Tuesday, May 21, 2024

DBS Bank to enter affordable home loan segment this fiscal

DBS Bank India on Tuesday said it will enter the affordable home loan segment by the end of this financial year as the lender looks to expand the retail portfolio.

The bank is looking to launch the product during the fourth quarter, said DBS Bank India Executive Director (Head-National Distribution) Bharath Mani.

“We are targeting mostly customers in Tier II and Tier III cities for this product,” he said, adding that the bank will launch proprietary credit cards by June.

The proposed credit card would be targeted at affluent and super affluent segments, he said.

Currently, the bank has a co-branded credit card with Bajaj Finserv and a customer base of 2,00,000. Meanwhile, DBS Bank India has announced a partnership with IndiaFilings, a leading platform for startups and small businesses in India.

The partnership will enable the bank to provide end-to-end financial services support to new companies and startups through a co-branded portal.

In a statement, the bank said the partnership reaffirms its commitment to serving startups profitably while finding new ways to deliver value.

A common challenge faced by new businesses in India include the need for more awareness on incorporation, GST registration, setting up of financial management and operations-related infrastructure, building the brand value proposition, and accessing the ecosystem comprising investors and tech partners, it said.

Through the co-branded portal, DBS Bank India and IndiaFilings will provide a free company incorporation process to startups along with a cash back of up to 100 per cent on their incorporation costs up to 8,000.

 

 

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