The Walmart-owned Indian e-commerce giant Flipkart has announced that it would now provide personal loans to its clients. Customers may anticipate approval in as little as 30 seconds and amounts up to Rs 5 lakh are available with flexible payback schedules of six to 36 months.
The new service provides consumers with various payback terms ranging from six to 36 months, as well as very 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 Instalments (EMI), and Co-branded Credit Cards.”
Customers may anticipate receiving clearance in only 30 seconds. They must submit basic information for their loan application, including their PAN (Permanent Account Number), birth date, and employment information. Axis Bank will authorize their loan limit after receiving these facts.
Then, taking into account their comfortable monthly payment capacity, customers may choose their chosen loan amount and payback plan. Before approving the loan application, Flipkart will provide a thorough loan summary, repayment information, and terms and conditions for consideration.
The availability of personal loans will raise customers’ spending power and increase accessibility and affordability. Flipkart has committed significantly to developing a broad range of credit options and complete financial solutions, including Pay Later, Product Financing, Seller Financing, Credit Cards, and growth in personal loans.
President and Head of Digital Business & Transformation at Axis Bank, Sameer Shetty, stated: “In this endeavor, we are pleased to partner with Flipkart to provide unmatched lending solutions to a wider range of customers by offering customized solutions that cater to the specific needs of users.”
