Flipkart partners Axis Bank for personal loans to shoppers

Mumbai: Walmart-owned Flipkart has partnered with Axis Bank to offer personal loans to its 450 million e-commerce customers. The personal loan service allows customers to avail instant, end-to-end digital loans of up to Rs 5 lakhs, with loan approval taking only 30 seconds. The repayment cycle for these loans ranges from 6 to 36 months, offering customers flexibility.

In addition to personal loans, Flipkart and Axis Bank have collaborated on various digital-first solutions, such as Buy Now Pay Later (BNPL), Equated Monthly Installments (EMI), and Co-branded Credit Cards, to empower customers with affordable payment options. For Flipkart, the introduction of personal loans further enhances customers' purchasing power, accessibility, and affordability.

“Our focus is to enable credit and enhance purchasing power by granting access to liquidity precisely when needed. These financial solutions cater to the evolving demands of consumers, offering greater flexibility and convenience throughout their purchasing journeys. Our commitment lies in reshaping the online shopping landscape, ensuring accessibility and inclusivity for all," said Dheeraj Aneja, senior vice president, fintech and payments group at Flipkart.

The personal loan facility streamlines the loan application process, with customers needing to provide basic details like PAN, date of birth, and work details to initiate the application. Axis Bank approves the loan limit, and customers can then choose their desired loan amount and repayment method based on their comfortable monthly repayment capability. Flipkart presents a comprehensive loan summary, repayment details, and terms and conditions for review before finalizing the loan application.

“We are pleased to partner with Flipkart, to provide unparalleled lending solutions to a wider spectrum of customers offering customised solutions that cater to the specific needs of users. Together, we are set to bring forth a new era of convenience and accessibility for customers,” said Sameer Shetty, head of digital business and transformation at Axis Bank.