Winning Bizness Desk
Mumbai. Flipkart, the e-commerce company that provides home delivery of goods to people, is now going to give loan as well. Walmart-owned online retailer platform Flipkart on has announced that Axis Bank's personal loan facility will also be available on its platform. It further said that customers on its platform can avail personal loans of up to Rs 5 lakh from Axis Bank for a tenure of up to three years. To initiate the loan application, customers will need to provide basic details such as PAN (Permanent Account Number), date of birth, and work details. The announcement comes amid reports that the Reserve Bank of India (RBI) has expressed concern over high growth in high-risk loans such as personal loans and credit cards. PhonePe will face the biggest challenge from Flipkart's entry into the personal loan business. Flipkart has started offering personal loans to its 45 crore customers. Notably, in December last year, PhonePe was officially separated from the Flipkart group and has now been established as a separate business within the Walmart group. Post the split, the ecommerce giant will make a one-time payment of $700 million to current and former employees commensurate with the value of PhonePe in their ESOPs.
Loan will be available in 30 seconds
According to a statement issued by the e-commerce company, customers will get loan approval within 30 seconds under this partnership. To repay this, customers will have the facility of a flexible repayment cycle which will be from 6 months to 36 months. Flipkart Senior Vice President (Finance Technology & Payments Group) Dhiraj Aneja said that our e-commerce platform already offers financial facilities like Buy Now Pay Later (BNPL), Equated Monthly Installments (EMIs) and credit cards. Sameer Shetty, President and Head of 'Digital Business & Transformation', said that through this partnership, the bank will provide credit facility to a wider segment of customers. Significantly, about 45 crore people are registered on the platform of Flipkart. Flipkart is a leading destination for online shopping in India, offering some of the best prices and a completely hassle-free experience.