Karur Vysya Bank on Thursday partnered with Home Credit India, 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 reaching 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 and the uniqueness of this partnership is in the end-to-end automated processing by which the customer gets real-time approval and disbursement, the bank said.
The partnership will help KVB leverage HCINs large data base and reach out to a segment which it has not pursued aggressively in the past and be able to provide other banking products to these customers, as well, KVB Managing Director and CEO P R Seshadri 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," HCIN Chief Financial Officer Anirban Majumer said.
The 103-year-old scheduled commercial Bank KVB has a total business of about Rs.1.10 lakh crore with a deposit base of about Rs 60,000 crore and loan book of about Rs 50,000 crore.