New Delhi, July 11 (KNN) Ecommerce giant Flipkart has partnered with Indian private sector bank Axis Bank to offer personal loans to its customers.

According to the company, the newly introduced personal loan service offers competitive loan options, granting access to loan amounts as high as Rs 5 lakhs. It also provides flexible repayment cycles ranging from 6 to 36 months.

The aim of this collaboration is to offer personal loans to Flipkart’s 450 million customers, providing them with added convenience and benefits. This initiative enables Flipkart customers to access increased purchasing power and improved affordability.

Dheeraj Aneja, Senior Vice President - Fintech and Payments Group at Flipkart, said, "Through strategic collaborations with leading banking institutions, we have successfully empowered our customers with a wide array of affordable payment options, including Buy Now Pay Later (BNPL), Equated Monthly Installments (EMI), and Co-branded Credit Cards. We are delighted to now introduce a Personal Loan service in partnership with Axis Bank.”

He also said that the focus of the collaboration is to enable credit and enhance purchasing power by granting access to liquidity precisely when needed.

Sameer Shetty, President & Head – Digital Business & Transformation, Axis Bank, said, "Axis Bank is a full suite financial solutions provider and we continue to build on innovation led partnership models with a commitment to drive access to formal credit in India with offerings that will benefit the customer the most.”

With this new initiative, Customers can expect a quick approval process for their loans and can then choose their preferred loan amount and repayment method based on their monthly repayment capability. Flipkart will present a comprehensive loan summary, repayment details, and terms and conditions for review before finalizing the loan application.

KNN Bureau