Agreement Signed to Offer Digital Lending to Bluspring Employees as Financing Partner
The company has signed an agreement with Billion Careers, Bluspring Enterprises and Codemodulu Financial Investment Services to offer loans to eligible employees of Bluspring and its group.
By ScoutQuest · · 1 min read
- Partners
- Billion Careers Private Limited, Bluspring Enterprises Limited and Codemodulu Financial Investment Services Private Limited
- Products Offered
- Personal/cash loans and consumer durable financing
- Initial Term
- 24 months from effective date, extendable by mutual written agreement
- Arrangement Type
- Non-exclusive, principal-to-principal basis
- Company Role
- Financing Partner/NBFC with independent credit assessment and final approval authority
What was announced
The company has executed an agreement with Billion Careers Private Limited, Bluspring Enterprises Limited and Codemodulu Financial Investment Services Private Limited (together, the Platform Partner) to facilitate lending services to eligible employees and personnel of Bluspring Enterprises and its eligible group entities.
Role of the company
- Acts as the Financing Partner/NBFC.
- Independently undertakes credit assessment and takes the final call on sanction, rejection and disbursement.
- Products covered include personal/cash loans and consumer durable financing.
Role of the Platform Partner
- Identification and onboarding of eligible personnel.
- Digital processing and tracking of loan applications, subject to the applicable LSP Agreement and applicable law.
Key terms
- Nature: business/service arrangement for facilitating lending to eligible employees/personnel.
- Initial term of 24 months from the effective date, extendable by mutual written agreement.
- Non-exclusive arrangement, on a principal-to-principal basis.
- Termination as per the provisions in the agreement, including on specified regulatory, compliance and contractual events.
- Consideration: the agreement provides for facilitation/revenue-sharing between the Platform Partner and Billion Careers; the Financing Partner has no obligation in respect of that revenue-sharing.
Risk and liability
Loans, if approved, are provided by the company from its own book as per its credit policies and loan documentation. The relationship with the borrower is that of lender and borrower; employer entities are not liable for a borrower's repayment obligations, except to the extent attributable to their own action, inaction or delay.
Stated impact
The company states the arrangement is expected to facilitate expansion of its lending business through an additional digital sourcing and servicing channel, subject to credit, risk, regulatory and internal policy parameters.
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More numbers
- Initial term of agreement24 months
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