Now get personal loan up to Rs 5 lakh on Flipkart: Here’s how
Flipkart, the popular e-commerce marketplace, has collaborated with Axis Bank to offer personal loans to its customers. The partnership aims to provide highly competitive loan options to Flipkart customers, enabling them to access personal loans of up to Rs 5 lakhs. The loans will come with flexible repayment cycles, ranging from 6 to 36 months.
This collaboration between Flipkart and Axis Bank will provide customers with a convenient and streamlined process to directly avail of personal loans through the Flipkart platform. The objective is to offer customers financial assistance and flexibility in meeting their personal needs, such as purchasing high-value products, managing expenses, or handling unforeseen financial requirements.
By leveraging the extensive reach and customer base of Flipkart, coupled with Axis Bank’s expertise in banking and lending services, this partnership aims to simplify the loan application and approval process for Flipkart customers. The loans will be tailored to meet the individual requirements of customers, with competitive interest rates and convenient repayment options.
This collaboration reflects the growing trend of e-commerce platforms diversifying their offerings and providing additional value-added services to enhance customer experience and loyalty. It allows customers to access financial products and services conveniently, all within the same platform where they shop for a wide range of products.
The joint statement from Flipkart and Axis Bank highlighted that Flipkart had made significant commitments to expand its range of credit offerings and comprehensive financial solutions. In addition to the newly introduced personal loan service in collaboration with Axis Bank, Flipkart has already established other credit options such as Pay Later, Product Financing, Seller Financing, and Credit Cards.
This demonstrates Flipkart’s dedication to providing a wide array of financial solutions to cater to the diverse needs of its customers.
With these various credit offerings, Flipkart aims to enhance the shopping experience for its customers by providing them with flexible payment options and easy access to credit. Customers can take advantage of services like Pay Later to defer payments or opt for product financing to make purchases more affordable. Seller financing supports Flipkart’s sellers by providing them with financial assistance, and credit cards offer an additional payment method with exclusive benefits.
Expanding into the realm of personal loans further solidifies Flipkart’s commitment to being a comprehensive financial services provider. By partnering with Axis Bank, a reputed and trusted banking institution, Flipkart aims to deliver competitive and customer-centric personal loan options that cater to the diverse financial needs of its customers.
Overall, Flipkart’s focus on offering a wide range of credit and financial solutions underscores its dedication to improving customer convenience and enabling a seamless shopping experience. According to the joint statement, the loan approval process for Flipkart-Axis Bank personal loans is designed to be quick and convenient for customers. The process is expected to be completed in just 30 seconds, allowing customers to receive instant loan approval. This swift approval process aims to provide customers with a seamless and hassle-free experience when applying for a personal loan.
To initiate the loan application, customers are required to provide basic details such as their PAN (Permanent Account Number), date of birth, and work details. Based on this information, Axis Bank will determine the loan limit for the customer. Once the loan limit is approved, customers can select the desired loan amount and choose a repayment method that aligns with their monthly repayment capacity.
Before finalizing the loan application, Flipkart will present a comprehensive loan summary that includes details of the loan amount, repayment terms, and associated terms and conditions. This allows customers to review and understand the loan terms before proceeding with the application.
By providing transparency and clarity regarding the loan terms, Flipkart aims to ensure that customers are well-informed and can make informed decisions about their loan application.Dheeraj Aneja, Senior Vice President – Fintech and Payments Group at Flipkart, expressed his enthusiasm for the new personal loan offering in collaboration with Axis Bank. He highlighted Flipkart’s strategic partnerships with leading banking institutions to provide customers with affordable payment options such as Buy Now Pay Later (BNPL), Equated Monthly Installments (EMI), and Co-branded Credit Cards.
Aneja emphasized that the introduction of personal loans further strengthens Flipkart’s commitment to empowering customers with a wide range of financial solutions. The aim is to provide access to liquidity precisely when it is needed, enhancing purchasing power and enabling greater flexibility in the shopping experience. He emphasized that these financial solutions cater to the evolving demands of consumers and contribute to reshaping the online shopping landscape by ensuring accessibility and inclusivity for all.
By expanding its offerings to include personal loans, Flipkart aims to meet the diverse financial needs of its customers and provide a seamless and convenient shopping experience. Through their collaboration with Axis Bank, Flipkart continues to drive innovation in the fintech space, ultimately enhancing the overall purchasing journey for their customers.
Sameer Shetty, President & Head, Digital Business & Transformation at Axis Bank, highlighted the bank’s commitment to driving access to formal credit in India through innovative partnership models. He expressed his pleasure in partnering with Flipkart to provide unparalleled lending solutions to a wider range of customers. Shetty emphasized that the collaboration with Flipkart allows Axis Bank to offer customized solutions that cater to the specific needs of users.
As a full-suite financial solutions provider, Axis Bank will leverage its expertise and digital capabilities to provide a seamless and customer-centric lending experience. By joining forces with Flipkart, Axis Bank can extend its lending services to a more extensive customer base, ensuring that individuals can access tailored financial solutions that meet their unique requirements.
Shetty’s statement underscores Axis Bank’s commitment to innovation and its goal of delivering financial inclusivity by providing convenient and personalized lending options. The partnership with Flipkart further strengthens Axis Bank’s position as a leading player in the fintech space, enabling them to address the evolving financial needs of customers and contribute to their overall economic well-being.
