IIFL Finance partners with NIRA to provide Personal Loans

IIFL Finance Limited, one of India's largest non-banking financial companies has announced its collaboration with fintech NIRA as part of its strategy to strengthen its digital footprint. Through this partnership, salaried customers can avail a personal loan of up to Rs. 1 lakh from IIFL Finance by downloading the NIRA app from Google's Play store.

IIFL Finance is a diversified retail-focussed 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.

NIRA is a Bangalore based consumer finance business which, starting with credit, is building financial services for India's mass market. They offer 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.

Commenting on the development, Ms. 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."

Rohit Sen, CEO and co-founder at NIRA said "We are extremely happy to partner with IIFL in our journey towards bringing accessible financial services to working Indians. 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."

Shares of IIFL Finance Limited was last trading in BSE at Rs. 290.95 as compared to the previous close of Rs. 292.65. The total number of shares traded during the day was 19947 in over 637 trades.

The stock hit an intraday high of Rs. 295.50 and intraday low of 286.70. The net turnover during the day was Rs. 5846979.00.

Source : Equity Bulls

Keywords

IIFLFinance INE530B01024 PersonalLoans Partnership Fintech NIRA