MakeMyTrip has launched travel finance for customers to avail credit facilities of up to two lakhs to book flights, hotels, holidays or international travel. The customers will be able to pay back in easy monthly instalments of up to nine months at zero interest and with zero down payment. Currently, this is an ‘invite only’ programme with selected customers having to complete a two-step registration process to be assigned a credit limit to make travel purchases. The program will be rolled out for 10 million eligible customers in the first phase.
MMT Travel Finance is a zero cost program with no hidden charges, no interest and zero down payment at the time of travel booking. The credit limit is assigned basis customers transaction pattern on MakeMyTrip and credit bureau record check done for interested customers. The process to seek MMT Travel Finance approval takes less than 30 seconds on the MakeMyTrip App which is followed by credit line activation after requisite KYC norms are fulfilled. MakeMyTrip has launched this facility by partnering with leading digital lending platform Capital Float.
Rajesh Magow, Co-Founder & CEO India, MakeMyTrip said, “There is a significant gap in demand and supply in consumer lending space in India. As India’s one stop travel shop, we have the capability to deploy advanced machine learning and big data analytics to offer easy travel finance options and help customers cut through time-consuming paperwork to sanction and process credit. This tech-powered credit solution will help fulfil the need for access to credit for a large numbers of unserved or underserved customers.”
Sashank Rishyasringa, Co-founder, Capital Float said, “We are excited by the potential of our partnership with MakeMyTrip as it is a first-of-its-kind travel financing in India. With this product, we have retained an excellent customer experience at the core of the offering, as customers can avail zero cost travel finance from Capital Float with just a few clicks. We are thrilled to continue expanding upon our DNA of being a disruptor in the Fintech space. We’ve presently pre-approved nearly 10 million customers and look forward to financing the requests of millions more on MakeMyTrip.”
The gap between demand and supply in consumer lending space is narrowing thanks to technological advancements that enables digitisation of operations. The company plans to scale up the feature across all its business lines and also roll it out on its travel platform Goibibo.