South Indian Bank Launches SIB Power CONSOL, Offering a Single-EMI Solution for Multiple Loan Obligations

South Indian Bank has announced the launch of SIB Power CONSOL, a new loan product designed to support customers reorganize and manage multiple debts more efficiently, with reduced interest rates and unified EMI. Targeted at salaried customers, SEP (Self-Employed Professionals), and SENP (Self-Employed Non-Professionals) between 30 and 55 years of age, the product aims to simplify repayment and reduce the financial burden caused by managing multiple loans at once.

SIB Power CONSOL enables customers to consolidate various loans—including home loans, car loans, education loans, personal loans, and consumer durable loans—into a single loan with a lower interest rate and unified EMI. By doing so, the Bank acts as a Debt Counsellor, offering customers a clearer and more manageable repayment structure. This is a property based loan where the customer can mortgage either house property or commercial buildings and borrow upto 75% of the property value, optimising its worth without disposing it. SIB Power CONSOL is having consolidation options ranging widely from Rs.10.00 lakh to Rs.3.00 Crores.

Under the new product, Individuals can avail of consolidation loans ranging from ₹10 lakh to ₹3 crore, with repayment terms of up to 15 years for consolidated loans and up to 30 years for home loan balance transfers. Once the loan is approved, SIB will directly clear the customer’s outstanding dues, replacing them with a single, manageable monthly repayment aligned with their current financial capacity. Adopting the Repayment Track Record-based lending, SIB Power CONSOL keeps the documentation very minimal. Zero processing fee also adds to its unique features.

This new product highlights SIB's commitment to offering smart financial solutions that cater to individuals' evolving needs. The product also helps reduce the overall financial burden associated with high-interest loans. The lower interest rates on consolidated loans offered by SIB will reduce the financial burden on customers. They will also benefit from the long-term repayment options offered through this service.

For more information on SIB Power CONSOL, visit your nearest South Indian Bank branch or log on to https://www.southindianbank.com/

About South Indian Bank:

South Indian Bank is a Kerala-based private sector Bank with a nationwide presence. The Bank’s shares are listed on the Stock Exchange Mumbai (BSE) and the National Stock Exchange of India Ltd., Mumbai (NSE). South Indian Bank has 948 branches, 5 Ultra Small Branches / Satellite Branches, 1143 ATMs, and 126 CRMs across India and a representative office in Dubai, UAE. For more information, please log on to https://www.southindianbank.com/

Unity Bank & BharatPe Partner to Launch India’s 1st EMI-Driven Credit Card

• Unlimited 2% rewards (Zillion Coins) on all spends upon EMI conversion – no capping, no exclusions
• Truly lifetime free – zero joining fee, zero annual fee, zero processing fee, zero foreclosure charges
• Powered by RuPay, the credit card can be linked to UPI for payments across millions of merchants nationwide

BharatPe, India’s leading financial services and UPI payments company, today announced the launch of Unity Bank BharatPe Credit Card, in partnership with Unity Small Finance Bank (Unity Bank).

The Card brings industry-first features designed to make everyday payments including groceries, bill payments, travel, utilities, insurance premiums, and lifestyle spends, both online & offline, smarter and more rewarding. Offered on National Payments Corporation of India (NPCI) RuPay network, the card can be seamlessly linked to UPI, enabling secure and convenient payments across millions of merchants in India.

With a zero-fee structure, the card does away with all hidden costs. There are no joining charges, annual fees, processing charges, or foreclosure penalties. Customers also enjoy the flexibility to prepay their EMIs anytime without penalties, making credit access transparent and stress-free.

The card offers flexible EMI options of up to 12 months, helping customers manage big-ticket purchases with ease. What truly sets it apart is its unlimited flat 2% rewards (Zillion Coins) on every transaction upon EMI conversion, across all merchant categories and platforms, without restrictions. Zillion Coins can be redeemed via the BharatPe app for brand vouchers, products, or even to pay credit card bills. Additional lifestyle benefits include complimentary domestic and international lounge access and preventive health check-ups.

