EarlySalary and HDB Financial Services have announced a strategic partnership aimed at expanding digital lending and fostering financial inclusion across India. This collaboration is set to accelerate growth in skill upgradation, education loans, and healthcare finance, benefiting millions of customers.
In a move poised to revolutionize digital lending, EarlySalary, a leading consumer lending platform for working professionals, has joined forces with HDB Financial Services Ltd, a prominent non-bank financier and subsidiary of HDFC Bank. The partnership is set to fuel significant growth in the digital lending sector, with a particular focus on expanding access to finance for skill development, education, and healthcare.
This strategic alliance aims to empower millions of customers across India by providing seamless access to financial services through digital onboarding and customer support. G Ramesh, Managing Director and CEO of HDB Financial Services, highlighted the partnership's potential to "reach millions of customers across India by providing them with easy finance with digital on-boarding and customer support, thus providing them with a seamless borrowing experience."
EarlySalary's Co-founder and CEO, Akshay Mehrotra, shared his enthusiasm for the collaboration, noting that the company has already disbursed 2 million loans since its inception and plans to disburse an additional 1 million loans this financial year. "The co-lending partnership with HDB Financial Services will help us grow faster and help in an aim of disbursing nearly Rs5,000 crore in the next 18 months," Mehrotra stated, emphasizing the ambition to facilitate greater affordability through 'buy now pay later' options on EdTech, health, and consumer platforms.
This partnership underscores EarlySalary's commitment to leveraging cutting-edge technologies such as data processing, artificial intelligence, machine learning, and analytics to provide a best-in-class customer experience. With projected disbursements of ₹1,000 crore stemming from the HDB-EarlySalary collaboration, this initiative promises to unlock new opportunities for consumers and drive substantial growth in the digital lending landscape. The collaboration will significantly contribute to improving access to essential services and products for the masses, fostering economic empowerment and financial well-being.
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