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Axis Bank has entered into a co-lending pact with housing finance company Shriram Housing Finance, through the YubiCo.Lend platform. Both the lenders will offer secured MSME and home loans to middle and low-income borrowers in rural and semi-urban regions.
The partnership will leverage the deep financial expertise of Axis Bank, and loan processing technology of Shriram Housing to assess the credit profile of borrowers and provide them loans at competitive interest rates through a network of Shriram Housing’s 123 branches.
It will cater to potential customers who are either new-to-credit or untapped by larger institutions and build a secured loan book. The collaboration will leverage the tech platform, Yubi to process loans seamlessly, the companies said in a joint release.
“The partnership with SHFL is aligned with the Bank’s Bharat Banking mission of driving financial inclusion in the rural and semi-urban regions in a seamless digital manner. This alliance will improve our reach, strengthen our presence in the MSME and affordable home loans segment, and augment the priority sector lending portfolio of the Bank,” Munish Sharda, Group Executive & Head-Bharat Banking, Axis Bank said.
Also read: Axis Bank offers 7-7.75% interest on tax saver deposit: Should you invest?
The collaboration between two lenders aims to cater to customers in the unorganized sector, including self-employed or salaried borrowers who have limited access to credit due to the lack of sufficient income proofs.
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