IIFL Finance Limited on Thursday announced its collaboration with fintech firm NIRA as part of its strategy to strengthen its digital footprint. Through this partnership, salaried customers can avail of a personal loan of up to ₹1 lakh from IIFL Finance by downloading the NIRA app from Google’s Play store.
“IIFL Finance is a diversified retail-focused NBFC and a robust digital platform catering to over 6 million customers. Through its digital lending portfolio IIFL Finance aims to provide credit to largely unbanked and underbanked borrowers and small entrepreneurs,” according to a release.
Jyoti Joshi, national sales head – Digital Loans, IIFL Finance said, “This partnership with NIRA will bolster our small-ticket short-term digital lending portfolio. NIRA, through its unique algorithm, has connected with many under-banked and underserved borrowers, which is aligned with our objectives.”
NIRA is a Bengaluru-based consumer finance business that, starting with credit, is building financial services for India’s mass market. It offers loans to borrowers starting at incomes as low as Rs. 10,000 per month. NIRA operates pan-India and now has customers in more than 5,000 towns and cities. This partnership will enable NIRA to continue scaling up its business and help IIFL build its unsecured lending book.
Rohit Sen, CEO and co-founder at NIRA said “IIFL is a recognised brand across India, and their scale puts them among the country’s premier NBFCs. This trust and scale are exactly what is required to help us truly bring affordable credit to millions of underserved Indians.”