E-commerce marketplace Flipkart has entered a strategic partnership with Axis Bank to offer personal loans to customers, adding additional convenience and enhanced benefits to its 450 million users.
The new service offers highly competitive loan options, granting access to amounts as high as Rs 5 lakh, allowing customers flexible repayment cycles ranging from six–36 months.
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Dheeraj Aneja, Senior Vice President of the Fintech and Payments Group at Flipkart, 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 Instalments (EMI), and Co-branded Credit Cards.”
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Customers can expect approval in a mere 30 seconds. To initiate their loan application, they must provide basic details such as PAN (Permanent Account Number), date of birth, and work details. Once these details are provided, Axis Bank will approve their loan limit. Customers can then select their preferred loan amount and repayment method, considering their comfortable monthly repayment capability. Flipkart will present a comprehensive loan summary, repayment details, and terms and conditions for review before finalising the loan application.
The personal loan facility will give customers increased purchasing power and improve accessibility and affordability. Flipkart has made substantial commitments to create an extensive lineup of credit offerings and comprehensive financial solutions, including Pay Later, Product Financing, Seller Financing, Credit Cards, and an expansion into personal loans.
Sameer Shetty, President & Head of Digital Business & Transformation, Axis Bank, said, “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.”
