Kolkata: Bandhan Bank on Tuesday said it is in talks with cab aggregator Ola (ANI Technologies Pvt. Ltd) to offer car loans to drivers who want to join the taxi-hailing services network.
The banks chairman-cum-managing director Chandra Sekhar Ghosh said it is in initial discussions with Ola for a tie-up to offer lending facilities for people looking at enrolling with the cab aggregator.
The bank has offered similar vehicle loans to individuals in West Bengal who have partnered with companies such as Uber Technologies Inc. These are individual customers, Ghosh said.
However, the interest on the loans will be slightly higher than the existing rates. Interest rate is not a concern. Customers want fast access to credit, he added.
Bandhan Bank expects its credit portfolio to rise to Rs.14,500 crore by the end of March from Rs.13,500 crore now. Micro loans, which have been Bandhans core business before it converted into a bank, still accounts for around 99% of its lending.
Ghosh expects 30-40% credit growth in the next fiscal.
The bank has introduced Visa International debit card facilities for customers with savings deposits of Rs.25,000 and above. The bank currently has a total of 8.2 million customers. In the past five months, it has opened 800,000 new accounts. That is expected to touch the one million-mark by the end of this fiscal. Bandhans deposits currently stood at Rs.7,500 crore.
Capzest, a digital lending platform that has partnered with banks and NBFC’s, provides personal loans and business loans to small and medium enterprises. It was founded by Sayantan Sarkar and Rohan Adlakha, former IIT Kharagpur students, along with three others, set up the company after spending a few years working for financial institutions like Deutsche Bank and the Rothschild Group.
Capzest’s personal loans range from Rs. 50,000 to Rs. 2 lakhs, with an interest rate of 11.49% to 14%. Their business loans range from Rs. 25 lakhs or Rs.50 lakhs up to Rs. 5 crores, with an interest rate of 10-11%.
Launched during the first week of January, Capzest has partnered with six financial institutions including Reliance Capital and Essel Finance. The company claims that it has received over 1500 applications for personal loans and 150 application for SME loans.
With the fund raise, the company plans on launching new products like education loans for students interested in studying in both international and domestic institutions, personal vehicle loans and commercial loans. It will also focus on expanding its tech team and hiring people for marketing and operations.
Since the top end of the consumer pyramid is taken care of by banks and the bottom level of the pyramid is addressed by micro-finance institutions, it’s the consumers at the mid-level that are our targets, said Sayantan Sarkar.
The startup launched its app in February and it is expecting to see 60-70% of applications for personal loans via the app.
Faircent, another P2P lending platform, had already raised $4.5 million in three rounds, from investors like TV Mohandas Pai, M amp; S Partners etc. Other potent competitors include RupaiyaExchange, Lendbox, Cashkumar, i-lend and Easyrupaiya.