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08 Dec 2023, Edition - 3069, Friday

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KVB partners with Home Credit India for joint lending

Covai Post Network


Coimbatore : Karur Vysya Bank (KVB) Thursday partrnered 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 un-banked customer base.

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

“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., KVB Managing Director and CEO, P R Seshadri said on the partnership.

“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. HCIN Chief Financial Officer, Anirban Majumer said.

Under this arrangement, HCIN 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, he said in a release here.

The 103-year-old scheduled commercial Bank KVB has a total business of about Rs.1.10 lakh crores with a deposit base of about Rs. 60,000 crores and loans book of about Rs. 50,000 crore.

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