Flipkart partners with Axis Bank to offer personal loans to customers
Indian e-commerce giant Flipkart has forged a strategic alliance with Axis Bank, one of the nation’s leading private sector banks, to provide personal loans to its customers.
This collaboration is set to extend additional advantages and convenience to Flipkart’s customer base of around 450 million.
The newly unveiled personal loan service presents competitive loan options, providing access to sums up to Rs 5 lakhs. Customers are offered flexible repayment cycles, ranging from 6 to 36 months. This move shows Flipkart’s dedication to meeting consumer financial demands and tapping into the prospects of digital lending in today’s economic context.
The rise of aspirational Indian consumers has led to an increasing desire to enhance their lifestyles. In response, Flipkart and Axis Bank have continually introduced digital-first solutions to simplify customer experiences.
The personal loan facility is designed to boost customers’ purchasing power and enhance accessibility and affordability. Flipkart’s credit offerings and extensive financial solutions lineup, including Pay Later, Product Financing, Seller Financing, and Credit Cards, is now augmented with the inclusion of personal loans.
Axis Bank and Flipkart join forces to deliver personal loan solutions. Photo courtesy of Christopher J. Fynn/Wikimedia Commons.
Sameer Shetty — Axis Bank President and Head of Digital Business & Transformation said: “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.
“In this endeavour, 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. Together, we are set to bring forth a new era of convenience and accessibility for customers.”
Applying for the personal loans is a streamlined process, with loan approvals potentially completed in just 30 seconds. To start their application, customers need to provide basic details such as their Permanent Account Number (PAN), date of birth, and employment details. Upon receiving these details, Axis Bank will determine their loan limit.
Customers can then choose their preferred loan amount and repayment method, factoring in their comfortable monthly repayment capacity. Before finalizing the loan application, Flipkart will provide a comprehensive loan summary, repayment details, and terms and conditions for customer review.
Dheeraj Aneja – Flipkart Senior Vice President of Fintech and Payments Group said: “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. We are delighted to now introduce a Personal Loan service in partnership with Axis Bank. Our focus is to enable credit and enhance purchasing power by granting access to liquidity precisely when needed.
“These financial solutions cater to the evolving demands of consumers, offering greater flexibility and convenience throughout their purchasing journeys. Our commitment lies in reshaping the online shopping landscape, ensuring accessibility and inclusivity for all.”