Kohinoor Biswas, Head – Consumer Business at BharatPe, said, “Our focus has always been to make access to credit simple, transparent, and inclusive. With the Unity Bank BharatPe Credit Card, customers get a truly lifetime free card with no hidden charges. Moreover, linking of RuPay Credit Card with UPI opens a multitude of convenient payment options for cardholders.The auto-EMI feature further empowers customers to manage their cash flows responsibly, helping them avoid revolving credit traps and high interest rates, typical of traditional cards. This launch reinforces our commitment to deliver accessible, innovative, and value-driven financial solutions for Indian consumers.”

Aditya Harkauli, Chief Business Officer - Digital Banking, Unity Bank, added, “Saying that balancing present & future financial flows is a daily challenge for many, is a truism. The Unity Bank BharatPe Credit Card aims to address this consumer need, by combining instant payments, meaningful credit limits, flexible ‘pay-as-you-use’ options and generous rewards — all on a single, digitally delivered, lifetime free card. Shaped by consumer and market insights & reflective of our endeavour to create functionally useful differentiation, this first of its kind credit card offers both, salaried & self- employed individuals, practical and transparent payment & credit choices.”

How to Apply for the Unity Bank BharatPe Credit Card in six easy steps?

• Download the BharatPe App
• Onboarding: Enter your phone number and PAN to start.
• Complete KYC: Finish your eKYC and VKYC.
• Eligibility Check: Your credit limit will be assigned based on the test results.
• Activate Your Card: Set your billing date and your card PIN.
• Start Using: Your Unity Bank BharatPe Credit Card will be ready for transactions once activated.

About Unity Small Finance Bank Limited:

Unity Small Finance Bank Limited is a Scheduled Commercial Bank, promoted by Centrum Financial Services Ltd. (Subsidiary of BSE & NSE listed – Centrum Capital Ltd.) with Resilient Innovations Pvt Ltd as a joint investor. Driven by its mission to have the highest standards of Corporate Governance, Unity Bank has in place a strong Board comprising of industry veterans. It offers services across Consumer Banking, Business Banking, Inclusive Banking, Digital Banking, SME & Transaction Banking and Treasury Services. The Bank endeavors to offer comprehensive banking services, along with ease of accessibility, reach and speed, using a combination of advanced technology and expert banking services for a superior customer experience.

About BharatPe:

BharatPe (brand name of Resilient Innovations Pvt Ltd) was founded in 2018 to make financial inclusion a reality for Indian merchants. In 2018, it launched India’s first UPI interoperable QR code, the first zero MDR payment acceptance service. In 2020, post-Covid, BharatPe also launched a card acceptance terminal – BharatPe Swipe. Currently, with a registered network of over 2.5 million merchants across 450+ cities, the company is one of the leading players in UPI offline transactions, processing 500 million+ UPI transactions per month.

BharatPe processes payments of a monthly Transaction Processed Value of ₹12,000 crores. BharatPe Money (brand name of Resilient Digi Services Private Limited), a BharatPe Group Company, has already facilitated the disbursement of loans of over US$ 2 billion, in partnership with NBFCs. Recently, the company also ventured into secured loans with the launch of two-wheeler loans, loans against mutual funds, home loans, and loan against property. BharatPe’s POS business processes payments of over ₹27,000 crores annually on its 125,000+ machines. BharatPe has raised over US$ 583 million in equity to date.The company’s list of marquee investors includes Peak XV Partners (formerly known as Sequoia Capital India), Ribbit Capital, Insight Partners, Amplo, Beenext, Coatue Management, Dragoneer Investment Group, Steadfast Capital, Steadview Capital, and Tiger Global.

