E-commerce marketplace Flipkart has teamed up with Axis Bank to introduce a personalised loan service catering to its customer base of 450 million. The new offering will provide customers access to competitive loan options, enabling them to secure amounts of up to Rs 5 lakh, and flexible repayment cycles ranging from 6 to 36 months.
It offers a line-up of credit offerings and comprehensive financial solutions, including Pay Later, Product Financing, Seller Financing, Credit Cards, and expansion into Personal Loans.
“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,” said Dheeraj Aneja, Senior Vice-President, Fintech and Payments Group at Flipkart.
Flipkart aims to address customers’ demands in today’s financial environment and leverage the potential of digital lending. According to the company, the service will empower customers with increased purchasing power and improve accessibility and affordability.
“As a full-suite financial solutions provider, 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. We are pleased to partner Flipkart, to provide lending solutions to a wide spectrum of customers, offering customised solutions that cater to the specific needs of users,” said Sameer Shetty, President & Head – Digital Business & Transformation, Axis Bank.
Also read: Best-positioned. Reliance on top of $150-billion Indian e-commerce market: Report
Customers can expect the approval process for their loans to be completed in a mere 30 seconds, according to the company. To initiate the loan application, customers need to provide details such as their PAN (Permanent Account Number), date of birth, and work details.
Once the preferred loan amount and repayment method is selected, Flipkart will present a comprehensive loan summary, repayment details, and terms and conditions for review, before finalising the loan application.