PhoneParLoan has launched a program to disburse bike loans for the people who want to work as a delivery person. The company today announced that it has tied up with Bajaj Auto Finance to give out these loans and has already given out nearly a thousand such loans so far.
In order to provide loan, PhoneParLoan has tied up with companies like DTDC and Bisleri, where if a candidate gets selected as delivery personnel and gets an offer letter, but does not have a bike, they are offered a loan via the PhoneParLoan platform.
Talking about the program, Chief executive of the company Ashwin Bhambri said that the loans were given out even to those without any money in their bank accounts, as it was based on their future earning potential. He said that the company was passionate about giving loan and wanted to reach out to people in smaller cities, who might even need a loan for something like an e-rickshaw. Bhambri said he hopes for the program to reach 10,000 people. The loans of are typically in the Rs.50000 to Rs.1 lakh range will be given, with a duration of 2-4 years at an interest rate of 6.99%.
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