HDFC Bank and CreditWise Capital Partner to Extend Two-Wheeler Loans in Tier 2, 3 and 4 Towns
Leading private lender HDFC Bank and technology-driven non-banking financial company (NBFC) CreditWise Capital (CWC) have partnered to extend two-wheeler loans in Tier 2, 3 and 4 towns of India.
The partnership will combine the strengths of HDFC Bank’s expertise in offering credit facilities and CWC’s loan processing platform for assessing potential borrowers and their credit profiles. This will help to make two-wheeler loans more accessible and affordable for people in these towns.
Aalesh Avlani, Founder and Director of CWC, said, “The partnership with HDFC Bank is a significant milestone for CWC. It is a validation of our technology and credit assessment capabilities. We are confident that this partnership will help us to expand our reach and serve more customers in Tier 2, 3 and 4 towns.”
Prashant Patel, Executive Vice President, Capital and Commodity Markets, HDFC Bank, said, “The collaboration with CWC aligns with our vision of expanding the reach of our credit products and to cater to the evolving needs of our customers. We believe that this partnership will help us to bring affordable and convenient two-wheeler loans to more people in these towns.”
The co-lending agreement will initially cover 100 cities in Tier 2, 3 and 4 towns. HDFC Bank and CWC will jointly underwrite the loans and share the risk. The loans will be available for both new and used two-wheelers.
The partnership is expected to benefit a large number of people in Tier 2, 3 and 4 towns who need two-wheeler loans but may not have access to traditional banking channels. It will also help to boost the demand for two-wheelers in these towns.
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