Sachin Bansal's Navi Group Partners With Piramal Finance To Offer Digital Personal Loans
Navi Group’s partnership with Piramal Finance to help borrowers with a seamless digital experience to avail of personal loans.
Sachin Bansal's technology-driven financial services and products company, Navi Group, announced a partnership with Piramal Capital & Housing Finance Ltd. on Tuesday to provide Digital Personal Loans to customers all over India.
A reputable provider of financial services in India, Piramal Capital & Housing Finance Ltd. is a fully-owned subsidiary of Piramal Enterprises Limited. Therefore, through this agreement, borrowers may access personal loans on the Navi app for up to Rs 20 lakhs with a maximum term of 72 months. Further, Navi Group will offer a fully digital onboarding process with less paperwork and multiple payback options.
Moreover, Piramal Finance will provide 80% of the loan created through the co-lending agreement, and Navi Finserv, an exclusively owned subsidiary of Navi Technologies will provide the remaining 20% of the funding. With the help of Piramal Finance's in-house technology and extensive reach across 11,000+ pin codes in India, this cooperation will increase the potential of Navi's lending platform. A mutually agreed-upon set of eligibility requirements and credit parameters will be used by Navi to originate and process the personal loans under the terms of the co-lending partnership agreement.
So, how can borrowers avail of loans on the Navi mobile application? Let’s check out the steps below:
Step 1: On the home screen of the Navi mobile app, select Avail Loan
Step 2: Complete the fields for your name and other information
Step 3: View the offer generated, complete the KYC, and look at the loan term, amount, and ROI
Step 4: Determine the offer's suitability for your needs and set up a repayment plan (NACH)
Step 5: After electronically signing the co-lending agreement, the loan will be disbursed immediately.
Upon this partnership, Piramal Capital & Housing Finance's managing director, Jairam Sridharan, thinks that this co-lending agreement with Navi would provide their company with a new dimension because it connects them with a partner who is similarly interested in providing an excellent user experience. With a ‘Digital at its Core’ concept, the Piramal Finance platform provides a quick and simple solution to expand the integration of credit as a microservice into consumer and merchant experiences.