Mumbai/Kolkata: YES BANK and WheelsEMI Pvt. Ltd. have entered into a strategic co-lending agreement to offer two-wheeler loans at competitive interest rates. The partnership aims at synergizing respective capabilities to provide an efficient and seamless lending experience to two-wheeler buyers across India, says a press release.
The co-lending framework laid down by Reserve Bank of India provides a collaboration tool which benefits from the low-cost funds of a Bank and the sourcing and servicing expertise of a NBFC.
This alliance leverages the strengths of both lenders, making this a winning proposition for all stakeholders, thereby expanding the reach to underserved markets. Under the arrangement, both the lenders plan to finance over 1 lakh two-wheelers in the first phase.
Rajan Pental, Global Head – Retail Banking, YES BANK, said, “This arrangement will enable the Bank to enhance its reach by entering and deepening its presence in newer markets. We look forward to leverage the strengths of Wheels EMI in semi urban and rural markets and build a profitable and sustainable two-wheeler loan portfolio through this partnership.”
Srinivas Kantheti, MD & CEO, WheelsEMI said, “Two wheelers present a huge white space, and we are excited to partner with Yes Bank. This partnership will leverage our investment, increase our reach while building a quality book for the Bank.”
WheelsEMI offers a range of affordable solutions along the two-wheeler ownership-ridership lifecycle, driving affordable mobility for working families. These include financing of new and pre-owned two wheelers, access to Electric bikes, insurance, servicing, spare parts management and a transparent marketplace for pre-owned two wheelers.
WheelsEMI specializes in financing customers in deep geographies through its unique model which bridges the digital divide between the urban and rural geographies while enabling mobility to the under-represented segment of customers.