Strategic Partnership to Enhance Credit Access

In a significant move to expand credit access in semi-urban and rural areas, Piramal Finance and ICICI Bank have announced a co-lending partnership. This collaboration focuses on providing home loans and loans against property to middle- and low-income borrowers, leveraging Piramal Finance's extensive distribution network and ICICI Bank's financial expertise.

Combining Strengths for Greater Reach

The partnership aims to serve borrowers in Tier 2 and Tier 3 cities, including MSMEs, with competitive rates and tailored products. Piramal Finance's network of 514 branches across 26 states, covering 13,000 pin codes, combined with ICICI Bank's capabilities, is set to revolutionize credit access in underserved markets.

Regulatory Green Light and Operational Framework

This initiative follows Piramal Finance's recent RBI licensure as a non-banking finance company, transitioning from its previous housing finance company status. The co-lending model involves banks funding 80% of the loan, with NBFCs covering the remaining 20%, sharing risks and returns proportionally. This model ensures regulatory compliance and operational efficiency, with a focus on financial inclusion.

Commitment to Financial Inclusion

By adopting a 'High Tech + High Touch' approach, Piramal Finance is dedicated to serving over 4.5 million customers across various segments, reinforcing India's credit ecosystem and promoting inclusive growth.