As part of its plan to expand its digital reach, IIFL Finance Limited partnered with fintech firm NIRA. Salaried customers can get a personal loan of up to 1 lakh from IIFL Finance through this arrangement 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 consumer finance company established in Bengaluru that provides financial services for India’s mass market, starting with credit. It provides loans to customers with monthly salaries as low as Rs. 10,000. NIRA is a pan-India company with customers in over 5,000 towns and cities. This partnership will allow NIRA to continue growing its business while also assisting IIFL in expanding 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.”