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HomeBusinessHome Credit India Completes 10-Years in India Market

Home Credit India Completes 10-Years in India Market

Home Credit India Completes 10-Years in India Market

Home Credit India (HCIN), a local arm of the international consumer finance provider, has completed 10 successful years in India this year as an RBI-regulated consumer NBFC.

Being committed to the Indian market and financial inclusion, Home Credit in its first decade has fulfilled over 15Mn aspirations through trusted & affordable financial products & services.

Upon reaching this feat, Home Credit India is celebrating the momentous occasion with a campaign – #10SaalBemisal comprising of unveiling a 10-year logo and a digital AV showcasing how Home Credit has grown strength by strength with various milestones achieved in its decadal journey.

Home Credit’s focus on financial inclusion by enabling credit penetration across the country has resulted in bringing borrower-centric services & products such as Safe Pay (payment holiday, no pre-payment penalty and insurance), Care 360 (a holistic healthcare service protection product), and Ujjwal EMI Card (the digital pre-set credit limit card).

The PoS-led strategy in the last decade has given Home Credit a strong foothold in the Indian market, having a robust 50K+ retail network across 600+ cities.

As the Phygital model becomes the renewed approach, focus on a digital-first strategy has enabled both Home Credit’s customers and retail partners to do self-onboarding via the Home Credit app.

Home Credit has boosted its digital ecosystem through B2B partnerships, enhancing the scope of services and online onboarding.

Half of HCIN customers now follow a complete online journey, and metrics show these numbers are growing each day.

Commenting on the 10-Year milestone, Mr. Ondrej Kubik, Chief Executive Officer, Home Credit India, said, “Completing a decade of doing business in India and having served millions of borrowers is a testimony of Home Credit’s commitment to India.

In 10 years, we have serviced over 50 million contracts which is a clear reflection of the customer trustworthiness & reliability the brand enjoys.

Maintaining the great momentum would have been difficult without engaged and supportive partners, employees and customers. In the fast-changing environment, our purpose remains the same – to empower people to live the life they want now.

While we complete 10 years, we still have a long way to go and the zeal & momentum will now be even greater to redefine the Home Credit brand and connect with consumers in the endeavor to fulfill aspirations.” 

 Along with customers, as a responsible consumer lender, Home Credit promotes financial literacy to drive a responsible borrowing culture in wider society.

Financial literacy initiatives have led to engagement with over 3 million people through Paise Ki Paathshala microsite, blogs, and social media campaigns.

Home Credit recently launched its maiden Sustainability Country Card 2021, codifying ESG principles into the business.

Read moreSBI Card Announces Festive Offer 2022

The document sets out key sustainability pillars as Financial Inclusion or inclusive lending, Financial Literacy, Digital Empowerment, and Sustainable Communities.

Key highlights at a glance:

  • Borrowers Served: 15X Growth from 1MN in 2015 to 10 MN in 2019 and 15MN in 2022
  • Serving the underserved: 40% of Home Credit customers were first-time borrowers
  • Digital lending: Growth from 2% in 2018 to 30% in 2021 (% of personal loans through digital channels) 
  • Zero interest: 45% of our consumer loans have 0% interest, thanks to partnerships with retailers and manufacturers
  • PoS touchpoints: 50,000+ point-of-sale touchpoints across 625 cities for customers
  • Financial literacy: 3Mn people benefited from HCIN financial literacy initiative (Paise ki Paathshala) and social media engagements in 2021
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