After consumables, electronics and grocery, now personal loans are on sale on Snapdeal!

We all know e-tailer Snapdeal is getting more aggressive about its business. Be it the launch of its ‘Dil ki Deal’ campaign or its recent initiative of selling groceries to the Indian households, these are the signs that the eCommerce giant plans to foray into every possible sector. And now, popular online marketplace Snapdeal will have personal loans on sale.

The e-tailer has struck a deal with RupeePower, the online financial products distribution platform in India. The idea behind this initiative is to democratize access to credit.

Kunal Bahl, co-founder and CEO of Snapdeal, says, “Realising the various difficulties that consumers face while deciding and purchasing financial products and services and the challenges that companies face whilst reaching out to the ‘right’ audience, we have brought RupeePower into our family, to help solve the distribution challenges of the financial services ecosystem and make it more inclusive. The same way, Snapdeal has democratised retail in India, now we aspire to democratise access to credit.”

Sharing a similar sentiment, Tejasvi Mohanram, founder and CEO of RupeePower, added, “The share of digital origination of credit is poised to grow from today’s 7.5% to 40% over the next 4 years, in an Rs 400,000 crore retail credit market growing at 20% annually. With this investment and by partnering with Snapdeal, we aim to become the number one originator of financial products over the next couple of years.”

She further explained that they aim to make RupeePower as the largest platform that provides competitive offers and simplified loan process, while ensuring smarter credit match for lenders.

At present, RupeePower has already managed to clock in credit disbursal worth Rs 1,500 crore through its platform.

Under the tie-up, Snapdeal will offer financial services such as personal loans, educational loans, credit cards, auto loans, home loans and extended warranties amongst others. On the other hand, RupeePower will have higher access to Snapdeal’s wide distribution network, thus consolidating its position in the online financial services market.