IDFC Bank taps unsecure credit market

IDFC Bank has collaborated with Fintech startup IndiaLends to enable first-time borrowers, who do not have a credit history, to take loans.

The bank will facilitate a differentiated personal loan solution which will offer instant loan approvals through a completely digitised process to first-time borrowers. Through this process, it will be able to tap unbanked market share to expand in future. The IDFC Bank will also grow its lending portfolio in unsecured credit market in India.

IDFC Bank will also process loan requests of salaried applicants without their credit history on a real-time basis. The consortium will offer a unique solution. At present, borrowers with no established credit history, finds it difficult and time consuming to secure a loan. IDFC Bank's unique personal loan solution will enable this segment to access funds more easily.

On the financial front, IDFC Bank's net interest income (NII) increased 5 per cent to Rs 404 crore in Q3FY17 as compared to the previous quarter. The bank's PAT dropped 51 per cent to Rs 242 crore in Q3FY17 on quarterly basis.

The share price of IDFC Bank increased 1.03 per cent in early trade and is trading at Rs 63.6 in an intraday basis. In last one month, the bank's share price has given a return of 2.5 per cent.