Paisabazaar.com, India’s largest digital marketplace for consumer credit, announced today that it has strengthened its partnership with Axis Bank, India’s third largest private sector bank, by launching a Pre-Qualified Program for unsecured loans on its platform.
The Pre-Qualified program on Paisabazaar.com entails deep technology and analytics collaboration with Banks and NBFCs, which enables select customers to view customized and pre-qualified lending offers on the fintech’s platform.
Axis Bank customers, both salaried and self-employed, who are eligible for pre-qualified personal loans from the bank, will now be able to view and apply for the same offers through the Paisabazaar platform as well. This integration would lead to instant access to credit for these select customers through an end-to-end digital process, which can be completed through the click of a few buttons on Paisabazaar.
Speaking on the partnership, Sumit Bali, Group Executive & Head – Retail Lending, Axis Bank, said, ”Our partnership with Paisabazaar.com is one more step towards offering enhanced customer experience through an innovative financial solution that is both convenient and easy. Our pre-qualified credit products involve paperless processes and quick disbursals. The same delightful consumer experience on our pre-qualified products will now be available on Paisabazaar.com as well.”
Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “As a market leader, we remain committed to offer the industry-best experience on our platform for varied consumer segments and offer tailor-made lending solutions. By deepening our partnership with Axis Bank, we are not only helping a section of the bank’s huge customer base access credit with ease but are also making the entire process simple, convenient and frictionless.”
Paisabazaar over the last few years, especially post-pandemic, has been strongly focussing on building digital capabilities and infrastructure, through deeper partnerships with large lender Banks, like Axis Bank. Paisabazaar’s pre-qualified programs with large Banks and NBFCs have been built basis a mix of credit history, big data, and digital innovations.
About Axis Bank
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,679 domestic branches (including extension counters) and 10,970 ATMs across the country as on 30th September 2021, the network of Axis Bank spreads across 2,658 centers, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.
For further information on Axis Bank, please refer to the website www.axisbank.com.
Paisabazaar was India’s largest consumer credit marketplace with a 51.4% market share, based on disbursals in Fiscal 2020, as per Frost & Sullivan.
Paisabazaar has 50+ partnerships with large banks, large NBFCs and fintech lenders to offer a wide choice of lending products for consumers on its platform. These strong partnerships, built through technology and data integration with Lending Partners to provide real-time data flow and status updates, allows the Paisabazaar platform to offer quick decision making, ease of processes and faster disbursals.
From application to disbursal, Paisabazaar accompanies the Consumer at each step, providing last-mile assistance such as document collection and assistance until disbursal and advice.
Paisabazaar, since 2017, has also been providing consumers access to credit reports from credit bureaus, offering Consumers lifetime checking and tracking of their credit scores for free.
Paisabazaar has been recognized at several industry platforms with awards like ‘Digital Lending Award’ at the Fintech India Innovation Awards, ‘Excellence in Consumer Lending’ at IAMAI’s India Digital Awards, ‘Outstanding Crisis Finance Innovation 2021 (Asia Pacific) Award’ by Global Finance Magazine, ‘Most Innovative Lending Startup’ by India Fintech Forum and Economic Times’ ‘Most Promising Brand’.
For further information on Paisabazaar, please refer to the website www.paisabazaar.com.