PhoneParLoan joins forces with Bajaj Auto Finance to create 10,000 blue-collar jobs

In a bid to reverse COVID-19-induced job losses, PhoneParLoan – a mobile-first lender that serves thin-file customers – has joined forces with Bajaj Auto Finance to create 10,000 blue-collar jobs in India. As part of the association, PhoneParLoan will help its bike loan and insurance customers to explore job opportunities in the on-demand delivery space.

The ongoing pandemic has severely affected the job landscape and triggered a domino effect in the market, with India registering its highest unemployment rate in 2020 in at least four decades. However, as footfalls across retail outlets decreased to prevent accidental transmission, people have moved to order essential supplies via delivery platforms – sparking the demand for more delivery professionals

To fulfill this demand, PhoneParLoan and Bajaj Auto Finance will refer relevant candidates to delivery companies such as DTDC, Bisleri, and others. PhoneParLoan has already conducted its pilot run with DTDC and generated a very positive result. It has further supported the new joiners of DTDC and Bisleri (as a part of its Bisleri Internshala Program) by financing their bikes via the platform. PhoneParLoan has further developed a unique underwriting methodology for Bajaj Auto Finance to address this particular use case. The approach improves the ability to understand employee delivery and the candidates applying for bike loans, especially those who need a job and match the desired profile.

Ashwin Bhambri, Co-Founder & CEO, PhoneParLoan said, “The COVID-19 outbreak has led to massive layoffs, with people on the lower end of the socioeconomic spectrum amongst most impacted by the disruption. Our latest initiative, launched in association with Bajaj Auto Finance, aims to address this situation. We aim to enable employment opportunities for at least 10,000 people across leading delivery companies in India.”

Bajaj Auto Finance and PhoneParLoan customers will be able to share their résumés while applying for a bike loan, which will then be passed on to partner companies. In doing so, both lenders will contribute to the growth of India’s bike-based delivery ecosystem while also reversing the COVID-19-induced job losses.