Flipkart has begun lending to customers, expanding its financing offerings in a move that could potentially boost sales even as its chief rival Amazon has signalled a slowdown in India.
The Walmart-owned Bengaluru-headquartered firm, in partnership with lender Axis Bank, is extending a credit of up to 500,000 Indian rupees, or $6,100, according to a description on its app.
The loan, requiring no document submission and boasting a 30-second approval time, promises customers a seamless borrowing experience, the app says. The service was first spotted by Indian news outlet the Arc. Flipkart declined to comment.
By introducing personal loans, Flipkart expands its financial services portfolio, which already includes a ‘buy now, pay later’ option and a co-branded credit card.
E-commerce giants, that have part …