In June 2021, the company announced the acquisition of PAYBACK India (rebranded to Zillion), the country’s largest multi-brand loyalty program company with 100 million+ members. In October 2021, the consortium of Centrum Financial Services Limited (Centrum) and BharatPe was issued a Small Finance Bank (SFB) license by the Reserve Bank of India (RBI). BharatPe also entered the consumer fintech segment with the launch of postpe in October 2021. In January 2023, Resilient Payments Pvt Ltd, a BharatPe Group Company, received an in-principle nod from the Reserve Bank of India (RBI) to operate as an online payment aggregator. In April 2023, BharatPe acquired a controlling stake in Trillionloans, a renowned NBFC (Non-Banking Financial Company) registered with RBI. In August 2024, the company rebranded the postpe app to BharatPe and ventured into the consumer payments space with the launch of its UPI TPAP. For more details, please visit www.bharatpe.com.

Shopse, Digital EMI Marketplace, Raises $6.1 Mn to Solve Consumer Affordability

The round has been led by BEENEXT apart from additional investments from Chiratae Ventures and Amrish Rau/Jitendra Gupta backed White Venture Capital

ShopSe, the instant no-cost EMI digital platform has raised $6.1 million as a part of its strategic series A funding from reputed investors like BEENEXT, Chiratae Ventures and White Venture Capital, the fund backed by Amrish Rau and Jitendra Gupta. The round will enable ShopSe to accelerate serviceability to 150,000 more retailers, continue to build a top-quality team, grow lender partnerships and further enhance platform capabilities to enable over 45 million Indian consumers with convenient affordability. This funding round comes just after a year of raising a seed round of $5.5 million.

ShopSe’s pay-later marketplace has eliminated the tedious documentation process and enables credit eligibility in real time making it India’s largest fintech platform to provide instant customizable credit solutions at point of purchase. Founded in 2020, the company has created a digital affordability marketplace between retailers and lenders to offer the most convenient EMI solutions for customers in online and offline space.

Pallav Jain, Co-founder and CEO of ShopSe, said, ‘We are grateful for the continued trust shown in our vision by our partners and supporting us towards making everyday life more affordable for Indians. Our team is passionate about making affordability more convenient, accessible and transparent. With the help of our lending partners, we have been able to bring change for 35,000 retailers serving customers in 500+ locations across the country. We are committed to solving for convenient affordability at point of purchase by working with our partners to build the right digital offerings for the market.”

Hero Choudhary, Managing Partner of BEENEXT, added, “We are constantly looking for changemakers in the fintech landscape. ShopSe’s accelerating product innovation, expanding footprint and excellent customer feedback has strengthened our conviction about their vision of making shopping affordable for everyday purchase.”

Since the previous fund raise, ShopSe team has grown from 10 members to 300+ team members. ShopSe has increased its presence from about 2,000 retail points to 35,000+ retail points. The platform has grown to 120+ brand partners including Voltas, Asus, Whirlpool, Bluestar, Daikin, Realme to name a few. Banks/NBFCs who have trusted ShopSe to be their digital partner include reputed institutions such as HDFC Bank, ICICI Bank, Kotak Bank, Axis Bank, IIFL and others.

About ShopSe

India's largest EMI platform ShopSe is an instant no-cost EMI or pay-later service Co-founded by engineers Pallav Jain, Abhishek Nimonkar and Yagnesh Desai. The platform specializes in providing a common digital marketplace to lenders, retailers and customers making purchases online or at stores. ShopSe is revolutionizing Point of purchase lending by bringing together the consumers' needs and the lenders at the time of purchase that helps the retailer close a sale. It is the only Indian fintech platform providing instant customizable credit solutions to the customers by digitally examining real time credit eligibility without any tedious documentation processes.

Since its inception in 2020, ShopSe has seen tremendous growth by partnering with 120+ brands and having a presence at over 35,000 retailers across India. The new age fintech is trusted by some of the largest banks namely HDFC Bank, ICICI Bank, Kotak Bank, Axis Bank, IIFL among others.