Clix Capital Forays into Consumer Finance: Partners with Airtel and Seynse Technologies to Launch a Digital Mobile Financing Platform Providing Instant Loan Approval
- In the first of its kind program, Clix Capital partners with the platform jointly developed by Airtel and Seynse Technologies to offer end to end digitization of the entire loan lifecycle with loan approval within five minutes
- Fully digital and completely paperless procedure to buy iPhone 7 starting at Rs. 7,777
Clix Capital Services Private Limited (“Clix Capital”), formerly GE Money Financial Services Private Limited, has partnered with Airtel and Seynse Technologies to launch India’s first fully digital mobile financing program in India. The partnership aims to leverage technology and analytical algorithms created by Seynse Technologies, to provide instant loan approval. The device finance program will be available in 21 cities in India.
Powered by technology, data, and machine learning algorithms, Clix Capital offers a full spectrum of financing solutions for individuals and institutions. Clix Capital uses extensive algorithms leveraging alternate data in addition to the traditional credit information, to create a snapshot of the borrower’s creditworthiness and likelihood of repaying the loan. This unique methodology enables Clix Capital to evaluate applications, underwrite credit risks, and provide instant loan offer for customers digitally.
Commenting on the partnership, Pramod Bhasin, Chairman, Clix Capital said “At Clix Capital we are using cutting edge technology, analytics and artificial intelligence to drive new and disruptive models of lending. We believe these models have the capacity to significantly expand financial inclusion, provide one-stop shop lending solution to a large number of customers and radically alter the customer service experience. We are delighted to partner with Airtel and Seynse Technologies in their end-to-end frictionless platform, which coupled with our advanced digital lending capabilities, will provide excellent services to our end customers. We look forward to working with them to constantly improve the overall customer experience and delight.”
Speaking about the partnership, Bhavesh Gupta, CEO, Clix Capital said “At Clix Capital we take pride in using cutting edge technology and analytics to provide a seamless financing experience to our customers. We are pleased to partner with Airtel and Seynse Technologies for the launch of the fully digitized platform and look forward to setting new benchmarks of customer service with our speed, simplicity and innovation. In the first of its kind offering in India, customers can apply for our loans online and get credit approval instantly. The entire process involves only a few clicks and can be completed in less than five minutes. This is the first of many partnerships we plan to launch with leading online and offline platforms and sellers in the near future.”
This offer is available exclusively for devices listed on the Airtel Online Store [www.airtel.in/onlinestore]. Under this partnership, iPhone 7 will be available at a down payment starting from Rs. 7,777 and 24 easy monthly installments of Rs. 2,499. In addition to the principal and interest repayment component, the monthly installments have a built-in high-end Airtel postpaid plan which offers 30 GB data, unlimited calling (local, STD, national roaming), and Airtel Secure package that covers the device against any physical damage and offers cyber protection.
About Clix Capital
Headquartered in Gurugram, India, Clix Capital was launched with the acquisition of commercial lending and leasing business of GE Capital in India by a consortium of its top executives, Pramod Bhasin & Anil Chawla, and AION Capital in 2016. Clix Capital has an asset of $300 million which will be used as a base to expand business. Clix Capital has identified five major verticals for business – Consumer Finance, Small and Medium Enterprise (SME) Lending, Vehicles Finance & Leasing, Equipment Finance and Corporate Lending.