REA India-owned Housing.com has partnered up with finance startup Niro and will offer customers a deferred payment rental scheme.
Customers will have the Rent Now, Pay Later (RNPL) option to pay their rent on credit interest free for up to 40 days, and will also be able to convert rent payments into monthly instalments.
It's another string to the portal's financial services bow, adding to October's rent protection product that was introduced when Housing.com partnered up with Riskcovry
The new RNPL offer has been pre-launched to circa 100,000 users in India, with the first rental payment fee-free, and users can upgrade their credit limit up to ₹3 Lakhs (USD 3600).
Dhruv Agarwala, Group CEO at Housing.com, said:
“India has become a trailblazer in the world of digital payments and we anticipate that services like Rent Now Pay Later (RNPL) will only continue to gain traction.
“This solution will bring genuine empowerment to millions of customers who desire to rent properties using credit but are often hindered by the lack of traditional instruments.”
Aditya Kumar, Co-founder & CEO at Niro, said:
“We are excited about our collaboration with Housing.com to enable India’s first ‘Rent Now, Pay Later’ product for Housing’s customers.
“At Niro, we are constantly striving to create innovative credit solutions for consumer internet platforms. Through our joint efforts, we have been able to truly revolutionise the way people think about rental payments in India. Housing.com and Niro are both well-positioned to tap into the potential of this growing market and make a meaningful mark in the industry.”