Now get personal loan up to Rs 5 lakh on Flipkart: Here’s how

Flipkart-Axis Bank Personal Loan up to Rs 5 lakh: Flipkart customers will now be able to get personal loans from Axis Bank. The e-commerce marketplace has entered into a partnership with Axis Bank to facilitate personal loans for its customers.

In a joint statement, Flipkart and Axis Bank today said that the newly introduced personal loan service will offer “highly competitive” loan options, granting access to amounts as high as Rs 5 lakhs. The loans will also provide customers with flexible repayment cycles ranging from 6 to 36 months.

The statement said that personal loan facility will empower customers with increased purchasing power and improve accessibility and affordability.

“Flipkart has made substantial commitments to create an extensive lineup of credit offerings and comprehensive financial solutions, including Pay Later, Product Financing, Seller Financing, Credit Cards, and an expansion into Personal Loans,” it added.

Also Read: Pros and cons of personal loans: Key things to know

How to get a personal loan on Flipkart

As per the statement, customers can expect the approval process for their loans to be completed in a mere 30 seconds.

To start their loan application, customers will have to provide basic details such as PAN (Permanent Account Number), date of birth, and work details. Once these details are provided, Axis Bank will approve their loan limit. Customers can then select their preferred loan amount and repayment method, considering their comfortable monthly repayment capability.

Flipkart will present a comprehensive loan summary, repayment details, and terms and conditions for review before finalising the loan application.

Commenting on the new offering, Dheeraj Aneja, Senior Vice President – Fintech and Payments Group at Flipkart, said, “Through strategic collaborations with leading banking institutions, we have successfully empowered our customers with a wide array of affordable payment options, including Buy Now Pay Later (BNPL), Equated Monthly Installments (EMI), and Co-branded Credit Cards. We are delighted to now introduce a Personal Loan service in partnership with Axis Bank. 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,” he added.

Also Read: How to save money effectively for short-term financial goals

Sameer Shetty, President & Head, Digital Business & Transformation, Axis Bank, said, “Axis Bank is a full suite financial solutions provider and we continue to build on innovation-led partnership models with a commitment to drive access to formal credit in India with offerings that will benefit the customer the most. In this endeavour, 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.”

Disclaimer: The above content is based on a press release issued by Flipkart and Axis Bank. The facts and details do not represent the views of financialexpress.com. Personal loans are costly. Therefore, customers should try to avoid them, unless it is for a very important reason.