The 450 million users of the e-commerce platform Flipkart now have access to personal loans thanks to a strategic agreement between Axis Bank and the company.
In-depth details about Flipkart begins providing loans to clients in an effort to increase sales
The new service provides consumers with various payback terms ranging from six to 36 months, as well as highly competitive lending choices with access to funds up to Rs 5 lakh.
According to Dheeraj Aneja, senior vice president of Flipkart’s Fintech and Payments Group, “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.”
Customers can anticipate receiving approval in only 30 seconds. They must submit basic information for their loan application, including their PAN (Permanent Account Number), birthdate, and employment information. Axis Bank will authorize their loan limit after receiving these facts. Then, taking into account their comfortable monthly payments capacity, customers can choose their preferred loan amount and payback plan. Before approving the loan application, Flipkart will provide a thorough loan summary, repayment information, and terms and conditions for review.
Customers’ purchasing power will expand thanks to the personal loan option, which will also increase accessibility and affordability. Flipkart has committed significantly to developing a broad range of credit products and complete financial solutions, including Pay Later, Product Financing, Seller Financing, Credit Cards, and a move into personal loans.
“In this endeavor, 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,” said Sameer Shetty, President & Head of Digital Business & Transformation, Axis Bank.
