HDFC Bank has entered into a co-lending agreement with technology-driven NBFC Credit Wise Capital for two-wheeler financing in tier-2, 3, and 4 towns.
The partnership combines HDFC Bank’s expertise to offer credit facility to the un-served or under-served sectors and robust due diligence, and Credit Wise Capital’s strong and easy loan processing tech platform for assessing potential borrowers, as well as their credit profile.
It aims to provide seamless financing solutions, conveniently and economically in a digital manner through Credit Wise’s proprietary multilingual WhatsApp chatbot Twin2, a release said.
“By harnessing the robust network of HDFC Bank, we can extend our reach to a broader audience, empowering them to fulfil their aspirations for owning a two-wheeler through seamless access to affordable credit,” said Aalesh Avlani, Co-Founder, Credit Wise, adding that it will enhance accessibility and affordability to two-wheeler loans, particularly in rural and semi-urban areas.
The Twin2 platform is the first in the two-wheeler industry to use Account Aggregator (AA) to obtain customer banking details online, and an affluence score that utilises satellite images to provide location scores for better underwriting and a streamlined turnaround time.
CreditWise has given two-wheeler loans to over 1 lakh customers till date.