PhoneParLoan today said that it has launched a program to disburse bike loans to candidates looking for a job as a delivery person.
The company has tied up with Bajaj Auto Finance to give out these loans and has already given out nearly a thousand such loans so far.
PhoneParLoan has tied up with companies like DTDC and Bisleri, where if a candidate gets selected as delivery personnel and gets an offer letter, but does not have a bike, they are offered a loan via the PhoneParLoan platform.
Chief executive of the company Ashwin Bhambri said that the loans were given out even to those without any money in their bank accounts, as it was based on their future earning potential.
He said that the company was “passionate about giving out secured credit”, and wanted to reach out to people in smaller cities, who might even need a loan for something like an e-rickshaw. Bhambri said he hopes for the program to reach 10,000 people.
Bhambri said that users also have the option of getting such a loan even if they get offers from smaller companies, as PhoneParLoan’s algorithm makes sure loans are only given out to genuine offer holders.
The loans given under the program are typically in the Rs.50000 to Rs.1 lakh range, with a duration of 2-4 years at an interest rate of 6.99%.
Source: Economic Times