Private sector lender Axis Bank and Piramal Capital and Housing Finance (Piramal Finance), a Non-Banking Financial Company, announced a strategic partnership under the co-lending business.
According to a statement by Piramal Finance, through this partnership, both lenders will offer loans to the middle and low-income segment borrowers with a focus on rural and semi-urban regions.
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The partnership will leverage the deep financial expertise of Axis Bank, and the loan processing technology of Piramal Finance, to assess the credit profile of borrowers and provide them loans at competitive interest rates through a network of 490 branches of Piramal Finance, the statement added.
This partnership will cater to potential customers who are either new to credit or untapped by larger institutions and build a multi-product loan book.
Jairam Sridharan, MD, Piramal Capital & Housing Finance, said, “This collaboration underscores our mutual commitment to providing credit to underserved markets. By leveraging Axis Bank’s expansive network and Piramal Finance’s deep reach, we are well-positioned to penetrate deeper geographies across Bharat. Together, our shared goal is to enhance accessibility to formal credit, drive growth, and realise the aspirations of customers across Bharat.”
The collaboration between two lenders aims to cater to customers in the unorganised sector, including self-employed or salaried borrowers who have limited access to credit due to the lack of sufficient income proof.
By combining their strengths, Axis Bank and Piramal Finance will address the credit gap faced by MSMEs and home loan borrowers by utilising their extensive customer reach, and rigorous credit underwriting and assessment tools.
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