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