Cholamandalam Investment & Finance Company Limited launched the following three new business divisions in the Consumer and SME eco-system namely. Consumer & Small Enterprise Loan (CSEL), Secured Business & Personal Loan (SBPL), SME Loan (SME). Personal & Professional Loans: It is one of the fastest-growing segments in India with INR 3,50,000cr+ originations.

Despite this kind of growth, there are a lot of individuals who do not have access to credit in India. Given this backdrop, Chola is entering into the Personal Loan segment to provide these loans to salaried and self-employed professionals. The product range would include Term Loans, Flexi-loans etc.

Chola will leverage advanced analytics-based underwriting using bureau and alternate data to underwrite these customers. Micro & Small Enterprise Loans: The MSME segment is significantly under-penetrated in India with more than 60% of MSMEs not having access to formalized credit. Considering the importance and contribution of MSMEs to India's economy, Chola is introducing Small Enterprise Loans which will be offered to small businesses in the manufacturing, trading, and services segments.

The product range would include Term Loans, Flexi-loans etc. The company entered in strategic partnership with 3 leading Fintech companies - BankBazaar, Kreditbee and Paytail. With these alliances, the company intends to drive greater financial inclusion especially among those customers who are economically active but not having adequate access to formal credit.