Private sector lender IDFC Bank has collaborated with fintech startup IndiaLends to enable first-time borrowers who do not have a credit history to take loans.
IDFC Bank said it is a differentiated personal loan solution which will offer instant loans approvals through a completely digitized process to first-time borrowers.
“Loan requests by salaried applicants without credit history will now be processed on a real-time basis. The unique solution is being offered through a tie-up with IndiaLends, a financial technology startup,” IDFC Bank said in a release.
“At present, borrowers with no established credit history find it difficult and time-consuming to secure a loan. IDFC Bank’s unique personal loan solution will enable this segment to access funds more easily,” said Biju Pillai, Head of Personal Lending, IDFC Bank.
