience will be a seamless journey with zero to minimal human intervention. This association will also help us enter segments which are relatively new, thus expanding and fostering our customer reach”.
Commenting on the partnership, Vikas Garg, Co-founder & CEO, Paytail, said, “Our collaboration with HDBFS aims to fulfil customers’ aspirations who often put their purchasing plans on hold because of various financial challenges. Customers can now enjoy instant credit offerings at no cost EMIs with easy repayment options. Joining hands with a leading lender like HDB also promises superior and reliable credit provision in tier II and tier III cities where the capital demand is high. It will also allow our affiliated retail offline sellers to attract and retain customers”.
