1 hr ago
Finnable, Flipkart Finance Bring Credit to Shopping Apps
Finnable and Flipkart Finance have teamed up to offer credit in three shopping apps.
The apps are Flipkart, Myntra and Flipkart Minutes.
Eligible shoppers may be able to borrow up to Rs 1 lakh for purchases.
They can repay within 30 days, split the cost into three payments, or pay monthly for three to 12 months.
The companies say customers can apply inside the apps.
They also say eligible customers may be approved within seconds.
Not everyone will qualify, because loans depend on checks and eligibility.
The programme is described as available across India.
Finnable and Flipkart Finance have partnered to offer consumer credit through Flipkart, Myntra and Flipkart Minutes.
The programme is described as live across India, with credit of up to Rs 1 lakh for eligible customers.
Customers can choose short-term repayment within 30 days, Pay in 3, or EMIs over three to 12 months.
The companies say the application and approval process happens within the app, with eligible customers approved within seconds.
The companies say loans are jointly originated under the RBI’s digital and co-lending framework and are subject to eligibility and credit assessment.
- Who
- Finnable and Flipkart Finance
- What
- A partnership to offer consumer credit through Flipkart, Myntra and Flipkart Minutes
- Where
- Across India, through the Flipkart, Myntra and Flipkart Minutes apps
- When
- Announced October 7; the programme is described as already live
- Why
- To bring credit into shopping apps and extend access to a wider set of shoppers
Key facts
- Maximum credit stated
- Up to Rs 1 lakh for eligible customers
- Platforms
- Flipkart, Myntra and Flipkart Minutes
- Short-term option
- Repayment within up to 30 days
- Pay in 3
- Cost split across three payments
- EMI term
- Three to 12 months
- Approval
- The announcement says eligible customers are approved within seconds
- Loan conditions
- Loans are subject to eligibility, documentation and credit assessment
Quotes
Amit Arora
Co-founder of Finnable
“India’s next wave of consumers will meet credit where they already shop, not at a traditional bank branch. With Flipkart Finance and Flipkart platforms, we’re bringing formal credit to customers across segments with the exact simplicity they expect in their shopping experience.”
theprint.in
Sources
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