ETMoney, a Times Internet-backed fintech company, has announced its partnership with Fullerton India Credit Company Limited (Fullerton India), a non-banking financial company with a strong pan-India presence, to offer personal loans up to Rs 20 lakh in a hassle-free manner with minimal documentation.
The present partnership with Fullerton India will allow ETMoney to leverage the latter’s expansive presence across the country, to offer unsecured loans for various credit needs arising from marriage, medical emergencies, travel, home improvements and more.
“ETMoney has grown into one of the largest integrated financial services mobile platform for millennial India, having grown 15x in the last 18 months. We are combining our reach, technology and data science capabilities with Fullerton India’s lending prowess to change the way millennials borrow for large ticket finance needs. This partnership should take our annualised loan disbursal to more than Rs 600 crore,” said Mukesh P Kalra, CEO, ETMoney.
“Large ticket unsecured loans have traditionally been document-intensive and full of inefficiencies. Consequently, a segment of millennial users looking for large ticket loans at lightning fast speed is largely untapped and underserved until now. We are excited to partner with Fullerton India to remove these inefficiencies and provide a seamless borrowing experience to our users,” said Manav Seth, Business Head, Lending, ETMoney.
Commenting on the partnership, Nishant Jasapara, Head of Digital Business, Fullerton India, said, “We live in a world of continuous technological innovations, where customers are constantly progressing and adopting digital channels. Our tie-up with ETMoney is yet another step to achieve our overarching agenda of becoming a wholesome digital financial solutions provider to enhance customer experience and promote financial inclusion.”
Through this initiative, an individual may avail a personal loan of up to Rs 20 lakh with flexible EMI options and minimal documentation. The approval, disbursal and repayment are carried out digitally through the ETMoney app.
In May this year, ETMoney forayed into the lending space with a unique LoanPass solution that enables anyone to take recurring, small ticket unsecured loans with a single tap on their smartphone. It has seen great initial success with that and is on track for annualised disbursal of Rs 120 crore through LoanPass.