Since August 2022 on Navi Lending Cloud, Navi Finserv has managed to service over five lakh customers through co-lending and direct assignment
Sachin Bansal-founded firm Navi Technologies, via its recently launched Navi Lending Cloud (NLC), a co-lending and direct assignment platform, has disbursed over two lakh personal loans amounting to Rs 1,900 crore.
Announced in August last year, the cloud-native platform Navi Lending Cloud has onboarded a total of 16 co-lenders and direct assignment (DA) partners.
While the Central Bank of India, Indian Bank, DCB Bank, ABFL, Piramal, Credit Saison, and Northern Arc Capital Ltd. are Navi’s DA partners, Cholamandalam Investment & Finance Company (Chola), Aditya Birla Finance (ABFL), Piramal Capital and Housing Finance, Credit Saison, Tata Capital, and Lendbox are some of the co-lending partners.
With a tenure of up to 72 months on the Navi app, borrowers can avail of personal loans up to Rs 20 lakh under the partnership.
While the co-lending partner NBFC funds 80% of the loan generated and Navi Finserv, the wholly-owned subsidiary of Navi Technologies, funds the remaining 20%, Navi originates and processes the loans based on mutually aligned credit parameters and eligibility criteria.
As per the company’s statement, since August 2022 on Navi Lending Cloud, Navi Finserv has managed to service over five lakh customers through co-lending and direct assignment. The platform enables lending partners to underwrite customers and define credit parameters in real-time and also facilitates real-time settlement of collection payments to co-lenders and reconciliation management.
It enables a pool selection and due diligence process for investors for direct assignments (i.e., transfer of the majority of loan exposure). Such investors can explore, analyse, invest in, and monitor a portfolio of their liking from Navi’s books.
“Navi Lending Cloud is dedicated to providing a forward-thinking solution that not only simplifies lending for our partners but also ensures a delightful product experience for our customers. With the addition of our 16 co-lending and DA partners on Navi Lending Cloud in nine months, Navi is actualizing its vision of making finance accessible for every Indian,” said Sachin Bansal, Co-founder of Navi Group.
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