Vodafone Idea has also entered the world of finance with the recent launch of Vi Finance. Other telcos including Bharti Airtel and Reliance Jio already have their own finance verticals. Airtel has Airtel Finance integrated on its website while Jio has Jio Finance integrated deeply into its platforms. What Vodafone Idea plans to do with this is use the distribution it already has to gain some market share in the world of digital finance. It was only time before Vi would enter this space too, so this is pretty natural.
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The telco has partnered with financial institutions with the goal to provide fixed deposits, personal loans, and credit cards. Vi comes under the Aditya Birla Group, which has decent experience with the world of finance business with the Aditya Birla Capital. Vi will disburse personal loans to customers in partnership with Aditya Birla Capital. These personal loans will start at around Rs 50,000 at attractive interest rates starting 10.99% per annum. The best thing is that the entire process is completely digital.
To allow users to make fixed deposits, there's a partnership with Upswing Financial Technologies. Vi Finance will offer the option to make fixed deposits with multiple leading banks and financial institutions. Vi said that users can start with an amount of just Rs 1,000 per month and get an assured 8.4% interest.
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Lastly, there's credit cards. Vi Finance has partnered with Credilio to offer a range of credit cards from leading banks and financial institutions such as Axis Bank, SBI, HDFC, etc. Vi Finance is now live on the Vi app. Users can download the Vi app for both Android and iOS from the Google Play Store and Apple App Store.
