Karur Vysya Bank partners with Home Credit India for joint lending

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Chennai: Karur Vysya Bank (KVB) has announced its partnership with Home Credit India (HCIN), a local arm of the international consumer finance provider with operations spanning over Europe and Asia, for joint lending. The recent RBI guidelines have opened up opportunities to explore partnership avenues with the aim of reach out to the large unbanked customer base.

Keeping in mind the convenience of the customer, KVB and HCIN will disburse the loan as a single amount to the customer. The uniqueness of this partnership is in the end-to-end automated processing by which the customer gets real-time approval and disbursement.

Speaking about the tie-up, Mr. P R Seshadri, Managing Director and CEO, Karur Vysya Bank said, “Karur Vysya Bank is a key player in the retail lending space. We process loans through an app based end-to-end paperless solution that is unique in the industry. We are delighted to partner with Home Credit. We are sure that their global experience, knowledge and expertise will add great value to our business. This partnership will help us leverage HCIN’s large data base, reach out to a segment which we have not pursued aggressively in the past and we will be able to provide other banking products to these customers, as well.”

Mr. Anirban Majumder, CFO, Home Credit India said, “Our partnership with Karur Vysya Bank is unique in the unsecured lending space and we are confident that this partnership will prove mutually beneficial for both the organizations. Under this arrangement, Home Credit India will facilitate the sourcing and servicing of the loans originated under this scheme, while, underwriting will be done jointly on real time basis on a fully digitized platform. With this partnership and by leveraging the lower cost of funds of KVB, Home Credit India will be able to reach out to a new segment of customer. Going forward, Joint Lending is a successful and practical way of lending for NBFCs and I am pleased that we have pioneered the same with a strong player like Karur Vysya Bank. I look forward to this partnership successfully serving the underserved segment and broadening Financial Inclusion in India.”

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