Flipkart has teamed with Axis Bank to provide personal loans to its 450 million consumers, with amounts ranging from lakh to lakh and various repayment choices. Loan approval is intended to take about 30 seconds, providing customers with convenience and accessibility.
Bengaluru: Flipkart, India’s homegrown e-commerce marketplace, has formed a strategic relationship with Axis Bank, one of the leading private sector banks, to facilitate personal loans for its valued clients, providing extra convenience and better benefits to its 450 million users. The newly launched personal loan service provides highly competitive lending choices, with access to amounts as high as 5 lakhs and flexible payback cycles ranging from 6 to 36 months. Flipkart’s introduction of personal loans underscores the company’s dedication to meeting consumers’ financial needs and capitalizing on the possibilities of digital lending.
As Indian consumers evolve, there is a growing desire to improve their lifestyles. Flipkart and Axis Bank have consistently created digital-first solutions to make customer experiences easier. The personal loan service would give customers more purchasing power while also improving accessibility and affordability. Flipkart has made significant investments to develop a diverse portfolio of credit options and complete financial solutions, including Pay Later, Product Financing, Seller Financing, Credit Cards, and an expansion into Personal Loans.
“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,” said Dheeraj Aneja, Senior Vice President – Fintech and Payments Group at Flipkart. We are pleased to announce the launch of a Personal Loan service in collaboration with Axis Bank. Our goal is to facilitate credit and increase purchasing power by providing liquidity when it is needed. These financial solutions react to consumers’ changing needs, providing increased flexibility and convenience throughout their purchasing journeys. Our objective is to reshape the internet buying scene such that it is accessible and inclusive to all.”
“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,” said Sameer Shetty, President & Head – Digital Business & Transformation, Axis Bank. In this endeavor, we are glad to collaborate with Flipkart to provide outstanding lending solutions to a broader range of clients, giving bespoke solutions that respond to users’ individual needs. Together, we are poised to usher in a new era of client convenience and accessibility.”
Customers may expect their loan approvals to be processed in less than 30 seconds. To begin their loan application, customers must supply basic information such as their PAN (Permanent Account Number), date of birth, and employment information. Axis Bank will authorize their loan limit after these facts are submitted. Customers can then choose their chosen loan amount and repayment plan, taking into account their monthly repayment capacity. Before confirming the loan application, Flipkart will provide a full loan summary, repayment details, and terms and conditions for review.
