Kerala-based ESAF Small Finance Bank and Mumbai-based mortgage tech startup Easy have entered into a strategic partnership to provide digital-first affordable home loans to home purchasers.
Founded in 2018 by Rohit Chokhani, Easy offers mortgages to underserved customers via mobile.
The startup operates across the country in a phygital model and claims to offer instant decisions on home loans. The startup is registered under the National Housing Bank and recently raised $15 Mn in its Series A round led by Xponentia Capital Partners.
The partnership aims to offer loans to consumers within industry-leading turnaround time. The bank will use Easy’s technology to strengthen its offering of secured lending in overlapping territories operated by both the institutions. ESAF has almost 4.7 Mn customers across 550 branches in the country.
Easy claims that this is the first Mortgage-as-a-Service (MaaS) deal in India and is the first step to Easy’s long term goals of a neo-mortgage bank. Easy’s proprietary in-house artificial intelligence (AI) enabled technology will be utilised to ensure ESAF Small Finance Bank’s operational costs remain low and maximum market coverage through the phygital model, it claims. The startup is also in talks with another leading Indian bank for a similar MaaS partnership, said Chokhani.
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