IDFC Bank has tied up with fintech startup IndiaLends to allow first time borrowers who do not have a credit history to take loans. The bank said it is introducing a differentiated personal loan solution which will offer instant loan approvals through a completely digitized process to first time borrowers. The loan requests will be processed on a real-time basis and the solution is being offered through the tie-up with IndiaLends, the bank added. According to Biju Pillai, head, Personal Lending, IDFC Bank, borrowers with no established credit history find it difficult and time consuming to secure a loan and the bank’s unique personal loan solution will enable this segment to access funds more easily. Gaurav Chopra, co-founder, IndiaLends, said banks and NBFCs, which have a desired appetite and keenness to expand the unsecured credit market in in are now seeing an opportunity to work closely with fintech startups like IndiaLends, which provide tech agility and data infrastructure to enable better credit decision making and cost-effective processing of applications. The company is tying up with IDFC Bank, which is on a mission to make banking simpler and more accessible, he added.
