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Flipkart Partners with Axis Bank for Personal Loan Distribution
The Business Guardian
|July 08, 2023
Flipkart, the e-commerce platform owned by Walmart, has announced a partnership with Axis Bank to distribute personal loans on its platform.
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With a customer base of 450 million, Flipkart will offer loans of up to Rs 5 lakh (approximately $6,700) that can be repaid over a period of up to three years. The move comes amidst concerns raised by the Reserve Bank of India (RBI) regarding the high growth of unsecured lending, such as personal loans and credit cards.
In a statement, Flipkart noted that as Indian consumers aspire to enhance their lifestyles, there is a growing demand for financial products that increase purchasing power. The tie-up with Axis Bank, the country’s third-largest private sector lender, aims to empower customers by providing them with access to liquidity when needed.
Denne historien er fra July 08, 2023-utgaven av The Business Guardian.
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