Neobank FREO has partnered with HDB Financial Services to offer a credit line and high-ticket personal loans to customers across multiple cities in India.
“The credit line is FREO’s flagship product. HDBFS in partnership with FREO will offer the credit line which enables consumers to get access to credit anywhere, anytime via a smartphone,” it said in a statement.
Customers will get a personalised amount approved which they can start using immediately. As they repay the borrowed amount, the credit limit is replenished and they can continue withdrawing as much as they need. Interest is levied only on the amount the consumer uses, and not on the overall limit.
High ticket personal loans
“This partnership offers consumers high-ticket personal loans of up to ₹10 lakh, which can be utilised for bigger expenses such as home renovation, buying a vehicle, planning a trip,” it further said.
The partnership will help FREO and HDBFS develop and deliver multiple financial products in sync with the needs of customers, encouraging them to borrow, save and smartly spend money for various purposes.
“We have a strong presence in more than 950 locations with over 1,300 branches pan-India. The association is a great step towards boosting the overall customer experience by providing them with easy finance through digital channels,” said G Ramesh, MD and CEO, HDB Financial Services.
Bala Parthasarathy, Co-Founder, FREO said, “We have collaborated with HDB Financial Services and aim to deliver a complete digital financial journey to customers which is easy and flexible.”