The Companies see 15 crore potential borrowers in the credit market of India. The instant digital personal loans will be extended to both salaried and non-salaried individuals with repayment linked to their bank accounts.
The loan amount will start from Rs 100 and will extend up to Rs 100000 and the duration could vary from 15 days to 24 months, depending on the creditworthiness of the individual. This line of credit will be availed via LazyPay on Citrus App.
Reliance Money would be checking the creditworthiness of the customers, furthermore, the company is seeking direct debit facility on the customer’s account for loan repayment.
The facility will be available to consumers in top 10 cities, including metro cities and tier-II cities like Ahmedabad, Jaipur, Hyderabad, Bangalore, Chandigarh, Lucknow. The facility will be extended to 110 locations by the end of third quarter of the current year, the Companies stated.
As of March 31, the outstanding loan book was Rs 13674 crore which is spread across 51400 customers from 39 Indian cities.
“The tie-up helps Reliance Money to move ahead in its financial inclusion effort of “go-retail” by reaching out to underserved customers with innovative financial solutions. Any increase in PayU India’s client base will directly and positively impact our bottom-line,” said Devang Mody, Executive Director and CEO of Reliance Money