HDFC Bank, a leading private lender, has announced a co-lending partnership with technology-driven NBFC Credit Wise Capital (CWC) to extend two-wheeler loans in India's tier-2, 3 and 4 towns. The collaboration aims to harness the robust network of HDFC Bank and CWC's advanced technology platform to provide seamless and affordable credit solutions for potential borrowers.
The co-lending agreement was announced on Friday, with both parties expressing optimism about the potential impact of the partnership. Prashant Patel, executive VP, Capital and commodity markets at HDFC Bank, said that the collaboration aligns with their vision of expanding reach and catering to the evolving needs of their customers. To date, CreditWise has provided two-wheeler loans to over 100,000 customers.
The partnership combines HDFC Bank's expertise in offering credit facilities to underserved sectors and its robust due diligence process with Credit Wise Capital's strong loan processing tech platform. The latter is designed for assessing potential borrowers and their credit profiles.
Aalesh Avlani, Co-Founder of Credit Wise, highlighted how the collaboration will extend their reach to a broader audience. "By harnessing the robust network of HDFC Bank, we can empower more individuals to fulfill their aspirations for owning a two-wheeler through seamless access to affordable credit," he said. This partnership is expected to enhance accessibility and affordability of two-wheeler loans, particularly in rural and semi-urban areas.
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