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MUMBAI: EarlySalary, a consumer lending platform for working professionals, on Wednesday said it has tied up with non-bank financier HDB Financial Services Ltd to fuel growth in digital lending.

The partnership aims to build momentum in impact categories of skill upgradation, education loans and healthcare finance, it said, adding that the association will also facilitate building a large consumer lending book with EarlySalary. HDB Financial Services is a subsidiary of India’s largest private lender HDFC Bank.

G Ramesh, managing director and chief executive of HDB Financial Services, said, the partnership will help reach millions of customers across India by providing them with easy finance with digital on-boarding and customer support, thus providing them with a seamless borrowing experience.

“This partnership also illustrates our ambition to speed-up the collaboration with Fintechs to create the services of tomorrow," said Ramesh.

Akshay Mehrotra, co-founder and chief executive of EarlySalary, said it has disbursed 2 million loans since inception and will further disburse 1 million loans this financial year.

“The co-lending partnership with HDB Financial Services will help us grow faster and help in an aim of disbursing nearly Rs5,000 crore in the next 18 months. Our affordability focus with buy now pay later on EdTech, health and consumer platforms aims to give access to products and services to masses with help of credit from EarlySalary. We are looking at disbursements worth 1,000 crore from the HDB-EarlySalary collaboration," said Mehrotra.

EarlySalary said it was committed to providing a seamless customer experience by leveraging new-age technologies in the areas of data processing, artificial intelligence and machine learning, and analytics for real-time analysis.

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