Navi Group Partners With PCHFL To Provide A Digital Personal Loan
The Bangalore-based financial services company Navi Group and housing finance company, as well as a subsidiary of Piramal Enterprises Limited, Piramal Capital and Housing Finance Limited (PCHFL), have partnered to provide digital personal loans to customers throughout India.
The Navi Group was founded in 2018 by Sachin Bansal and Ankit Agarwal. It operates in digital loans, mutual funds, home loans, microloans, and health insurance spaces. On the other hand, Piramal Capital and Home Financing Limited (PCHFL) is a housing finance firm that is registered with the National Housing Bank (NHB) and is active in a number of financial services ventures.
The Chairman and Chief Executive Officer (CEO) of Navi, Sachin Bansal, made a statement saying that their relationship with Piramal Capital and Home Financing Limited (PCHFL) will offer them more motivation to expand their loan business while maintaining Navi Group’s high standards for client service. This alliance provides the industry with a strong and attractive model to follow. In order to offer their partners a smooth digital experience, they have also established Navi Lending Cloud, which is their co-lending as well as direct assignment platform. This would help them achieve their goal of providing a billion Indians with inexpensive and accessible financial services.
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In accordance with this collaboration, borrowers may apply for personal loans on the Navi application up to a maximum of INR 20 Lakhs with a maximum term of around 72 months. The Navi Group will offer a fully digital onboarding procedure with less paperwork and multiple payback options to increase convenience.
As a result of this cooperation, the lending platform of Navi will have greater capacities, underpinned by Piramal Capital and Home Financing Limited’s in-house technology and extensive presence across over 11,000 pin codes in India. In accordance with the co-lending partnership agreement, the Navi Group shall originate and handle the personal loans using eligibility requirements and credit standards that are mutually agreed upon. The housing finance company would fund 80 percent of the loan made possible by the co-lending agreement, whereas Navi Finserv, which is a fully owned subsidiary of the Navi Group, would fund the other 20 percent.
The Managing Director of Piramal Capital and Housing Finance Limited, Jairam Sridharan, made a statement saying that they are happy to work with Navi to provide customers with five-step digital personal loans. They have worked hard to provide clients with the easiest possible user experience through their digital travels. By bringing them along with a partner who is equally passionate about exceptional user experience, this co-lending arrangement with Navi gives their company a new dimension.
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