Bajaj Finance and Airtel partner to offer digital financial services, bringing loans and EMI options to millions via the Airtel Thanks App.
Bajaj Finance, India’s largest NBFC (Non-Banking Financial Company), and Bharti Airtel, one of the largest telecom services providers have planned to enter into a joint venture to leverage consumer interface for the launch of a new financial services digital application. This partnership unites financial giants and allows them to create a single, unified system for accessing and purchasing financial products throughout India.
To kick start the partnership, Airtel will make Bajaj Finance’s retail products available on the Airtel Thanks App and also envisage the company’s products to be marketed through Airtel’s network of Airtel retail stores across the country in the future.
Leveraging Airtel’s Extensive Customer Reach and Network
A combination of complementary forces of Bajaj Finance Ltd and Bharti Airtel provides a package bouquet of digital financial services targeting a segment of the population. Airtel has a customer base of 370 million, and this large customer base can be accessed by Bajaj Finance to popularize its different products. This reach is further supported by its distribution network of 12 lakh plus directors, which in turn makes these services available across all less developed regions of the country.
In this partnership, Bajaj Finance contributes a wide range of 27 financial services. This in a broad category includes loans and EMI cards among other personal finance products. An extensive distribution network includes more than 5,000 outlets and 70,000 field agents making the company highly approachable for customers.
Airtel Thanks App to Serve as the Gateway for Financial Products
In the partnership, Airtel’s Airtel Thanks App will help to market the retail financial products by Bajaj Finance. The mentioned services will also be easily accessed by customers through the App, making it easier and more secure. For the first time, through the App, customers can opt for a Bajaj Finance Gold Loan Business Loan Personal Loan, and a co-branded Insta EMI Card. These products will increase gradually with a target to release nearly 10 of financial products within the year.
This move to include Bajaj Finance’s products in the application is among the multiple steps announced by Airtel to grow Airtel Finance into a competitive player in financial services. Bharti Airtel’s Vice Chairman and Managing Director Gopal Vittal stressed that this cooperation focuses on the benefits for the customers and the opportunity to facilitate their access to financial products using the synergies of the two companies.
Expanding Access to Financial Services Across India
The partnership is also projected to enhance the right products by offering credit products to the new-to-credit segment for enhanced financial inclusion. Both Airtel and Bajaj Finance have the objective of inclusion of low-income populations in the financial system. Customers will now be able to opt in for Airtel Bajaj Finserv Insta EMI card which will allow the customers to pay through easy EMI on several products. Further, it will be valid for use at over 1.5 lakh merchant establishments across the country.
This integration of offering from Bajaj Finance where providing loans and any form of credit has become easier with the integration of its products into the Airtel Thanks App. The two strategies point to the approval systems and easy application processes that Airtel and Bajaj Finance seek to offer to cater to the increasing need for financial services. Additionally, customers will be allowed to pay for several purchases including electronics, groceries, and other products through flexible EMI options hence easily managing their financial obligations.
