Axis Bank personal loans on Flipkart

Mumbai: Walmart-owned Flipkart on Friday announced that it will be distributing Axis Bank's personal loans on the e-commerce platform. The platform, which has 450 million customers, will be distributing loans of up to Rs 5 lakh which can be repaid in up to three years, it said in a statement. The announcement comes amid reports of RBI's concerns on the high growth in the riskier unsecured lending segment like personal loans and credit cards. “As Indian consumers continue to evolve, an increasing aspiration exists to enhance their lifestyles,” the Flipkart statement said. Flipkart's senior vice president for fintech and payments group, Dheeraj Aneja said the e-commerce platform already offers financing avenues like Buy Now Pay Later (BNPL), Equated Monthly Installments (EMI), and Co-branded Credit Cards to support buyers.