Axis Bank and Piramal Finance have partnered to set up a co-lending business with the aim of lending to underprivileged sections in India. The partnership aims to reach middle and low-income borrowers who do not have access to traditional banking services, as well as expand financial inclusion beyond major cities to rural and semi-urban areas.
The newly established partnership will facilitate reaching middle and low-income borrowers in rural and semi-urban areas who are either new to lending or have not been previously served by larger institutions.
Jairam Sridharan, Managing Director, Piramal Capital & Housing Finance said, “We are delighted to announce our co-lending partnership with Axis Bank, the country's leading financial institution. This collaboration underlines our mutual commitment to provide credit to underserved markets. By leveraging Axis Bank's wide network and Piramal Finance's deep reach, we are well positioned to penetrate deeper geographies across India. Together, our shared goal is to expand access to formal credit, drive growth and realise the aspirations of customers across India.”
This partnership will leverage the strengths of both financial institutions: Axis Bank brings deep expertise in loan appraisal, while Piramal Finance provides advanced loan processing technology for efficient application processing.
partnership between axis Bank And Piramal Finance Targets informal sector customers, such as self-employed individuals or salaried employees who have limited access to credit due to insufficient income documentation. By leveraging their strengths, including wide customer reach and robust credit underwriting tools, Sahyog aims to help MSMEs and home loan Piramal Finance's wide customer base underlines its dedication to affordable housing finance, as demonstrated by this partnership with Axis Bank.
The collaboration between Axis Bank and Piramal Finance represents a strategic initiative aimed at reducing the credit gap in India. Through their combined expertise and extensive reach, they seek to empower diverse sectors with better access to financial products and services.
