NEW DELHI: Muthoot Finance Limited announced earlier this week that it is starting a collaboration with fintech start-up NIRA as part of its strategy to expand its presence in the digital market.
Under the tie-up, salaried customers will be able to avail a personal loan of up to Rs 1 lakh from Muthoot Finance through the NIRA app, downloadable from the Google’s Play store.
NIRA is a Bengaluru-based fintech company offering small ticket personal loans to salaried workers its borrowers have incomes starting at as low as Rs 12,000 per month.
Commenting on the development, Pradeep, Head of Personal Loan Department, Muthoot Finance said, “We are excited to have this tie-up to enhance our personal loan growth with quality. Muthoot Finance is also aggressively moving towards an end-to-end digital process, and this tie-up is one of the initiatives in the same direction.”
Officials said that the partnership will help Muthoot Finance build its unsecured lending book Rohit Sen, CEO, NIRA added, “We are delighted to add Muthoot as a partner in our roster of funders. Muthoot is a trusted brand Pan-India, and trust is a vital ingredient in financial services. This partnership bolsters our mission of providing accessible formal credit at affordable rates”.