Yes Bank and WheelsEMI Pvt Ltd have entered into a strategic co-lending agreement to offer loans for two-wheelers at competitive interest rates. The partnership aims to bring together relevant capabilities to provide efficient and seamless lending to two-wheeler buyers across India.
The co-lending system developed by the Reserve Bank of India provides a collaborative tool that benefits from the bank’s low-cost funds and sourcing and service expertise from NBFC. This alliance leverages the power of both lenders, making this offer a win-win for all stakeholders, thereby expanding its reach to underserved markets.
WheelsEMI offers a range of affordable solutions throughout the two-wheeler’s lifecycle, ensuring affordable mobility for working families. These include funding for new and used two-wheelers, access to electric bikes, insurance, maintenance, parts management, and a transparent market for used two-wheelers.
Under the terms of the agreement, both lenders plan to finance more than 1 million two-wheelers in the first phase.
Rajan Pental, Head of Retail Banking, Yes Bank, said: “This arrangement will enable the Bank to expand its presence by entering and expanding its presence in new markets. We look forward to leveraging Wheels EMI’s strengths in semi-urban and rural markets and build a profitable and sustainable two-wheeler loan portfolio through this partnership. ”
Srinivas Kanteti, Managing Director and CEO of WheelsEMI, added: “Two-wheeled vehicles are a huge white space and we are delighted to be partnering with Yes Bank. This partnership will help increase our investments, expand our coverage while creating a quality portfolio for the Bank. “
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Published on: 23 August 2021 06:44 PM IST