Muthoot Finance Limited revealed a partnership with fintech NIRA on Thursday as part of its plan to expand its digital footprint. Salaried customers can apply for a personal loan from Muthoot finance worth up to 1 lakh by downloading the NIRA app from Google’s Play store. NIRA is a Bengaluru-based fintech that provides small-ticket personal loans to salaried Indian middle-class employees. They provide loans to borrowers with monthly incomes as low as Rs.12,000. Muthoot Finance will benefit from this relationship as it expands its unsecured lending portfolio.
“We are delighted to have this tie-up to strengthen our personal loan growth with quality. Muthoot Finance is also pursuing an end-to-end digital phase, and this collaboration is one of the first steps in that direction,” said Pradeep, Head of Personal Loan Department, Muthoot Finance Limited, in response to reports. “We are delighted to include Muthoot as a partner in our roster of funders,” said Rohit Sen, CEO and co-founder of NIRA. Muthoot is a well-known brand in India, and confidence is important when it comes to financial services. This relationship strengthens our ability to continue our goal of providing affordable formal credit in a timely manner to the market he added.