Axis Bank personal loan facility will be available on the platform of Flipkart
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Mumbai: Walmart-owned online retailer platform Flipkart on Friday announced the launch of Axis Bank personal loan facility on its platform. Flipkart said in a statement that customers on its platform will be able to avail personal loans of up to Rs 5 lakh from Axis Bank for a tenure of up to three years. Around 45 crore people are registered on the platform of Flipkart. According to the statement, customers will get loan approval within 30 seconds under this partnership.
The announcement comes amid reports that the Reserve Bank of India (RBI) has expressed concern over high growth in high-risk loans such as personal loans and credit cards. Our e-commerce platform already offers financial services like Buy Now Pay Later (BNPL), Equated Monthly Installments (EMIs) and credit cards, said Dheeraj Aneja, Senior Vice President (Finance Technology & Payments Group), Flipkart. Sameer Shetty, President and Head of ‘Digital Business and Transformation’, Axis Bank, said that through this partnership, the bank will provide credit facilities to a wider segment of customers.
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