PhoneParLoan partners with Bajaj Auto Finance to create 10,000 blue-collar jobs
The company plans to create jobs through public and private partnerships with the aim of reversing job losses induced by COVID-19.
In a bid to reverse COVID-19-induced job losses, PhoneParLoan – a mobile lender that serves thin-file clients, has partnered 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 explore employment opportunities in the on-demand delivery space.
The ongoing pandemic has severely affected the employment landscape and triggered a domino effect in the market, with India recording its highest unemployment rate in 2020 for at least four decades. However, as footfall to retail outlets declined to avoid accidental transmission, people have moved to order essential supplies through delivery platforms – sparking demand from more delivery professionals.
To meet this demand, PhoneParLoan and Bajaj Auto Finance will direct relevant candidates to delivery companies such as DTDC, Bisleri and others. PhoneParLoan has already conducted its pilot test with DTDC and has generated a very positive result. It also supported new members of DTDC and Bisleri (as part of its Bisleri Internshala program) by funding their bikes through the platform. PhoneParLoan has developed a unique underwriting methodology for Bajaj Auto Finance to address this particular use case. The approach improves the ability to understand the delivery of employees and candidates applying for a bike loan, especially those who need a job and match the desired profile.
Speaking about the association, Ashwin Bhambri, co-founder and CEO of PhoneParLoan, said: “The COVID-19 outbreak has resulted in massive layoffs with people at the bottom of the socio-economic ladder being among those most affected by the disruption. Our latest initiative, launched in association with Bajaj Auto Finance, aims to remedy this situation. We aim to provide employment opportunities for at least 10,000 people in leading delivery companies in India. “
Bajaj Auto Finance and PhoneParLoan customers will be able to share their CV when applying for a bike loan, which will then be sent to partner companies. In doing so, the two lenders will contribute to the growth of the Indian bicycle delivery ecosystem while reversing the job losses induced by COVID-19.