FREO, India’s first credit-led Neobank has partnered with HDB Financial Services (HDBFS) to cater to the evolving financial needs of new-age consumers. Through this association, FREO will be providing customers with two innovative credit products: a credit line and a high-ticket personal loan across multiple cities in India. The credit line is FREO’s flagship product. HDBFS in partnership with FREO will offer the credit line which enables consumers to get access to credit anywhere, anytime via a smartphone. This is handy especially in COVID times since it’s a fully digital process. An individual will get a personalized amount approved which they can start using immediately. As they repay the borrowed amount, the credit limit is replenished and they can continue withdrawing as much as they need. Furthermore, an interest is levied only on the amount the consumer uses, and not the overall limit they have been given.
Additionally, this partnership offers consumers high-ticket personal loans of up to INR 10 lacs, which can be utilized for bigger expenses such as home renovation, buying a vehicle, planning a trip, and so forth.
The partnership will help FREO and HDBFS develop and deliver multiple financial products in sync with the needs of customers, encouraging them to borrow, save and smartly spend money for various purposes.
FREO currently has a strong network of capital partners already. On the back of these collaborations, FREO, the new Credit-Led Neobank has been able to better address complex financial problems of customers in a digitally seamless setting.
Speaking on the partnership,Bala Parthasarathy, Co-Founder, FREO, said, “Partnerships with banks and reliable financial institutions play a pivotal role in building the Fintech ecosystem, making credit easily accessible for unbanked customers and helping them save and spend smartly throughout their financial journey. In sync with this vision, we have collaborated with HDB Financial Services Ltd and aim to deliver a complete digital financial journey to customers which is easy and flexible.
We are delighted with this partnership and look forward to transforming the fintech ecosystem together in the times to come.” Bala added.
Mr. G Ramesh, MD & CEO, HDB Financial Services, said, “The HDBFS-FREO partnership is aimed at ensuring hassle-free access to credit to meet the ever-evolving needs of our customers across India and fulfill their aspirations. We have a strong presence in more than 950 locations with over 1300 branches pan-India. The association is a great step towards boosting the overall customer experience by providing them with easy finance through digital channels”.
Some of the biggest transformations in the BFSI sector have been brought in by Fintech players and their strong collaborations with other renowned financial institutions. As the world advances, more companies are expected to ink partnerships with the growing fintech sector and bring breakthroughs to the new-age consumers to make their financial journeys easier.