Axis Bank and Shriram Housing Finance partner for co-lending

Tags: Economy/Finance National News

Axis Bank and Shriram Housing Finance Limited (SHFL) entered into a strategic partnership through the Yubi Co.Lend platform under the co-lending model.

An Overview of the News

• The partnership aims to address the needs of unorganized sector customers, including self-employed or salaried borrowers, who have limited access to credit due to lack of sufficient income proof.

• The partnership will provide secured MSME loans and home loans to middle and low-income group borrowers in rural and semi-urban areas.

• The collaboration between Axis Bank and SHFL will address the credit gap faced by MSME and home loan borrowers by using their wide customer reach and rigorous credit underwriting and appraisal tools.

• This partnership is in line with Axis Bank's India Banking mission of financial inclusion in rural and semi-urban areas in a seamless digital manner.

About Shriram Housing Finance Limited (SHFL)

• It is a subsidiary of Shriram City Union Finance Limited (SCUF) and was established in 2011. It is registered with National Housing Bank (NHB) and provides housing finance solutions to individuals, groups and corporate entities.

• The company primarily focuses on catering to the needs of the Economically Weaker Sections (EWS) and Low Income Groups (LIG) of the society. It also caters to the needs of the middle-income group (MIG) and self-employed individuals.

• As on December 31, 2022, the company had 2,901 branches across 19 states and 1 union territory.

• It has been ranked 8th in the Great Place to Work® Institute's Best Workplaces for BFSI 2020 list.