Under this partnership, borrowers can avail personal loans up to Rs 20 lakhs with a tenure of up to 72 months on Navi app.
“Our partnership with Piramal Finance will give further impetus to scale our lending business with the same superior customer experience of Navi,” said Sachin Bansal, CEO and Chairman at Navi Technologies. “We have launched Navi Lending Cloud – our co-lending and direct assignment platform to give seamless digital experience to our partners.”
Under the co-lending partnership agreement, Navi will originate and process the personal loans based on mutually aligned credit parameters and eligibility criteria.
Piramal Finance will fund 80% of the loan generated by the co-lending arrangement while the remaining 20% will be funded by Navi Finserv (NBFC, wholly owned subsidiary of Navi Technologies).
“It has been our endeavor to serve customers with the most hassle-free user experience enabled by digital journeys,” said Jairam Sridharan, Managing Director, Piramal Capital & Housing Finance Ltd. “This Co-Lending partnership with Navi adds a new dimension to our business as it brings us together with a partner that is equally obsessed with great user experience.”
Since its inception in 2020, the Embedded Finance business of Piramal Finance has launched over 22 programs in partnership with leading digital consumers and merchant engagement platforms.
In Q2 FY23, 90% of new customer acquisition were generated by the Embedded Finance business and the company’s retail loan disbursements grew 62% quarter-on-quarter to Rs 3,973 crore, as a result of the activation of multiple branches, lending partnerships and customer acquisition.