Karur Vysya Bank is a 103-year-old scheduled commercial bank headquartered at Karur in Tamil Nadu. It has a total business of about Rs 1.1 lakh crore with a deposit base of Rs 60,000 crore and a loan book of Rs 50,000 crore.
Since its entry in 2012, Home Credit India has spread its operations over 179 cities across 20 states and emerged with the largest penetration in below Rs 10,000 category with a customer base of one crore.
The uniqueness of their partnership is in end-to-end automated processing by which a customer gets real-time approval and disbursement, both entities said in a joint statement.
With the objective of empowering customers, Home Credit India Finance is committed towards driving credit penetration and broadening financial inclusion through responsible lending in the country, they said.
Retail lending is witnessing robust growth in volumes and transactions across all portfolios due to the rising aspirations of Indian customers. Non-banking finance companies are also set to gain in these partnerships with lower costs of funding loans. Joint lending for unsecured loans is thus seen as a viable business growth proposition.