Private sector lender Karur Vysya Bank (KVB) has tied-up with Home Credit India (HCIN) for joint lending to customers.
The processing of the loan is totally automated. Loan approval and disbursement will be made on a real-time basis, KVB said in a statement.
“Karur Vysya Bank is a key player in the retail lending space. We process loans through an app-based, end-to-end paperless solution that is unique in the industry. This partnership will help us leverage HCIN’s large database and reach out to a segment which we have not pursued aggressively in the past. We will be able to provide other banking products to these customers as well,” said P.R. Seshadri, MD and CEO, KVB.
“Our partnership with Karur Vysya Bank is unique in the unsecured lending space. Under this arrangement, Home Credit India will facilitate the sourcing and servicing of the loans originated under this scheme, while, underwriting will be done jointly on a real time basis on a fully digitised platform. With this partnership and by leveraging the lower cost of funds of KVB, Home Credit India will be able to reach out to a new segment of customers,” said Anirban Majumder, CFO, Home Credit India.
