Navi, Piramal Finance enter into co-lending partnership to offer digital personal loans

Sachin Bansal, CEO and Chairman, Navi Technologies said, “Our partnership with Piramal Finance will further boost our lending business with enhanced customer experience similar to Navi. This partnership sets a compelling example for the industry to follow. In addition, we have launched Navi Lending Cloud – our co-lending and direct assignment platform – to give our partners a seamless digital experience. This will take us closer to our mission of making financial services affordable and accessible to 1 billion Indians.”

Under this partnership, borrowers can avail personal loans up to 20 lakhs on Navi app with a tenure of up to 72 months. To provide convenience, Navi will enable a completely digital onboarding process with minimal documentation and flexible repayment methods.

This partnership will expand Navi’s lending platform capabilities, backed by Piramal Finance’s in-house technology as well as its deep footprint in over 11,000 pin codes pan-India. 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 fund 80% of the debt arising out of the co-lending arrangement, while the remaining 20% ​​will be funded by Navi Finserv, a wholly owned subsidiary of Navi Technologies.

Jairam Sreedharan, Managing Director, Piramal Capital & Housing Finance said, “We are delighted to partner with Navi to offer digital personal loans to customers in 5 phases. It has been our endeavor to provide our customers with the most hassle free user experience enabled by the digital journey. This co-loan partnership with Navi adds a whole new dimension to our business as it brings us together with a partner who is equally obsessed with great user experience.”