IIFL Finance Limited, one of India’s largest non-banking financial companies, has announced its collaboration with fintech NIRA as part of its strategy to strengthen its digital footprint. Through this partnership, salaried customers can avail a personal loan of up to Rs. 1 lakh from IIFL Finance by downloading the NIRA app from the Google Play Store.
IIFL Finance is a diversified retail-focused NBFC and robust digital platform serving over 6 million customers. Through its digital lending portfolio, IIFL Finance aims to provide credit to largely unbanked and underbanked borrowers and small entrepreneurs.
NIRA is a Bangalore-based consumer finance company that, starting with credit, develops financial services for the Indian mass market. They offer loans to borrowers from incomes as low as Rs. 10,000 per month. NIRA operates across India and now has customers in over 5,000 cities and towns. This partnership will allow NIRA to continue to grow its business and help IIFL build its unsecured loan portfolio.
Commenting on the development, Ms. Jyoti Joshi, National Sales Manager – Digital Lending, IIFL Finance said, “This partnership with NIRA will strengthen our portfolio of low-cost, short-term digital loans. NIRA, through its unique algorithm, has connected with many underbanked and underserved borrowers, which is in line with our goals.”
Rohit Sen, CEO and Co-Founder of NIRA, said, “We are extremely pleased to partner with IIFL in our endeavor to provide accessible financial services to Indian workers. IIFL is a recognized brand across India, and their stature places them among the premier NBFCs in the country. . This confidence and scale is exactly what is needed to help us bring affordable credit to millions of underserved Indians. »
Shares of IIFL Finance Limited were last trading in the BSE at Rs. 290.95 from the previous close of Rs. 292.65. The total number of shares traded during the day was 19,947 in over 637 trades.
The stock hit an intraday high of Rs. 295.50 and intraday low of 286.70. Net turnover during the day was Rs. 5846979.00.
Source: Stock market bulls