The Muthoot Finance Limited on Thursday announced its collaboration with fintech NIRA as part of its strategy to strengthen its digital footprint. Through this partnership, salaried customers can avail personal loan of up to Rs 1 lakh from Muthoot by downloading the NIRA app from Google's Play store. NIRA is a Bengaluru-based fintech offering small ticket personal loans to salaried workers from India's middle class. They offer loans to borrowers starting at incomes as low as Rs 12,000 per month. This partnership will help Muthoot Finance build its unsecured lending book.
Commenting on the development, Pradeep, Head of Personal Loan Department, Muthoot Finance Limited said, "We are excited to have this tie-up to enhance our personal loan growth with quality. Muthoot Finance is also aggressively moving towards an end-to-end digital process, and this tie-up is one of the initiatives in the same direction."
Rohit Sen, CEO and co-founder at NIRA said: "We are delighted to add Muthoot as a partner in our roster of funders. Muthoot is a trusted brand Pan-India, and trust is a vital ingredient in the provision of financial services. This partnership bolsters our ability to continue our mission of providing accessible formal credit at affordable rates and in a timely manner to India's mass market," he said.