Flipkart, the leading e-commerce marketplace in India, has formed a strategic alliance with Axis Bank, a prominent private sector bank. This collaboration aims to offer personal loans to Flipkart's valued customers, providing added convenience and benefits to its vast user base of 450 million individuals.
The newly introduced personal loan service features highly competitive options, enabling customers to access loan amounts of up to ?5 lakhs. Moreover, it allows flexible repayment terms spanning from 6 to 36 months.
By introducing personal loans, Flipkart demonstrates its commitment to meeting the financial needs of customers in today's digital lending landscape.
As Indian consumers continue to evolve, their aspirations to enhance their lifestyles have grown. Flipkart and Axis Bank have consistently introduced digital-first solutions to simplify customer experiences. The availability of personal loans will empower customers by increasing their purchasing power and improving accessibility and affordability.
Flipkart has made substantial investments in creating an extensive range of credit offerings and comprehensive financial solutions. These include Pay Later, Product Financing, Seller Financing, Credit Cards, and now, an expansion into Personal Loans.
Dheeraj Aneja, the Fintech and Payments Group Senior Vice President at Flipkart, expressed his satisfaction with the partnership, highlighting the successful collaboration with leading banking institutions to provide customers with affordable payment options like Equated Monthly Installments (EMI), Co-branded Credit Cards, and Buy Now Pay Later (BNPL).
Aneja expressed enthusiasm about the introduction of the Personal Loan service in partnership with Axis Bank, emphasizing the goal of granting customers access to credit and enhancing their purchasing power by providing liquidity precisely when needed. These financial solutions are designed to meet the evolving demands of consumers, offering greater flexibility and convenience throughout their shopping journeys. Aneja emphasized Flipkart's commitment to reshaping the online shopping landscape, ensuring accessibility and inclusivity for all customers.
Customers can anticipate a swift loan approval process, completed within just 30 seconds. To initiate their loan application, consumers need to provide basic details such as their date of birth, PAN, and work information.