In a significant move, Axis Bank, has partnered with Piramal Capital and Housing Finance Limited (Piramal Finance), a prominent Non-Banking Financial Company – Housing Finance Company (NBFC-HFC) and a wholly-owned subsidiary of Piramal Enterprises Limited (PEL). This strategic alliance aims to expand their co-lending business, primarily targeting middle and low-income borrowers in rural and semi-urban regions.
The partnership leverages Axis Bank’s extensive financial expertise and Piramal Finance’s advanced loan processing technology. This synergy will allow the two entities to evaluate clients’ credit profiles more effectively and offer loans at competitive interest rates through Piramal Finance’s network of 490 outlets. The collaboration focuses on reaching potential clients who are new to credit or underserved by larger financial institutions, resulting in a diverse loan portfolio.
Jairam Sridharan, Managing Director of Piramal Capital & Housing Finance Ltd, expressed his enthusiasm, stating, “We are pleased to announce our co-lending partnership with Axis Bank, a leading financial institution in the nation. This collaboration underscores our mutual commitment to providing credit to underserved markets. By leveraging Axis Bank’s expansive network and Piramal Finance’s deep reach, we are well-positioned to penetrate deeper geographies across Bharat. Together, our shared goal is to enhance accessibility to formal credit, drive growth, and realize the aspirations of customers across Bharat.”
This strategic collaboration aims to serve consumers in the unorganized sector, such as self-employed individuals or salaried borrowers with limited access to credit due to insufficient income documentation. By combining their strengths, Axis Bank and Piramal Finance will bridge the credit gap for MSMEs and home loan customers, utilizing their extensive customer reach and robust credit assessment technologies. With a proven track record of serving millions, this partnership highlights Piramal Finance’s commitment to affordable housing finance.
