has launched its cloud-native real-time co-lending and direct assignment platform, Navi Lending Cloud (NLC).
The platform aims to enable digital management co-lending and direct assignment partnerships with banks or NBFCs. Recently, Navi Finserv also went live with two of its first co-lending partners—Piramal Capital and Housing Finance Ltd.
Founded by Sachin Bansal and Ankit Agarwal, Bengaluru-based Navi is a technology-driven financial products and services company targeting the digitally connected young middle-income population. An end-to-end digital ecosystem player, it offers complete control over the customer experience in all three non-payment financial service offerings: insurance, lending, and asset management.
Under the partnership, Navi Tech and Navi Finserv will derive and process personal loans based on mutually aligned credit parameters, while Piramal Capital and Housing Finance Ltd will finance 80% of these loans. The servicing of these loans will be done by Navi Finserv, along with collections.
“We plan to onboard multiple high-quality investors and co-lenders who will enable Navi Finserv to increase disbursals. Navi is already providing personal loans to customers across over 84% of all pin codes in India, and Navi Lending Cloud will help us penetrate the market even further,” said Sachin Bansal, Co-founder, Navi Group.
“Customers will be the biggest beneficiaries of this product, as they benefit from the product experience of Navi and the increased availability of loans via our NLC partners. We are pleased to launch NLC with Piramal Capital and Housing Finance Ltd as our first partner,” he added.
The company said NLC will allow investors to explore a portfolio of their liking from Navi Finserv’s books, which they can analyse, invest in, and monitor. NLC features automated due diligence, portfolio performance monitoring, and payout management.
It claims that direct assignment transactions will be completed in 2–3 days, versus the typical current timeline of 15–20 days. While NLC’s co-lending segment features real-time loan disbursals through custom credit policies, it also assists in the real-time settlement of collection payments to co-lenders and manages reconciliation.
“Navi Lending Cloud will help us unlock capital at scale for our lending business with no change in customer experience. Our lending partners will be able to access the distribution power of Navi by onboarding the platform with simple self-serve features. We expect NLC to drive direct assignment and co-lending to a different scale by automating the most difficult parts of the process, such as configuring credit policies, managing pricing, monitoring portfolios, and reducing operational complexities, including audit, compliance, and reporting,” said Shobhit Agarwal, Lending Head, Navi.
