The co-lending framework laid down by Reserve Bank of India provides a collaboration tool which benefits from the low-cost funds of a Bank and the sourcing and servicing expertise of a NBFC. This alliance leverages the strengths of both lenders, making this a winning proposition for all stakeholders, thereby expanding the reach to underserved markets.
WheelsEMI offers a range of affordable solutions along the two-wheeler ownership-ridership lifecycle, driving affordable mobility for working families. These include financing of new and pre-owned two wheelers, access to Electric bikes, insurance, servicing, spare parts management and a transparent marketplace for pre-owned two wheelers. WheelsEMI specializes in financing customers in deep geographies through its unique model which bridges the digital divide between the urban and rural geographies while enabling mobility to the under-represented segment of customers.
Under the arrangement, both the lenders plan to finance over 1 lakh two-wheelers in the first phase.
Rajan Pental, Global Head – Retail Banking, YES BANK, said, “We are pleased to partner with WheelsEMI. This arrangement will enable the Bank to enhance its reach by entering and deepening its presence in newer markets. We look forward to leverage the strengths of Wheels EMI in semi urban and rural markets and build a profitable and sustainable two-wheeler loan portfolio through this partnership.”
Srinivas Kantheti, MD & CEO, WheelsEMI added, “Two wheelers present a huge white space, and we are excited to partner with Yes Bank. This partnership will leverage our investment, increase our reach while building a quality book for the Bank.”
About YES BANK
YES BANK is a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients.
YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 8 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information visit the Bank’s website at http://www.yesbank.in/.
WheelsEMI Pvt Ltd is India’s first two-wheeler life cycle management company offering a range of affordable solutions along the two-wheeler ownership-ridership lifecycle, driving mobility for working families including financing to purchase new and pre-owned two wheelers, access to Electric bikes, insurance, servicing, spare parts management and a transparent marketplace for pre-owned two wheelers. Over the last three years, the company has expanded across 13 states and 100+ cities in India with over 3 Lakh customers.