Bengaluru, July 11, 2023: Flipkart, India’s homegrown e-commerce marketplace has entered into a strategic partnership with Axis Bank, one of the largest private sector banks, to facilitate personal loans for its valued customers, adding additional convenience and enhanced benefits to its 450 million customers. The newly introduced personal loan service offers highly competitive loan options, granting access to amounts as high as Rs 5 lakhs, allowing customers flexible repayment cycles ranging from 6 to 36 months. Flipkart’s introduction to personal loans demonstrates its commitment to addressing customers’ demands in today's financial environment and leveraging the potential of digital lending.
As Indian consumers continue to evolve, an increasing aspiration exists to enhance their lifestyles. Flipkart and Axis Bank have constantly innovated digital-first solutions to simplify customer journeys. The personal loan facility will empower customers with increased purchasing power and improve accessibility and affordability. Flipkart has made substantial commitments to create an extensive lineup of credit offerings and comprehensive financial solutions, including Pay Later, Product Financing, Seller Financing, Credit Cards, and an expansion into Personal Loans.
Dheeraj Aneja, Senior Vice President - Fintech and Payments Group at Flipkart, said, "Through strategic collaborations with leading banking institutions, we have successfully empowered our customers with a wide array of affordable payment options, including Buy Now Pay Later (BNPL), Equated Monthly Installments (EMI), and Co-branded Credit Cards. We are delighted to now introduce a Personal Loan service in partnership with Axis Bank. Our focus is to enable credit and enhance purchasing power by granting access to liquidity precisely when needed. These financial solutions cater to the evolving demands of consumers, offering greater flexibility and convenience throughout their purchasing journeys. Our commitment lies in reshaping the online shopping landscape, ensuring accessibility and inclusivity for all."
Speaking on this launch, Sameer Shetty, President & Head – Digital Business & Transformation, Axis Bank, said, "Axis Bank is a full suite financial solutions provider and we continue to build on innovation led partnership models with a commitment to drive access to formal credit in India with offerings that will benefit the customer the most. In this endeavour, we are pleased to partner with Flipkart, to provide unparalleled lending solutions to a wider spectrum of customers offering customised solutions that cater to the specific needs of users. Together, we are set to bring forth a new era of convenience and accessibility for customers.”
Customers can expect the approval process for their loans to be completed in a mere 30 seconds. To initiate their loan application, they must provide basic details such as PAN (Permanent Account Number), date of birth, and work details. Once these details are provided, Axis Bank will approve their loan limit. Customers can then select their preferred loan amount and repayment method, considering their comfortable monthly repayment capability. Flipkart will present a comprehensive loan summary, repayment details, and terms and conditions for review before finalising the loan application.
