YES Bank said it has entered into a co-lending partnership with Newtap Finance Private Limited to provide personalised financing solutions for creditworthy individuals on payments platform CRED.
Dreamplug Technologies Private Limited (DTPL), which operates CRED, will serve as the Lending Service Provider (LSP) for YES BANK and Newtap Finance in this partnership, the private lender said in a press release on August 27.
The collaboration aligns YES BANK’s financing expertise with CRED's affluent member base, where in recognition of their demonstrated financial responsibility, CRED members will benefit from competitive rates and a superior, digital-first experience, designed to be intuitive and frictionless, YES Bank said.
"With this collaboration, we are poised to deliver unparalleled value to our customers, particularly in the affluent and emerging affluent segments. This partnership is not just a testament the Bank's digital prowess, but also a step forward in enhancing our personal loan portfolio with a robust and efficient low Opex model,” said Rajan Pental, Executive Director, YES Bank.
"This collaboration is a recognition of members’ creditworthiness by institutions of YES BANK’s stature, and we look forward to more such partnerships with them," said Kunal Shah, Founder, CRED.
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