Private sector lender IDFC Bank has collaborated with fintech startup IndiaLends to enable first time borrowers who do not have a credit history to take loans.
IDFC Bank said it is a differentiated personal loan solution which will offer instant loans approvals through a completely digitised process to first time borrowers.
"Loan requests by salaried applicants without credit history will now be processed on a real time basis. The unique solution is being offered through a tie-up with IndiaLends, a financial technology startup," IDFC Bank said in a release.
"At present, borrowers with no established credit history find it difficult and time consuming to secure a loan. IDFC Bank's unique personal loan solution will enable this segment to access funds more easily," said Biju Pillai, Head of Personal Lending, IDFC Bank.
Gaurav Chopra, Co-Founder, IndiaLends, said: "There are a number of new-age financial institutions, both banks and NBFCs that have the desired appetite and the keenness to expand the unsecured credit market in India. To enable such a market expansion, we have tied-up with IDFC Bank.
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