Navi co-lends loans worth Rs 1,900 Cr via new cloud platform

Sachin Bansal-founded firm Navi Technologies has disbursed over two lakh personal loans amounting to Rs 1,900 crore via its recently-launched co-lending and direct assignment platform—Navi Lending Cloud (NLC). 

The cloud-native platform, announced in August last year, has onboarded total 16 co-lenders and direct assignment (DA) partners.

Some of the co-lending partners' names include Cholamandalam Investment & Finance Company (Chola), Aditya Birla Finance (ABFL), Piramal Capital and Housing Finance, Credit Saison, Tata Capital, and Lendbox, while Central Bank of India, Indian Bank, DCB Bank, ABFL, Piramal, Credit Saison, and Northern Arc Capital Ltd are Navi's DA partners.

Under the partnership, borrowers can avail of personal loans up to Rs 20 lakh with a tenure of up to 72 months on the Navi app.

Typically, Navi originates and processes the loans based on mutually aligned credit parameters and eligibility criteria, 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%.

As per the company’s statement, Navi Finserv managed to service over five lakh customers through co-lending and direct assignment since August 2022 on NLC. 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.

For direct assignments (i.e., transfer of a majority of loan exposure), it enables a pool selection and due diligence process for investors. Such investors can explore, analyse, invest in, and monitor a portfolio of their liking from Navi’s books. 

“NLC 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 NLC in nine months, Navi is actualising its vision of making finance accessible for every Indian,” said Sachin Bansal, Co-founder of Navi Group. 

(The story was updated with a correction on the total number of co-lending and DA partners after the company clarified.)